Investing
Banc of California in talks to buy PacWest Bancorp – WSJ
© Reuters. A general view of Pacific Western Bank in Huntington Beach, California, U.S., March 22, 2023. REUTERS/Mike Blake
(Reuters) -Banc of California is in advanced talks to buy PacWest Bancorp, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
A deal could be announced as soon as Tuesday, the report said. Shares of PacWest were down 27% in afternoon trading.
PacWest has been signing deals to shed some assets and strengthen its balance sheet after it was rocked by the regional banking crisis earlier this year.
Private equity firms Centerbridge and Warburg Pincus are planning to contribute equity to help fund the deal, the report said.
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