Banc of California’s PacWest Acquisition Wins Fed Approval

Banc of California Inc. received approval from the Federal Reserve for its acquisition of PacWest Bancorp, clearing the final regulatory hurdle facing the deal.

California’s financial regulator approved the transaction earlier this month. The takeover — which was meant to stabilize PacWest after deposit outflows sparked by higher interest rates and uncertainty in the banking sector — is expected to close before the end of the year, Banc of California said.