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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.
News For BANC From The Last 14 Days
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November 12, 2014
07:28 EDTBANCBofA/Merrill to hold a conference
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November 10, 2014
09:03 EDTBANCBanc of California completes acquisition of Popular unit
Banc of California (BANC) announced the Company’s wholly owned banking subsidiary, Banc of California, N.A., completed its acquisition of select assets and assumption of certain liabilities of the California branch network of Popular Community Bank, the U.S. banking subsidiary of Popular, Inc. (BPOP) on November 8, 2014. The acquisition included twenty branch locations and approximately $1.1 billion in loans and $1.1 billion in deposit balances. The Company’s total assets upon completion of the transaction exceed $5.5 billion. In addition, the Company announced that it had completed the previously announced sale of common stock to funds affiliated with Oaktree Capital Management, L.P. and Patriot Financial Partners, L.P. Wachtell, Lipton, Rosen & Katz served as legal advisor to the Company on the acquisition and capital raise transactions.

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