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Banc of California discloses results of tender offer for depositary shares

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Banc of California discloses results of tender offer for depositary shares

Santa Ana, Calif.-based Banc of California Inc.'s offer to redeem up to $75.0 million of series D and series E depositary shares expired Aug. 21.

The aggregate total consideration, including accrued dividends, payable by the company for the securities accepted for purchase is about $46.0 million. The settlement date for the offer is expected to be Aug. 23.

Each series D depositary share represents a 0.025 interest in a share of 7.375% noncumulative series D perpetual preferred stock, while each series E depositary share represents a 0.025 interest in a share of 7.00% noncumulative series E perpetual preferred stock.

Goldman Sachs & Co. LLC and Keefe Bruyette & Woods served as dealer managers for the tender offer.