PacWest shares spark on $1.1 bln merger with Banc of California

PacWest Bancorp

26/07/2023 10:39

** Shares of embattled lender PacWest Bancorp  PACW.O  up
~35.7% at $10.44 before the bell
    ** Co after market on Tuesday inked a merger deal valued at
about $1.1 bln with Banc of California  BANC.N 
    ** "PacWest just couldn’t recover from its wounds quickly
enough," says Omar Fahmy, analyst at global research firm Third
Bridge
    ** Shares of BANC jump 14.4% in premarket trading
    ** "The proposed deal as structured appears very financially
compelling, and it's no surprise to us that the market has
received the deal favorably," KBW analysts write in a note
    ** As of last close, PACW has declined 66.5% YTD while BANC
down 8.23%

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))