After a bank lost billions in deposits this year, PacWest Bank and Banc of California merged.
With deposits of reportedly $34 billion at the beginning of 2023, PacWest Bank engaged in a merger deal with Banc of California.
A total of $30.5 billion in deposits were recorded in the PacWest Bank and Banc of California deal.
Since the beginning of the year, PacWest Bank has lost billions of dollars in deposits, as seen by the reduced deposit total following the merger.
The PacWest Bank and Banc of California stated in a press release that federal regulators will examine the merger.
Early 2024 or late 2023 is when the PacWest Bank and Banc of California anticipate the merger to be approved.
Executives from the PacWest Bank and Banc of California insisted that the merger would bring together two specialist institutions with a sizable portfolio.
Education, healthcare, entertainment, and warehouse loans are among the Banc of California’s specialized banking specialties.
Equipment financing and leasing, small business association lending, portfolio lending, and homeowners association banking services were among PacWest Bank‘s areas of competence.
The merger arrangement should not significantly affect PacWest Bank depositors if it is approved.
There are about 70 PacWest Bank sites throughout the US.
Banc of California will be the new name for the sites.
There will be more than 70 sites for the brand in California alone.