Banc of California and Pacific Mercantile Bank received all required regulatory approvals for the merger of Pacific Mercantile into Banc of California. Subject to the satisfaction of the remaining closing conditions, the transaction is scheduled to close on or about Oct. 18.
With the addition of Pacific Mercantile, on a pro forma combined basis, Banc of California will have total assets of approximately $9.6 billion, total loans outstanding of approximately $7.1 billion and total deposits of approximately $7.5 billion as of June 30 (unaudited).
