September 18, 2023 | Premium Service | Back in July, when Banc of California (BANC) agreed to acquire the battered remnant of PacWest Financial (PACW), we saw perhaps hope for value recovery. The idea of ~ $10 billion asset BANC inhaling the $40 billion PACW was stunning and a bit intriguing, especially with Warburg Pincus (WP) and Centerbridge Partners in the mix. The two PE firms are providing $400 million in new capital, but they better hurry. The chart below comes from the 2021 PACW 10-K.
