Banc of California Announces Offering of Preferred Stock

Feb 01, 2016, 11:16 ET from Banc of California, Inc.

IRVINE, Calif., Feb. 1, 2016 /PRNewswire/ -- Banc of California, Inc. (the "Company") (NYSE: BANC), the holding company for Banc of California, National Association, today announced that it has commenced a public offering (the "offering") of depositary shares, each representing a 1/40th interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series E, par value $0.01 per share and liquidation preference of $1,000 per share (equivalent to $25 per depositary share). The Company expects to use the net proceeds from the offering for general corporate purposes.

The underwriters of the offering will have a 30-day over-allotment option to purchase additional depositary shares. The Company intends to apply to list the depositary shares on the New York Stock Exchange under the symbol "BANCPRE."

Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Investment Bank and Keefe, Bruyette & Woods, Inc. are acting as lead book-running managers for the offering. Wachtell, Lipton, Rosen & Katz is serving as outside legal counsel to the Company.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The offering is being made only by means of a prospectus supplement and accompanying base prospectus. The Company has filed a registration statement (File No. 333-192518) (including a base prospectus) and a preliminary prospectus supplement with the Securities and Exchange Commission (the "SEC") for the offering, and will file a final prospectus supplement for the offering. Prospective investors should read the registration statement including the base prospectus, the preliminary prospectus supplement and the final prospectus supplement (when available) and the other documents the Company has filed with the SEC for more complete information about the Company and the offering. Investors may obtain these documents without charge by visiting the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and the accompanying base prospectus for the offering may be obtained by calling Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322, UBS Securities LLC at 1-888-827-7275 or Keefe, Bruyette & Woods, Inc. at (800) 966-1559.

About Banc of California, Inc. Banc of California, Inc. (NYSE: BANC) provides comprehensive banking services to California's diverse private businesses, entrepreneurs and homeowners. Banc of California operates over 100 offices in California and the West.

Forward-Looking Statements This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth in the preliminary prospectus supplement for the offering under the caption "Cautionary Note Regarding Forward-Looking Statements" and in other documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.

Investor Relations Inquiries:

Media Inquiries:

Banc of California, Inc.

Vectis Strategies

Timothy Sedabres, (855) 361-2262

David Herbst, (213) 973-4113 x101

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SOURCE Banc of California, Inc.



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