Banc of California in Irvine plans to issue about $70 million of common stock.

The $8.2 billion-asset company will issue about 4.9 million shares at $14.50 apiece, according to a news release Thursday. The proceeds will be used for general corporate purposes, and possibly to redeem some of the company's outstanding debt.

UBS, JPMorgan Chase, Wells Fargo, Keefe, Bruyette & Woods and Sandler O'Neill are financial advisers on the common stock sale. Wachtell, Lipton, Rosen & Katz is legal counsel.

It has been a busy few months for the bank. In November it named a new chief financial officer and created some new executive posts. PL Capital, an activist investor, in December demanded that Banc of California's chief executive disclose more details about his involvement in an investment fund that violated securities laws.

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