PacWest to Merge With the Smaller Banc of California

The Bank of California is acquiring PAC West Bank Corp in an all-stock deal, despite being smaller in size. The merger follows PAC West's strategic asset sales and involves significant equity from Warburg Pincus and Centerbridge Partners. The deal is seen as complex and unexpected, with market reactions influenced by a recent regional bank crisis and Federal Reserve policies.

How much new equity are the banks putting into the deal?

What were the ripple effects of the regional bank crisis mentioned in the text?