Banc of California and PacWest Announce Merger, to Raise $400 Million in Equity

Banc of California (BANC.N) and PacWest Bancorp (PACW.O) will merge in an all-stock deal to create a bank with $36 billion in assets, the companies said on Tuesday, coming together just months after the regional banking sector was mired in crisis.

To help fund the combination, the lenders have also agreed to sell $400 million of new shares to private equity firms Warburg Pincus and Centerbridge Partners.

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