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- Banc of California and PacWest Bancorp shares surged after announcing an all-stock merger.
- The new bank will have $36 billion in assets and $30.5 billion in total deposits.
- The deal joins several mergers in the last few months following the US banking crisis in March.
Shares of Banc of California and PacWest Bancorp got a major boost from news Tuesday that the two lenders will merge in an all-stock deal to create a new bank.