Banc of California is in advanced talks to buy PacWest Bancorp and a transaction could be announced as soon as Tuesday, the Wall Street Journal reported, citing people familiar with the matter. Centerbridge Partners and Warburg Pincus plan to contribute equity to help fund the deal, according to the report, which said the private equity firms will provide the only external source of funding for the acquisition. Shares of Banc of California surged 20% to $15.73 at 3:12 p.m. in New York, the biggest intraday gain since 2020. PacWest slumped 25%. Representatives of the two banks didn’t immediately respond to ...

Source: Wall Street Journal July 25, 2023 19:37 UTC