Banc of California and PacWest Bancorp announced their merger in an all-stock deal to create a bank with $36 billion in assets, after being hammered by the recent banking crisis.
The two local lenders made their decision on July 25, just months after the regional banking sector was hit with a severe crisis.Four regional banks have already failed this year, including Silicon Valley Bank, Silvergate Bank, and First Republic Bank, which prompted the worst turmoil in the industry since the 2008 financial crisis.
