Banc of California, Inc. (BANC) stock soared 1.36% in the current-market trading session at the price of $19.31 despite no fundamental reason. BANC is a bank holding company with 35 offices and 30 full-service branches across California. The company presents customized and innovative banking, investment, and lending solutions to individuals, businesses, and entrepreneurs.
BANC Received Final Regulatory Approval
On 1st October 2021, BANC published that it had received the required regulatory approvals for the mergers of Pacific Mercantile Bank into Banc of California and Pacific Mercantile into the company. With the addition of Pacific Mercantile, BANC would have total assets of $9.6 billion, total loans outstanding of $7.1 billion, and total deposits of $7.5 billion as of 30th June 2021. The transaction has scheduled to close on 18th October 2021 and is subject to satisfactory closing conditions.
BANC Scheduled its Third Quarter 2021 Earnings Results
On 1st October 2021, BANC announced that it would release its third-quarter 2021 earnings report on 21st October 2021. The management will host a conference call to present its third-quarter results on Thursday at 10:00 a.m. Pacific Time. Slide presentation will be available on the company’s official website in the investor relations section before the call. An audio archive of the conference call can be accessed through the company’s website within 24 hours after the conference.
BANC Published Quarterly Dividends
On 10th August 2021, BANC published a quarterly cash dividend of $0.06 per share on its outstanding common stock. The cash dividend became payable from 1st October 2021 to stockholders of record as of 15th September 2021. The Board has also announced a quarterly dividend of $0.4375 per depositary share on BANC’s 7.00% Series E Non-Cumulative Perpetual Preferred Stock. This dividend became payable from 15th September 2021 to the holders of record as of 31st August 2021.
Appointment of Diana Hanson
On 28th July 2021, BANC appointed Diana Hanson as its Senior Vice President and Chief Accounting Officer. The appointment became effective on Monday, 16th August 2021. Ms. Hanson replaced Mike Smith, who resigned on 6th August 2021. She will report to Lynn Hopkins, Executive Vice President and Chief Financial Officer. Ms. Hanson has served the banking industry for over 25 years. Earlier she was working at First Choice Bancorp as Chief Accounting Officer and Senior Vice President since 2019.
