Banc of California in talks to buy PacWest Bancorp - WSJ (updated)

PacWest Bancorp

25/07/2023 19:52

(Adds share movement in paragraph 2, background on balance
sheet in paragraph 3)
       July 25 (Reuters) - Banc of California  BANC.N  is in
advanced talks to buy PacWest Bancorp  PACW.O , the Wall Street
Journal reported on Tuesday, citing people familiar with the
matter.
    A deal could be announced as soon as Tuesday, the report
said. Shares of PacWest were down 27% in afternoon trading. 
    PacWest has been signing deals to shed some assets and
strengthen its balance sheet after it was rocked by the regional
banking crisis earlier this year. 
    Private equity firms Centerbridge and Warburg Pincus are
planning to contribute equity to help fund the deal, the report
said. 
    

 (Reporting by Niket Nishant in Bengaluru; Editing by Arun
Koyyur)
 ((Niket.Nishant@thomsonreuters.com;))