- Todd Schell, a principal at Warburg Pincus, will be joining the board of the newly combined company
- The closing of the merger is expected to occur in late 2023 or early 2024
- Jefferies LLC is acting as financial advisor to Warburg Pincus and Centerbridge
According to the terms of the deal, the combined holding company and bank will operate under the Banc of California name and brand following closing of the transaction.
Following closing and the asset sales, the combined company is expected to have approximately $36.1 billion in assets, $25.3 billion in total loans, $30.5 billion in total deposits and more than 70 branches in California.
Jared Wolff, president and CEO of Banc of California, will retain the same roles at the combined company. John Eggemeyer, who currently serves as the independent lead director on the board of PacWest, will become the chairman of the board of the combined company following the merger.
Todd Schell, a principal at Warburg Pincus, will also be joining the board.
“We are excited to back the strategic combination of two institutions we know well and respect,” said Schell in a statement. “The transaction provides an opportunity to execute a highly accretive balance sheet repositioning which generates substantial incremental earnings and positions the combined company for the next leg of profitable growth.”
The closing of the merger is expected to occur in late 2023 or early 2024.
J.P. Morgan Securities LLC is acting as financial advisor to Banc of California while Piper Sandler & Co. is acting as financial advisor to PacWest. And Jefferies LLC is acting as financial advisor to Warburg Pincus and Centerbridge.