Banc of California rises on talks to buy PacWest Bancorp

PacWest Bancorp

25/07/2023 20:12

** Shares of Banc of California  BANC.N  up 15% at $15.12
    ** Bank is in advanced talks to buy PacWest Bancorp
 PACW.O , the Wall Street Journal reports, citing people
familiar with the matter
    ** Deal could be announced as soon as Tuesday, says report 
    ** Shares of PACW down 27.2% to $7.67
    ** 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
    ** Including sessions move, BANC shares down 5.8% YTD and
PACW down 66.6% YTD

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))