<SEC-DOCUMENT>0001193125-20-278770.txt : 20201028
<SEC-HEADER>0001193125-20-278770.hdr.sgml : 20201028
<ACCEPTANCE-DATETIME>20201027193958
ACCESSION NUMBER:		0001193125-20-278770
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201028
DATE AS OF CHANGE:		20201027

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANC OF CALIFORNIA, INC.
		CENTRAL INDEX KEY:			0001169770
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				043639825
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236001
		FILM NUMBER:		201265619

	BUSINESS ADDRESS:	
		STREET 1:		3 MACARTHUR PLACE
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92707
		BUSINESS PHONE:		949-236-5211

	MAIL ADDRESS:	
		STREET 1:		3 MACARTHUR PLACE
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92707

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PACTRUST BANCORP INC
		DATE OF NAME CHANGE:	20020322

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANC OF CALIFORNIA, INC.
		CENTRAL INDEX KEY:			0001169770
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				043639825
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		3 MACARTHUR PLACE
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92707
		BUSINESS PHONE:		949-236-5211

	MAIL ADDRESS:	
		STREET 1:		3 MACARTHUR PLACE
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92707

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PACTRUST BANCORP INC
		DATE OF NAME CHANGE:	20020322
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d78358dfwp.htm
<DESCRIPTION>FWP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus dated October 27, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-236001</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$85,000,000 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g78358g1027173636396.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4.375% <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Fixed-to-Floating</FONT></FONT>
Rate Subordinated Notes due 2030 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Term Sheet</U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Banc of California, Inc. (NYSE: BANC) (the &#147;Company&#148; or &#147;Issuer&#148;)</TD></TR>
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<TD VALIGN="top"><B>Security:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">4.375%&nbsp;Fixed-to-Floating&nbsp;Rate</FONT></FONT> Subordinated Notes due 2030 (the &#147;Notes&#148;)</TD></TR>
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<TD VALIGN="top"><B>Aggregate Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$85,000,000</TD></TR>
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<TD VALIGN="top"><B>Expected Ratings:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">BBB-</FONT> by Kroll Bond Rating Agency, Inc.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other
rating.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Pricing Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October&nbsp;27, 2020</TD></TR>
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<TD VALIGN="top"><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October&nbsp;30, 2020 (T+3)</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Maturity Date (if not previously redeemed):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">October&nbsp;30, 2030</TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"><B>Interest:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">From and including the Settlement Date to, but excluding, October&nbsp;30, 2025 or the date of earlier redemption (the &#147;fixed rate period&#148;), a fixed rate of 4.375% per annum, payable semi-annually in arrears. From and
including October&nbsp;30, 2025 to, but excluding, the Maturity Date or the date of earlier redemption (the &#147;floating rate period&#148;), a floating rate per annum equal to the Benchmark rate (which is expected to be Three-Month Term SOFR)
(each as defined under &#147;Description of Subordinated Notes &#151; Interest&#148; in the Preliminary Prospectus Supplement), plus a spread of 419.5 basis points for each quarterly interest period during the floating rate period, payable quarterly
in arrears;<I>&nbsp;provided, however</I>, that if the Benchmark rate is less than zero, the Benchmark rate shall be deemed to be zero.</TD></TR></TABLE>
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<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fixed rate period: April&nbsp;30 and October&nbsp;30 of each year, commencing on April&nbsp;30, 2021. The last interest payment date for the fixed rate period will be October&nbsp;30, 2025.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Floating rate period: January&nbsp;30, April&nbsp;30, July&nbsp;30 and October&nbsp;30 of each year, commencing on January&nbsp;30, 2026.</TD></TR>
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<TD VALIGN="top"><B>Record Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> calendar day immediately preceding the applicable interest payment date.</TD></TR>
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<TD VALIGN="top"><B>Day Count Convention:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fixed rate period: 30/360.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Floating rate <FONT STYLE="white-space:nowrap">period:&nbsp;360-day&nbsp;year</FONT> and the number of days actually elapsed.</TD></TR>
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<TD VALIGN="top"><B>Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company may, at its option, beginning with the interest payment date of October&nbsp;30, 2025, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining the prior
approval of the Board of Governors of the Federal Reserve System (the &#147;Federal Reserve Board&#148;) to the extent such approval is then required under the rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal
amount of the Notes being redeemed plus accrued and unpaid interest to, but excluding, the date of redemption.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company may also redeem the Notes at any time prior to the Maturity Date, including prior to October&nbsp;30, 2025, in whole, but not in
part, subject to obtaining the prior approval of the Federal Reserve Board to the extent such approval is then required under the rules of the Federal Reserve Board, upon the occurrence of a &#147;Tax Event,&#148; a &#147;Tier 2 Capital Event&#148;
(each as defined under &#147;Description of Subordinated Notes&#151;Redemption&#148; in the Preliminary Prospectus Supplement), or Banc of California, Inc.&#146;s becoming required to register as an investment company pursuant to the Investment
Company Act of 1940, as amended, in each case, at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the date of redemption.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">See &#147;Description of Subordinated Notes&#151;Redemption&#148; in the Preliminary
Prospectus Supplement.</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Denominations:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$1,000 minimum denominations and $1,000 integral multiples in excess thereof.</TD></TR>
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<TD VALIGN="top"><B>Use of Proceeds:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, the possible redemption of the Company&#146;s Series D Depositary Shares and/or Series E Depositary Shares
(each as defined under &#147;Use of Proceeds&#148; in the Preliminary Prospectus Supplement), the possible repurchase of shares of Company&#146;s common stock, par value $0.01 per share, the maintenance of required regulatory capital and to support
future</TD></TR></TABLE>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">growth. See &#147;Use of Proceeds&#148; in the Preliminary Prospectus Supplement.</TD></TR>
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<TD VALIGN="top"><B>Price to Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100% of aggregate principal amount of the Notes</TD></TR>
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<TD VALIGN="top"><B>Underwriters&#146; Discount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.5% of aggregate principal amount of the Notes</TD></TR>
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<TD VALIGN="top"><B>Proceeds to Issuer (after underwriters&#146; discount, but before expenses):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$83,725,000</TD></TR>
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<TD VALIGN="top"><B>Ranking:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Notes will be general unsecured subordinated obligations of the Company and will be:</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;junior in right of payment to
any of the Company&#146;s existing and future Senior Debt (as defined under &#147;Description of Subordinated Notes&#148; in the Preliminary Prospectus Supplement), including its 5.25% senior notes due April&nbsp;15, 2025;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;equal in right of payment
with any of its future subordinated indebtedness;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;effectively subordinated to all of its secured indebtedness to the extent of the value of the
assets securing such indebtedness; and</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;structurally subordinated to any existing and future liabilities and obligations of its
subsidiaries, including the deposit liabilities and claims of other creditors of its bank subsidiary, Banc of California, National Association (the &#147;Bank&#148;).</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">At June&nbsp;30, 2020, Banc of California, Inc. had $175.0&nbsp;million of Senior Debt outstanding, and the Bank had total deposits of $6.04&nbsp;billion and Federal Home Loan Bank advances of $624.0&nbsp;million, respectively, to
which the Notes will be structurally subordinated. The Federal Home Loan Bank advances are secured by certain real estate loans and certain investment securities.</TD></TR>
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<TD VALIGN="top"><B>CUSIP/ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">05990KAD8 / US05990KAD81</TD></TR>
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<TD VALIGN="top"><B>Sole Book-Running Manager:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Keefe, Bruyette&nbsp;&amp; Woods,<I>&nbsp;A Stifel Company</I></TD></TR>
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<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Piper Sandler&nbsp;&amp; Co.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">D.A.
Davidson&nbsp;&amp; Co.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Note: We expect that delivery of the Notes will be made against payment therefor on or about
October&nbsp;30, 2020, which will be the third business day following the date of pricing of the Notes (such settlement being referred to as &#147;T+3&#148;). Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> of the Securities Exchange Act
of 1934, as amended, trades in the secondary market generally are required in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on the date of pricing will be
required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternate settlement </B></P></TD></TR></TABLE>
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arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes on the date of pricing should consult their own advisors.
</B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Issuer has filed a registration statement (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-236001)</FONT> (including a base
prospectus) and a preliminary prospectus supplement, dated October&nbsp;27, 2020 (the &#147;Preliminary Prospectus Supplement&#148;) with the Securities and Exchange Commission (&#147;SEC&#148;) for the offering to which this communication relates.
Before you invest, you should read the base prospectus in that registration statement, the Preliminary Prospectus Supplement, the final prospectus supplement (when available) and other documents the Issuer has filed with the SEC for more complete
information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC&#146;s website at&nbsp;<U>www.sec.gov</U>. Alternatively, the Issuer, the underwriter or any dealer participating in the offering will
arrange to send you copies of the base prospectus, the related Preliminary Prospectus Supplement or final prospectus supplement (when available) if you request it by calling Keefe, Bruyette&nbsp;&amp; Woods,</B><B><I>&nbsp;A Stifel
Company,</I></B><B>&nbsp;toll free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-966-1559</FONT></FONT></FONT> or by emailing USCapitalMarkets@kbw.com. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Capitalized terms used but not defined in this Term Sheet have the meanings given to them in the Preliminary Prospectus Supplement. This Term Sheet is
qualified in its entirety by reference to the Preliminary Prospectus Supplement. The information in this Term Sheet supplements the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the
extent it is inconsistent with the information in the Preliminary Prospectus Supplement. Other information (including other financial information) presented in the Preliminary Prospectus Supplement is deemed to have changed to the extent affected by
the information contained herein. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE
DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. </B></P>
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