Earlier this week Banc of California introduced it and PacWest Bancorp would merge in an all-stock deal funded partially by a $400 million fairness increase from Warburg Pincus and Centerbridge Companions.
Extra just lately it has emerged that JPMorgan Chase & Co has entered into an settlement with the Banc of California to purchase $1.8 billion of single-family residential loans at a reduction, sources instructed Bloomberg. Banc of California and PacWest plan to promote about $7 billion of loans, mortgage bonds and different property of their securities portfolios to pay down off $13 billion value of borrowings, Bloomberg additionally reported.
