PacWest Bancorp and Banc of California Receive Final Regulatory Approval for Merger

LOS ANGELES, Oct. 19, 2023 (GLOBE NEWSWIRE) -- PacWest Bancorp (“PacWest”) (Nasdaq: PACW) today 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, Inc. (“Banc of California”) 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.

“The receipt of regulatory approvals marks an important milestone on our transaction timeline,” said Paul Taylor, President and Chief Executive Officer of PacWest. “We are appreciative of the efforts of the Federal Reserve and the California DFPI to quickly review and approve this strategic transaction, which will deliver significant immediate and long term value to PacWest’s stockholders, customers, communities and employees.”

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.

About PacWest Bancorp
PacWest is a bank holding company headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank. Pacific Western Bank is a relationship-based community bank focused on providing business banking and treasury management services to small, middle-market, and venture-backed businesses. Pacific Western Bank offers a broad range of loan and lease and deposit products and services through full-service branches throughout California and in Durham, North Carolina and Denver, Colorado, and loan production offices around the country. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.