Davis Polk advised
the dealer managers in connection with a cash tender offer by Banc of California, Inc. for its depositary shares, each representing either a 1/40th ownership interest in a share of 7.375% non-cumulative perpetual preferred stock, Series E, or a 1/40th ownership interest in a share of 7.375% non-cumulative perpetual preferred stock, Series D. The aggregate total consideration payable by Banc of California for the securities accepted for purchase was approximately $46 million.
Banc of California is a bank holding company with approximately $9 billion in assets. It has 43 offices, including 32 full-service branches located throughout Southern California. Banc of California provides customized and innovative banking and lending solutions to businesses, entrepreneurs and individuals throughout California.
The Davis Polk corporate team included partner Derek Dostal and associate Ida Araya-Brumskine. Partner Mario J. Verdolini provided tax advice. All members of the Davis Polk team are based in the New York office.