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Stock Market & Financial Investment News

News Breaks
July 1, 2014
17:49 EDTBANCPL Capital sees Banc of California as undervalued, seeks dialogue with company
PL Capital, which owns a 7.5% stake in Banc of California, said it acquired the common stock because it believes the Common Stock is undervalued. The PL Capital Group also has significant concerns and questions about Banc of California’s corporate governance, operating performance, financial projections and compensation plans. PL Capital added, "PL Capital Group’s intent is to engage in a dialogue with the management and board of Banc of California to address these concerns and questions. If needed, the PL Capital Group will assert its stockholder rights."
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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