Banc of California and PacWest Bancorp received the necessary stockholder approval for the proposed combination of Banc of California and PacWest at their respective special meetings of stockholders held last week.
The Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of Banc of California and PacWest and their respective bank subsidiaries.
Banc of California signed a definitive merger agreement with PacWest Bancorp. The combined holding company and bank will operate under the Banc of California name and brand following closing of the transaction.
Banc of California Inc., the holding company for Banc of California, appointed Joseph Kauder executive vice president and CFO of the company and the bank, effective July 10. Kauder will succeed Lynn Hopkins, who stepped down from the company in March.
Banc of California promoted several senior executives effective, while Lynn Sullivan will retire as the company’s executive vice president and chief risk officer at the end of the year.
Winc and its subsidiaries initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. The Bankruptcy Court granted the company interim approval to enter into a debtor-in-possession facility comprising a $5 million term loan.
Banc of California hired Jagdeep Singh Sahota as chief payments officer. Sahota has more than 20 years of experience in the payments space and previously held senior leadership positions at NMI, JPMorgan Chase, Visa, Salesforce and PayPal.
Banc of California hired Matthew Grimes for the new position of senior vice president and asset-based lending leader. In this position, Grimes will be responsible for leading the bank’s asset-based lending efforts.
Banc of California hired John Helgeson in the new position of senior director of specialty banking to focus on banking and lending to charter schools.
Banc of California hired Guillaume de Chalendar for the new position of senior vice president and head of media and entertainment. In this position, de Chalendar will be responsible for the strategy and growth of Banc of California’s media and entertainment vertical.