Banc of California Inc. completed its merger with PacWest Bancorp. The combined bank will operate under the Banc of California name and brand, according to a press release.

The two banks sold approximately $1.8 billion in assets and Banc of California raised $300 million in equity from affiliates of funds.

"Today begins a new chapter for Banc of California," Jared Wolff, CEO and president of Banc of California, said in the release. "By combining the best of two well-respected banks, we have created one of the nation's premier, relationship-focused business banks. We look forward to sharing our expanded capabilities with clients and all the communities we serve. California has experienced a void of business banks that we intend to fill, and we look forward to helping our clients grow and delivering for our clients, communities and shareholders."

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