Banc of California completed its merger with PacWest Bancorp pursuant to which PacWest has merged into Banc of California and, as of today, Banc of California has merged into Pacific Western Bank. The combined bank will operate under the Banc of California name and brand.
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.
Banc of California and Pacific Mercantile Bancorp, the holding company of Pacific Mercantile Bank, entered into a definitive agreement and plan of merger under which Pacific Mercantile will merge into Banc of California in an all-stock transaction valued at approximately $235 million.