PacWest Bancorp announced that it has reached an agreement with Banc of California to combine in an all-stock merger that will create a combined entity with approximately $36.1 billion in assets, $25.3 billion in loans, $30.5 billion in deposits and more than 70 branches in California.
Under the agreement, which has been unanimously approved by both boards of directors, the combined company will operate under the Banc of California name.
In addition, PacWest announced investment agreements with affiliates of funds managed by Warburg Pincus and certain investment vehicles, managed or advised by Centerbridge Partners and its affiliates, which will invest $400 million for newly issued equity securities of the combined entity at closing.
The S&C team advising PacWest Bancorp includes Patrick Brown, Rodge Cohen, Mark Menting, Ethan Chess, Alexander Gregorio and Emily St. Marie. S. Eric Wang, Ha Jin Lee and James Jang are advising on tax matters. Matthew Friestedt, Kristen Klein and Natasha Rygnestad-Stahl are advising on executive compensation matters. Grace Son is advising on intellectual property matters. Frederick Wertheim is advising on regulatory matters.
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