PacWest shares surged 31.3% while Banc of California shares jumped 8.4% in after-hours trade after news of the merger broke.
Shares of Banc of California and PacWest Bancorp got a major boost from news Tuesday that the two lenders will merge in an all-stock deal to create a new bank.
PacWest shares surged 31.3% to $10.10 apiece in after-hours trade after news of the merger broke — more than erasing a 27% slump in the stock’s price on Tuesday. Banc of California shares jumped 8.4% to $15.85 apiece in after-hours trade, extending gains from an 11% rise on Tuesday.
The all-stock deal will result in a new bank with $36 billion in combined assets, Banc of California and PacWest announced on Tuesday.
