PacWest soars on merger deal with Banc of California

PacWest Bancorp

25/07/2023 22:48

(Updates)
    ** Shares of PacWest Bancorp  PACW.O  reverse course to
surge 40.70% at $10.82
    ** Banc of California  BANC.N  and PACW will merge in an
all-stock deal to create a bank with $36 bln in assets,
companies said on Tuesday
    ** Lenders to raise $400 mln in equity from investors
managed or advised by Warburg Pincus and Centerbridge Partners
        ** The combined bank will have $25.3 bln in total loans
and more than 70 branches in California
  
    ** Shares of BANC up 10.81% at $16.29
    ** 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
    ** As of last close, shares of PACW down 66.49% and BANC
down 8.23%, YTD

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