Banc of California and Pacific Mercantile Bancorp announced that all required regulatory approvals for the mergers of Pacific Mercantile into the Company and Pacific Mercantile Bank into Banc of California, N.A. have been received. Subject to the satisfaction of the remaining closing conditions, the transaction is scheduled to close on or about October 18, 2021.
With the addition of Pacific Mercantile, on a pro forma combined basis, the Company would have total assets of approximately $9.6 billion, total loans outstanding of approximately $7.1 billion, and total deposits of approximately $7.5 billion as of June 30, 2021 (unaudited).
Previously posted on ABL Advisor: Banc of California to Acquire Pacific Mercantile Bancorp