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PacWest to combine with Banc of California

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Embattled company PacWest agreed to combine with smaller rival Banc of California.

The combined $36 billion lender would operate under the Banc of California name. Private equity groups Warburg Pincus and Centerview would own roughly 20% of the combined bank.

The deal is pending approvals from shareholders and regulators.

Read more from Yahoo Finance.

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