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Banc of California (BANC) in Irvine, Calif., swung to a loss in the first quarter as expenses ballooned following its acquisition of the Private Bank of California
May 9 -
Banc of California (BANC) in Irvine has acquired an 8% stake in Clearinghouse CDFI, an institution that serves low- to moderate-income communities in California and Nevada.
May 5 -
Banc of California (BANC) in Irvine has filed documents that would allow it to offer up to $1 billion of securities.
November 25 -
Patriot Financial Partners, a Philadelphia PE firm that specializes in community banks, has agreed to buy more than 1.5 million shares of Banc of California for $13.25 each, a price 6% higher than the company's Tuesday closing price of $12.46 a share.
December 4
Banc of California (BANC) in Irvine is looking to raise $100 million by selling common stock and tangible equity units.
The $4 billion-asset company said the funds will help finance its
Banc of California is selling $50 million of common stock. In addition, it is selling $50 million of tangible equity units that will consist of a prepaid stock purchase contract and a junior subordinated amortizing note.
The company said it could sell another $7.5 million of common stock, along with $7.5 million of the equity units, if there is enough demand. Bank of America Merrill Lynch is the book-running manager for the offerings. Wachtell, Lipton, Rosen & Katz provided legal counsel.
Banc of California also said that it is planning to list its common stock on the New York Stock Exchange on May 29. "The move will ensure our shareholders benefit from the NYSE's liquidity, exposure and fair and efficient marketplace," Steven Sugarman, Banc of California's president and chief executive, said in a press release.
