Banc of California and PacWest Bancorp to Combine in All-Stock Merger with $400M Investment from Warburg Pincus and Centerbridge
July 25, 2023
Banc of California and PacWest Bancorp have signed a definitive agreement to combine in an all‑stock merger under which PacWest will merge into Banc of California. Concurrent with closing, affiliates of Warburg Pincus and Centerbridge will invest $400 million of newly issued equity to support balance‑sheet repositioning and scale the combined California-focused business bank.
- Buyers
- Banc of California, Inc., Warburg Pincus LLC, Centerbridge Partners, L.P.
- Targets
- PacWest Bancorp, Pacific Western Bank
- Sellers
- PacWest stockholders
- Industry
- Financial Services
- Location
- California, United States
- Transaction Type
- Buyout
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