It will be based in Los Angeles and led by Banc of California CEO Jared Wolff.
Shares of PacWest surged 34% after the market close, while Banc of California jumped 9%.
PacWest stockholders will receive 0.6569 Banc of California shares for each PacWest share they currently own.
Meanwhile, the two private equity firms will be issued new Banc of California stock worth $400 million at a price of $12.30 per share.
PacWest had total assets of $44 billion at the end of March, while Banc of California had assets of $10 billion, according to separate company filings.
Persons:
Warburg Pincus, Centerbridge, Jared Wolff, PacWest, Timothy Coffey, Janney Montgomery Scott, Janet Yellen, Ares Management, Wolff, We've, David Smith, Nomura, Niket, Nupur Anand, David French, Pete Schroeder, Tatiana Bautzer, Megan Davies, Lananh Nguyen, Arun Koyyur, Jonathan Oatis, Sonali Paul
Organizations:
PacWest Bancorp, Warburg, Centerbridge Partners, midsize, RARE, Bank, Pacific Western Bank, Federal Deposit Insurance Corporation, Autonomous Research, U.S, Thomson
Locations:
Banc, California, Los Angeles, U.S, Bengaluru, New York