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A report from Fitch on bank ratings and a speech by the FDIC chair spooked bank investors. PacWest is in the process of merging with another California bank.
A raft of credit rating actions against more than two dozen U.S. banks by Moody's Investors Service late Monday didn't shock one buyer of distressed commercial real estate.
JPMorgan is set to buy mortgages worth nearly $2 billion in PacWest's merger deal, per Bloomberg. The Wall Street bank will buy the single-family residential loans at a discount.
PacWest Bancorp delivered a Q2 earnings beat Tuesday afternoon, reporting a profit of $0.22 per share. More importantly, though, Banc of California is buying PacWest.
JPMorgan Chase & Co will buy almost $2 billion worth of mortgages to facilitate Banc of California's purchase of PacWest Bancorp , Bloomberg News reported on Wednesday.
PacWest Bancorp (NASDAQ: PACW) opened 30% up today after Bank of California Inc (NYSE: BANC) said it will buy the commercial banking company for $1.10 billion. Details of PacWest-Banc of California merger The all-stock merger will replace each share of PacWest with 0.6569 shares of Banc of California.
US regional bank stocks have been heavily shorted since the collapse of Silicon Valley Bank, with PacWest Bancorp being a prime target. However, stabilizing deposits have helped share prices recover. PacWest Bancorp announced its agreement to merge with Banc of California in an all-stock deal, which saw both companies' share prices increase. The combined entity will operate under the Banc of California banner. I maintain my BUY rating on PACWP as I expect price to converge to $25 within the next few months. Investors can still expect a 17% upside and a 9%yield.
The deal was bad news for the California bank's shares, until it was less bad.
PacWest Banc (NASDAQ: PACW ) stock is rising higher on Wednesday after announcing it will combine with Banc of California (NYSE: BANC ). The merger will result in shareholders of PACW stock trading their stakes for BANC shares.
PacWest (PACW) and Banc of California (BANC) announce an all-stock merger deal.