|This Slide: #43 of 100|
Slide #43. Banc of California Inc. — California branch network of Popular Community Bank
Banc of California Inc. (NYSE:BANC)
California branch network of Popular Community Bank
Banc of California Inc. announced that its wholly owned subsidiary, Banc of California N.A. ("Banc of California"), 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, $1.1 billion in deposits, $1.1 billion in performing loans, more than 60,000 account holders and certain other assets, real estate and liabilities to Banc of California. Banc of California will pay approximately $5.4 million for the deposits assumed and loans acquired. This equates to an effective deposit premium of 0.5% as of March 31, 2014. 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.
Banc of California is a bank holding company. Through its subsidiary, Co. is engaged in providing products and solutions for businesses, business owners, and individuals through its branches extending from San Diego to Santa Barbara. Co.'s products include: Commercial and Industrial Loans, Commercial Real Estate and Multifamily Loans, Small Business Administration Loans, Construction Loans, Single Family Residential Mortgage Loans, and Other Consumer Loans. Co. also provides a variety of deposit products consisting of interest-bearing and noninterest-bearing demand accounts, savings accounts, money market deposit accounts, and certificates of deposit.
BANC SEC Filing Email Alerts Service
Open the BANC Page at The Online Investor »
Buy (3.40 out of 4)