SANTA ANA, Calif., Aug. 15, 2018 /PRNewswire/ -- Banc of
California, Inc. (NYSE: BANC)
today announced that it is calling for redemption of all 40,250
outstanding shares of its 8.00% Series C Non-Cumulative Perpetual
Preferred Stock (the "Series C Preferred Stock"), which will result
in the simultaneous redemption of all 1,610,000 of the outstanding
related depositary shares (the "Series C Depositary Shares"), each
representing a 1/40th interest in a share of Series C
Preferred Stock (NYSE: BANC PRC).
The Series C Preferred Stock and Series C Depositary Shares will
be redeemed on September 17, 2018
(the "Redemption Date"), which is the next business day following
the regularly scheduled dividend payment date of September 15, 2018, at a redemption price of
$25.00 per Series C Depositary Share,
representing an aggregate amount of $40,250,000 (the "Redemption Price").
The regular quarterly cash dividend on the Series C Preferred
Stock of $0.50 per Series C
Depositary Share, payable on September 17,
2018 to holders of record as of August 31, 2018, will be paid as separately
announced.
The Redemption Price will not accrue interest from and following
the regularly scheduled dividend payment date of September 15, 2018. On and after the
Redemption Date, the Series C Preferred Stock and Series C
Depositary Shares will no longer be deemed outstanding and no
further dividends will be declared on the Series C Preferred
Stock.
The Series C Depositary Shares are held through The Depository
Trust Company ("DTC") and will be redeemed in accordance with the
procedures of DTC. Payment to DTC for the Series C Depositary
Shares will be made by Computershare Inc. and Computershare Trust
Company, N.A. ("Computershare"), as redemption agent and depositary
for the Series C Depositary Shares. Questions regarding the
redemption of the Series C Depositary Shares may be directed to
Computershare. Computershare may be contacted by mail at 462
South Fourth Street, Louisville,
KY 40202 Attention: Corporate Actions, or by calling
1-855-396-2084 (1-781-575-2765 outside the United States and Canada).
About Banc of California,
Inc.
Banc of California, Inc. (NYSE:
BANC) provides comprehensive banking services to California's diverse businesses, entrepreneurs
and communities. Banc of California operates 34 offices in California.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the "Safe-Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
necessarily subject to risk and uncertainty and actual results
could differ materially from those anticipated due to various
factors, including those set forth from time to time in the
documents filed or furnished by Banc of California, Inc. with the Securities and
Exchange Commission. You should not place undue reliance on
forward-looking statements and Banc of California, Inc. undertakes no obligation to
update any such statements to reflect circumstances or events that
occur after the date on which the forward-looking statement is
made.
INVESTOR RELATIONS
INQUIRIES:
|
MEDIA
INQUIRIES:
|
Banc of California,
Inc.
|
Abernathy
MacGregor
|
John A. Bogler, (855)
361-2262
|
Ian Campbell / James
Bourne / Sarah Dhanaphatana, (213) 630-6550
idc@abmac.com /
jab@abmac.com / skd@abmac.com
|
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content:http://www.prnewswire.com/news-releases/banc-of-california-inc-announces-redemption-of-8-00-series-c-non-cumulative-perpetual-preferred-stock-and-related-depositary-shares-300697244.html
SOURCE Banc of California,
Inc.