SANTA ANA, Calif .– (COMMERCIAL THREAD) – Banc of California, Inc. (NYSE: BANC) (the “Company”) and Pacific Mercantile Bancorp (NASDAQ: PMBC) (“Pacific Mercantile”) announced today that all required regulatory approvals for mergers of Pacific Mercantile in the Company and Pacific Mercantile Bank in Banc of California, NA were received. Subject to the satisfaction of the remaining closing conditions, the transaction is expected to close on or around October 18, 2021.
With the addition of Pacific Mercantile, on a combined pro forma basis, the Company would have total assets of approximately $ 9.6 billion, total loans outstanding of approximately $ 7.1 billion and total deposits. of approximately $ 7.5 billion as of June 30, 2021 (unaudited).
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a banking holding company with approximately $ 8.0 billion in assets and a wholly-owned banking subsidiary, Banc of California, NA (the Bank). The Bank has 35 offices, including 30 full-service branches located in Southern California. With our dedicated professionals, we deliver personalized and innovative banking and lending solutions to businesses, entrepreneurs and individuals across California. We help improve the communities where we live and work, supporting organizations that offer financial literacy and skills training, small business support and affordable housing. With a commitment to service and building lasting relationships, we deliver a higher level of banking services. We look forward to helping you achieve your goals. For more information, visit www.bancofcal.com.
About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp (Nasdaq: PMBC) is the parent company of Pacific Mercantile Bank, which opened on March 1, 1999. The bank, which is an FDIC-insured California state chartered bank and a member of the Federal Reserve, offers a wide range of commercial banking services to businesses, professionals and individuals. The Bank is headquartered in Orange County and operates a total of seven offices in Southern California, located in Orange, Los Angeles, San Diego and San Bernardino counties. The Bank offers flexible tailor-made solutions to its clients, including a range of loan and deposit products, sophisticated cash management services and comprehensive online banking services accessible at www.pmbank.com.
This press release contains forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are necessarily subject to risks and uncertainties and although they reflect current expectations of Banc of California with respect to the timing of merger closing, no assurance can be given that the mergers will be completed on the date stated above.