Banc of California in Irvine plans to issue about $70 million of common stock.
The $8.2 billion-asset company will issue about 4.9 million shares at $14.50 apiece, according to a news release Thursday. The proceeds will be used for general corporate purposes, and possibly to redeem some of the company's outstanding debt.
UBS, JPMorgan Chase, Wells Fargo, Keefe, Bruyette & Woods and Sandler O'Neill are financial advisers on the common stock sale. Wachtell, Lipton, Rosen & Katz is legal counsel.
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An activist investor has called on the lead director of Banc of California in Irvine to disclose details about Chairman and Chief Executive Steven Sugarman's involvement in an investment fund that violated securities laws.
December 7 -
Banc of California in Irvine has named executives to the newly created positions of chief strategy officer and chief investment officer.
November 10 -
After the financial crisis led to a long nationwide drought in the creation of new banks, the second de novo bank application in less than a year has been submitted in California.
February 25
It has been a busy few months for the bank. In November it
