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Banc of California is set to acquire its rival, PacWest Bancorp, via a merger deal. In a joint announcement published on Tuesday, July 25, the banks said the agreement is worth $400 million.
CNN Business reported that Banc of California and PacWest agreed to combine their business to form one new bank that will be named the Pacific Western Bank. The main aim of the merger is to reinstate confidence in the banking industry after three major regional banks collapsed in succession earlier this year.
It can be recalled that in March, the 16th largest bank in the United States - Silicon Valley Bank - suddenly went bankrupt. This caused panic in the financial sector, and banks are now trying to earn back the trust of the consumers, which is the main goal of Banc of California and PacWest.
PacWest has been under great pressure after the collapse of SVB. On top of this, the company showed a decline in deposits by $290 million in the last quarter, while Banc of California reported just a small decline in net income of $2.4 million in the same quarter. With this situation, the merger between the banks is being seen as the Banc of California saving PacWest from a possible similar fate as the failed regional banks.
"This merger is a tremendous opportunity for PacWest's stockholders, customers, communities and employees, representing significant immediate and long-term value beyond PacWest's standalone strategic plan," PacWest's president and chief executive officer, Paul Taylor, said in a press release.
The CEO added, "I am honored and extremely proud of the PacWest team's fortitude over the past several months amidst industry-wide volatility. With the combined strength of both institutions, new capital from investors that are committed to the strategic vision and value creation of this merger, and a proven track record of successful integrations, the combined company will be well-positioned to provide significant value for the long-term to all of our constituents."
Meanwhile, once the merger is completed, the CEO of Banc of California, Jared Wolff, will continue to serve in the same role in the new Pacific Western Bank.
Photo by: Banc of California Website
