Banc of California in talks to buy PacWest Bancorp

(Reuters) -Banc of California is Forex Group MT4 Mobile Downloadin advanced talks to buy PacWest Bancorp and a deal could be announced as soon as Tuesday, the Wall Street Journal reported, citing people familiar with the matter.

The banks did not immediately respond to Reuters requests for comment. Shares of PacWest were down 27%, while (NYSE:) gained 10% in afternoon trading.

PacWest is one of the lenders that was rocked by the collapse of three regional banks, which led to the biggest crisis the banking industry faced in more than 15 years.

Given the pressure on the industry, Treasury Secretary Janet Yellen had said in May that more mergers among midsize U.S. banks could be necessary.

PacWest has been signing deals to shed some assets and strengthen its balance sheet. Last month, it said it would sell a $3.54 billion lender finance portfolio to asset manager Ares Management (NYSE:) in a deal that some analysts said would ease worries about the health of its balance sheet.

PacWest had a market capitalization of $1.24 billion as of Monday, almost 63% higher than that of Banc of California, according to Refinitiv data.

Private equity firms Centerbridge and Warburg Pincus are planning to contribute equity to help fund Banc of California's acquisition of PacWest, the Journal report said.

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!