Banc of California in Irvine has begun two securities offerings, one of which aims to raise $175 million.
The $6 billion-asset company hopes to raise the $175 million from a senior debt offering, according to a filing with the Securities and Exchange Commission on Monday. The notes will mature in 2025.
Its other effort is a public offering of depositary shares, according to a separate SEC filing. The company left blank how much it plans to raise. Each depositary share will represent 1/40th of a share of noncumulative perpetual preferred stock. They have a liquidation preference of $25 per depositary share.
The bank plans to use the proceeds from the offerings for "general corporate purposes," according to the filings.
Banc of California recently reported a strong fourth quarter. Net income tripled from a year earlier to $10.2 million, and earnings per share of 25 cents beat the estimates of analysts polled by Bloomberg by 8 cents. Its results were boosted by the acquisition of 20 Popular Bank locations in California last November; the company added $1.1 billion in loans and $1.1 billion in deposits through the deal.