trending Market Intelligence /marketintelligence/en/news-insights/trending/4TobvTMxBoyo2l4dG2IaMQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Banc of California to sell Palisades Group back to founding partners

Blog

Banking Essentials Newsletter, January edition - part 2

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts


Banc of California to sell Palisades Group back to founding partners

Irvine, Calif.-based Bancof California Inc. ($8.24 billion) agreed to sell 100% of its membershipinterest in Los Angeles-based PalisadesGroup LLC to Palisades Holdings I LLC, according to a Form 8-K filedApril 6.

Palisades Holdings is wholly owned by Stephen Kirch and JackMacdowell, the current CEO and chief investment officer of Palisades Group, respectively.Kirch and Macdowell soldPalisades Group to Banc of California in September2013.

Under the deal terms, Banc of California will receive mixed considerationincluding cash, a two-year promissory note and an earn-out tied to the future successof Palisades Group.

The transaction is expected to close during the second quarterand is projected to be accretive to the company's 2016 earnings.

Following deal completion, Palisades Group will continue to provideadvisory and credit management services to Banc of California.