Published on 23 Oct 2023 on American Banker via Yahoo Finance
Banc of California wins timely Fed approval of PacWest acquisition
The Federal Reserve Board and state regulators have approved Banc of California's acquisition of PacWest Bancorp. The transaction is expected to close by the end of this year.
Banc of California in Santa Ana said it secured all regulatory approvals needed for its acquisition of PacWest Bancorp in Los Angeles.
The $9.4 billion-asset buyer said it expects to close the all-stock transaction, valued at $1 billion when it was announced in July, by the end of 2023 as originally targeted. The Federal Reserve Board approved the combination last week, shortly after the California Department of Financial Protection and Innovation signed off on the deal at the state level.