PacWest, one of the hardest-hit lenders from the regional banking crisis, has agreed to merge with Banc of California in a sign that the fallout from the collapse of Silicon Valley Bank continues to reverberate across the industry.
The two California-based banks announced the deal on Tuesday, and said buyout groups Warburg Pincus and Centerbridge Partners would invest a combined $400mn in newly issued equity in the merged group.
“We are clearly better together. I believe this merger will be beneficial for all of our stakeholders,” Paul Taylor, PacWest’s chief executive, told analysts.
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