Banc of California acquiring troubled PacWest Bancorp in $400M deal
- PacWest shares plummeted after news of the merger talks.
- The combined bank will have over $36B in assets and 70 branches in California.
- Private equity firms Warburg Pincus and Centerbridge are investing $400M in the deal.
- The merger aims to restore confidence after the collapse of several regional banks.
- Analysts expect significant industry consolidation, with only half of current banks surviving.
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