Bank / Credit Union

Banc of California completes merger with PacWest Bancorp

December 8, 2023

Banc of California Inc. completed its merger with PacWest Bancorp. The combined bank will operate under the Banc of California name and brand, according to a press release.

The two banks sold approximately $1.8 billion in assets and Banc of California raised $300 million in equity from affiliates of funds.

"Today begins a new chapter for Banc of California," Jared Wolff, CEO and president of Banc of California, said in the release. "By combining the best of two well-respected banks, we have created one of the nation's premier, relationship-focused business banks. We look forward to sharing our expanded capabilities with clients and all the communities we serve. California has experienced a void of business banks that we intend to fill, and we look forward to helping our clients grow and delivering for our clients, communities and shareholders."