Published on 26 Jul 2023 on Business Insider via Yahoo Finance
PacWest Bancorp is merging with Banc of California.David McNew/Getty Images
Banc of California and PacWest Bancorp shares surged after announcing an all-stock merger.The new bank will have $36 billion in assets and $30.5 billion in total deposits.The deal joins several mergers in the last few months following the US banking crisis in March.
Shares of Banc of California and PacWest Bancorp got a major boost from news Tuesday that the two lenders will merge in an all-stock deal to create a new bank.