Banc of California: Preferred Remains Attractive For Income

Richard Drury Banc of California (BANC) acquired PacWest Bancorp on November 30, 2023. The bank subsequently implemented a number of changes to the loan and securities portfolio, realizing losses along the way, and eliminating less desirable assets. In the acquisition, Banc of California also assumed the preferred shares of PacWest, which we’d previously identified as a compelling opportunity based on the underlying strength of PacWest during the recent banking panic. The combination has since caused us ...