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April 23, 2014
07:13 EDTBANCBanc of California acquires Popular Community Bank's California branch network
Banc of California announced that its wholly owned subsidiary, Banc of California N.A., has entered into an agreement to acquire select assets and assume certain liabilities comprising the California branch network of Popular Community Bank. The transaction accelerates the company’s growth strategy and deepens its presence in the important Los Angeles and Orange County markets. The acquisition will bring 20 retail branches, $1.1B in deposits, $1.1B in performing loans, certain other assets, real estate and liabilities to Banc of California.bBanc of California will pay approximately $5.4M for the deposits assumed and loans acquired. This equates to an effective deposit premium of 0.5% as of March 31. The transaction includes a loss share provision that provides indemnification of up to 1.5% of credit losses on loans acquired in the transaction during the two-year period following the close of the transaction. The transaction is expected to result in increased pre-tax income of approximately $25M in the first year. Management expects that the transaction will be more than 20% accretive to earnings per share in the first year, and have a tangible book value payback period of less than one year.
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January 28, 2016
06:11 EDTBANCBanc of California reports Q4 EPS 39c, consensus 27c
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