Mar. 23 at 11:14 AM
$BANC Banc of California extends
$300M stock repurchase program
Banc of California announced that its Board of Directors approved an extension of the Company's existing stock repurchase program, which was originally announced on March 17, 2025 and subsequently upsized from
$150M to
$300M on April 23, 2025. Since inception of the program, the Company has repurchased approximately
$217M of its common stock,
$31M of which was repurchased in 2026, leaving approximately
$83 million available for future repurchases.
The stock repurchase program, which was previously scheduled to expire in March 2026, has been extended through March 16, 2027. The Company also announced Banc of California's intent to redeem the entire outstanding
$385M aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 originally issued by Pacific Western Bank, which are scheduled to reset to a floating rate equal to three-month term SOFR plus 252 bps beginning on May 1, 2026. The Notes are redeemable in whole or in part beginning on May 1, 2026 at a redemption price equal to 100% of principal amount of the Notes redeemed, plus any accrued and unpaid interest.
