Banc of California Agrees to Buy PACWEST as Regional Lenders Seek Strength Together
July 25, 2023
Private-equity firms Warburg Pincus and Centerbridge provide only external source of funding for acquisition
Banc of California agreed to buy PacWest Bancorp in a move by the lenders to further shore themselves up following a regional-banking crisis earlier this year.
While the value of the tie-up isn’t huge by M&A standards, at just over $1 billion, it is a major milestone for a banking sector that was in turmoil earlier in the year and still faces questions about its health.
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