The Board of Governors of the Federal Reserve System granted its approval of the previously announced combination of Banc of California and PacWest and their respective bank subsidiaries.

In addition, on October 5, 2023, the California Department of Financial Protection and Innovation granted its approval of the merger of Banc of California and Pacific Western Bank. No further regulatory approvals are required to complete the proposed transaction. The consummation of the proposed transaction is expected to close before the end of 2023, subject to the satisfaction of the remaining closing conditions set forth in the merger agreement, including receipt of the requisite stockholder approvals.

“We are very pleased to have received regulatory approval at this time,” Jared Wolff, chairman, president and CEO of Banc of California, said. “We appreciate the active engagement and focused efforts of the Federal Reserve and the California DFPI to review and approve this merger which will be beneficial not only for our clients, communities and shareholders, but also for the broader regional banking industry. We are excited to be bringing Banc of California and Pacific Western Bank together and unlock the strength of our combined platform to create a robust, well-capitalized and highly liquid institution. As a leading relationship-focused business bank, we will continue to serve a wide range of clients and deliver exceptional service, increased scale, and expanded product offerings.”

Following the closing and the balance sheet repositioning, the combined company is expected to have approximately $36 billion in assets, $25 billion in total loans, $30 billion in total deposits and more than 70 branches in California as well as branches in North Carolina and Colorado.