PacWest stock soars on $1.1 bln buyout deal

PacWest Bancorp

26/07/2023 09:45

July 26 (Reuters) - PacWest Bancorp's  PACW.O  shares
rose nearly 38% in premarket trading on Wednesday, a day after
smaller rival Banc of California  BANC.N  agreed to buy the
lender for $1.1 billion.
    PacWest was among the banks that were rocked by the collapse
of three regional lenders earlier this year, prompting the worst
industry turmoil since the 2008 financial crisis.
    "We believe the sale of PacWest makes sense for shareholders
given the numerous struggles the bank has faced since the March
banking panic," Raymond James analyst David Long said.
    Shares of Banc of California were up nearly 13% at $16.50
before the bell.

 (Reporting by Niket Nishant in Bengaluru; Editing by Shinjini
Ganguli)
 ((Niket.Nishant@thomsonreuters.com;))