M&A - BANC OF CALIFORNIA, INC.

Form Type: DEF 14A

Filing Date: 2025-03-27

Corporate Action: Merger

Type: New

Accession Number: 000116977025000015

Filing Summary: Banc of California executed a strategic transformation in 2024 through its merger with PacWest Bancorp, which closed on November 30, 2023. The merger has led to significant improvements in operational efficiency, margin, deposit mix, and capital levels. Key actions included the sale of $2 billion in non-core Civic loans, repositioning of lower-yielding investment securities, and increasing noninterest-bearing deposits from 23% to 29%. Additional achievements include a significant reduction in operating expenses, an increase in total capital, and a growth in core profitability. The company is well-positioned for continued growth into 2025, aiming to become a leading business bank in California by capitalizing on the void left by other banks. The document also outlines details for the upcoming 2025 Annual Meeting of Stockholders, including the election of directors and the ratification of auditors.

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