PacWest Bancorp, Banc of California receive final regulatory approval for merger

PacWest (PACW) announced that the Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of PacWest and Banc of California (BANC) and their respective bank subsidiaries, Pacific Western Bank and Banc of California, N.A. In addition, on October 5, 2023, the California Department of Financial Protection and Innovation granted its approval of Banc of California acquiring control of Pacific Western Bank and of the merger of Banc of California, N.A. and Pacific Western Bank. No further regulatory approvals are required to complete the proposed transaction. The consummation of the proposed transaction is expected to close before the end of 2023, subject to the satisfaction of the remaining closing conditions set forth in the merger agreement governing the transaction, including receipt of the requisite stockholder approvals. Following the closing and the balance sheet repositioning, the combined company is expected to have approximately $36 billion in assets, $25 billion in total loans, $30 billion in total deposits and more than 70 branches in California as well as branches in North Carolina and Colorado.