Banc of California agreed to buy PacWest Bancorp in a deal that includes a $400 million investment from Warburg Pincus and Centerbridge Partners, and gives the private-equity firms a 19% stake in the combined company.
The combined company is expected to have roughly $36.1 billion in assets, $25.3 billion in loans and $30.5 billion in deposits, as well as a footprint with more than 70 branches in California, the banks said in a release Tuesday.
