Banc of California is in advanced talks to buy PacWest Bancorp and a deal could be announced as soon as Tuesday, the Wall Street Journal reported, citing people familiar with the matter.
The banks did not immediately respond to Reuters requests for comment. Shares of PacWest were down 27%, while Banc of California gained 10% in afternoon trading.
PacWest is one of the lenders that was rocked by the collapse of three regional banks, which led to the biggest crisis the banking industry faced in more than 15 years. Given the pressure on the industry, Treasury Secretary Janet Yellen had said in May that more mergers among midsize U.S. banks could be necessary.
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