美國

美國證券交易委員會

華盛頓特區，20549

表格8-K

當前報告

根據《1934年證券交易法》第13或15(D)節

報告日期(最早報告事件日期)： 2023年7月31日(2023年7月25日)

PacWest Bancorp

(註冊人的確切姓名在其章程中規定)

威爾希爾大道9701號，700號套房。
加州貝弗利山莊，郵編：90212

(主要執行機構地址) (郵政編碼)

註冊人電話號碼，包括區號：(310)887-8500

不適用

(如果自上次報告以來更改了以前的姓名或地址 。)

如果8-K備案表格 旨在同時滿足註冊人根據下列任何一項規定的備案義務(參見 一般説明A.2)，請勾選下面相應的框。如下所示)：

根據該法第12(B)款登記的證券：

用複選標記表示註冊人是否為1933年《證券法》第405條(本章230.405節)或1934年《證券交易法》第12b-2條(本章第240.12b-2節)所界定的新興成長型公司。

新興增長型 公司¨

如果是新興成長型公司，請用複選標記表示註冊人是否已選擇不使用延長的過渡期，以遵守根據《交易所法案》第13(A)節提供的任何新的或修訂的財務會計準則。¨

第1.01項。簽訂材料最終協議

合併協議

2023年7月25日，特拉華州的PacWest Bancorp、馬裏蘭的加州銀行和特拉華州的全資子公司Cal Merge簽訂了合併協議和合並計劃(合併協議)。根據合併協議所載的條款及條件，Merge Sub將與 合併並併入PacWest，PacWest將繼續作為尚存實體(“合併”) ，PacWest將緊隨合併後與加州銀行合併(“第二步合併”)，而加州銀行將繼續作為尚存的公司(“尚存的 公司”)。在第二步合併後，太平洋西部銀行，一家加州特許的非成員銀行 (“太平洋西部銀行”)，以及在緊接第二步合併之前，太平洋西部銀行的全資子公司，將成為聯邦儲備系統的成員銀行(“FRS 成員資格”)和加州銀行的全資子公司。在FRS 成員資格生效後，加州銀行(BOC NA)的全資子公司、全國性銀行協會北卡羅來納州加州銀行將與太平洋西部銀行合併，併入太平洋西部銀行(“銀行合併”，與合併和第二步合併一起， 合併)，太平洋西部銀行繼續作為尚存的 銀行(“倖存銀行”)。銀行合併後，倖存的銀行將以“加州銀行”的名稱和品牌運營。

合併協議獲得太平洋銀行和加州銀行董事會的一致通過。在收到必要的監管和股東批准以及滿足或豁免其他成交條件(其中某些條件如下所述)後，雙方 預計合併和隨之而來的投資(定義如下)將於2023年底或2024年初完成。

合併注意事項

根據合併協議所載條款及條件，於合併生效時(“生效時間”)，除某些例外情況外，太平洋西部銀行在緊接生效時間前發行及發行的普通股(“太平洋西部普通股”)每股面值$0.01的普通股(以下簡稱“太平洋西部普通股”)將轉換為收取加州銀行普通股(“加州銀行普通股”)每股面值$0.01的0.6569普通股(“交易所 比率”)的權利。“合併考慮”)。PacWest普通股的持有者還將有權獲得現金，以代替加州銀行普通股的零碎股份。此外，於第二步合併生效時，PacWest每股7.75%的固定利率重置非累積永久優先股A系列，每股面值0.01美元的股份(“PacWest 優先股”)將被轉換為有權獲得加州銀行新設立的一系列優先股中的一股，該等權力、優先及權利以及該等資格、限制及限制整體而言，並不會對PacWest優先股(“新銀行優先股”)持有人造成重大不利影響。

某些管治事宜

合併協議規定，尚存公司的董事會將由12名董事組成，其中(A)至少有3名董事將是太平洋西部在緊接生效時間之前的 董事會(“太平洋西部董事會”)的成員，他們將遵守某些資格要求，(B)其中8人將是緊接生效時間之前的加州銀行董事會成員(“加州董事銀行”)，以及(C)其中1人將是華平投資者指定的個人(定義如下)。 此外，視收到任何政府實體的任何必要同意或不反對意見，在緊接生效時間之前的太平洋西部銀行董事會的主要董事將成為尚存的 公司的董事會主席。如果太平洋銀行董事繼續滿足某些資格要求，則加州銀行同意提名此類太平洋西部銀行董事在合併結束(“合併結束”)後召開的前兩次年度股東大會上連任尚存公司的董事會成員。

合併協議亦規定，自生效日期起，(A)尚存銀行(“尚存銀行董事會”)的董事會將由與尚存公司董事會相同的 名董事組成，及(B)如獲得任何政府實體的任何必要同意或 不反對意見，則尚存銀行董事會主席將由在緊接生效時間前擔任銀行主席的同一人擔任。

合併協議還規定，截至生效時間，(A)加州銀行首席執行官將擔任尚存公司的首席執行官，(B)尚存公司總部和尚存銀行將設在加利福尼亞州洛杉磯市，(C)尚存公司的名稱將保持為“Bank of California，Inc.”。以及(D)倖存銀行的名稱將變為“加州銀行”。

太平洋西部股權獎的待遇

合併協議規定，於生效時間，根據經修訂及重新修訂的PacWest Bancorp 2017股票激勵計劃(“PacWest股票計劃”)授予的每一項限制性股票獎勵將轉換為接受合併對價的權利，但須受緊接生效時間前適用於該等獎勵的相同條款及條件(包括與歸屬條件有關)所規限，惟該等授予PacWest董事會非僱員成員的獎勵 將於生效時間歸屬。

根據PacWest股票計劃授予的每個基於業績的受限股票單位獎勵(“PacWest PSU獎勵”)將在生效時間轉換為加州銀行基於時間的受限股票單位獎勵(“BANC RSU獎勵”)，受緊接生效時間之前適用於此類獎勵的相同條款和條件的約束，包括關於歸屬條件(不包括基於績效的歸屬條件)。須接受每個BANC RSU獎的加州銀行普通股數量將等於以下乘積：(I)在緊接生效時間之前獲得PacWest PSU獎的股票數量(基於截至生效時間之前的最後實際可行日期衡量的實際業績)乘以(Ii)換股比率。

對加州銀行股票獎的處理

合併協議規定，在生效時間 ，根據加州銀行2018年綜合股票激勵計劃和加州銀行2013綜合股票激勵計劃授予的每個限制性股票單位獎勵和每個股票期權，在緊接生效時間之前未償還的 應被視為根據適用的加州銀行股票計劃進行了更換，並應保持 未償還狀態，受緊接生效時間之前適用於此類獎勵的相同條款和條件的限制，包括在歸屬條件方面；條件是，根據加州銀行股票計劃授予加州銀行董事會非僱員 成員的任何限制性股票單位獎勵將被授予，並將在合併完成後五個工作日內結算。合併協議 進一步規定，於生效時間內，每項以業績為基礎的限制性股票單位獎勵將於合併完成後五個營業日內授予及結算，業績被視為已達到目標業績水平(但其股價目標將根據適用的獎勵協議確定業績或將被取代的獎勵除外， 由加州銀行董事會薪酬、提名和公司治理委員會在提交S-4表格註冊聲明之前確定)。

合併協議的某些其他條款和條件

合併協議包含PacWest和加州銀行各自的某些慣例陳述和擔保。此外，PacWest和加州銀行都同意某些慣例的成交前契約，包括在正常過程中在所有實質性方面經營業務的契約，以及在未經另一方同意的情況下不採取某些行動的契約。各方已同意其他公約，其中包括：(A)在太平洋銀行的情況下，其有義務召開股東會議通過合併協議，以及除某些例外情況外，太平洋西部銀行董事會有義務建議其股東通過合併協議，(B)在加州銀行的情況下，根據合併協議和投資協議(定義見下文)召開股東會議批准發行加州銀行普通股的義務，以及除某些例外情況外，加州銀行董事會有義務建議其 股東批准股票發行，以及(C)與替代收購建議有關的相互非募集義務 。此外，雙方已同意與另一方進行合理合作，以確定將在合併完成後 處置的某些資產池，並就該等資產處置採取某些其他行動( “資產負債表重新定位”)。

合併的完成取決於 某些成交條件的滿足或放棄，包括(A)由PacWest股東必要的投票通過合併協議，並由加州銀行股東必要的投票批准股票發行， (B)授權加州銀行普通股在紐約證券交易所上市 股票發行和New Banc優先股，以正式發行通知為準，(C)收到聯邦儲備系統理事會和加州金融保護和創新部所需的監管批准，(D)沒有任何政府實體強加，也沒有必要的監管批准， 包含重大負擔的監管條件(如合併協議中所定義)，(E)加州銀行將提交給美國證券交易委員會(“美國證券交易委員會”)的S-4表格註冊聲明的有效性， 加州銀行就合併協議預期的交易提交的註冊聲明的有效性，(F)在沒有任何命令、強制令、法令或其他法律約束阻止完成合並協議所擬進行的交易的情況下，或 任何規定完成交易為非法的法律的情況下，及(G)投資結束的情況下，投資基本上與合併完成同時進行。各方完成合並的義務還受制於某些附加條件，包括：(I)在某些重大門檻的約束下，對於PacWest，在加州銀行和Merge Sub的情況下，陳述的準確性和 擔保；在PacWest的情況下，包括沒有重大不利影響(如合併協議中所定義的)；(Ii)PacWest在所有重要方面的表現，在PacWest的情況下，以及在PacWest的情況下，履行其在合併協議下的各自義務，以及(Iii)該當事方收到其律師的意見，大意是合併和第二步合併合在一起，將符合經修訂的1986年國內税法第368(A)節的含義 。

合併協議為PacWest和加州銀行都提供了一定的終止權利。合併協議還規定，在某些情況下，當合並協議終止時，太平洋銀行或加州銀行將 支付3950萬美元的終止費。此外，在合併協議終止後，任何一方可能被要求向另一方償還與資產負債表重新定位相關的部分或全部費用。

投票協議

在簽訂合併協議的同時，PacWest與加州銀行董事會的每一位成員簽訂了投票協議(“投票協議”)。投票協議除其他事項外，要求董事(僅以股東身份)(A)投票表決他們所擁有的加州銀行普通股的所有股份：(I)贊成股票發行，(Ii)反對可能阻止或實質性推遲合併的替代交易或其他提議， (B)在某些情況下就其股票授予相應的代理權，以及(C)不得直接或 間接轉讓、出售、轉讓或以其他方式處置其所持加州銀行普通股股份，受某些 例外的約束。太平洋西部銀行董事會成員與加州銀行訂立了投票協議(僅以該等董事作為股東的身份)，其中包括與投票協議類似的契諾。

本文檔涉及PacWest與加州銀行之間的擬議交易，以及投資者對加州銀行的擬議投資。加州銀行打算以S-4表格向美國證券交易委員會提交一份註冊聲明，其中將包括一份初步聯合委託書 聲明/招股説明書，將分發給加州銀行普通股和太平洋西部銀行普通股的持有人， 加州銀行和太平洋西部銀行徵求委託書，供加州銀行股東和太平洋西部銀行股東就擬議的交易進行投票。登記聲明提交併宣佈生效後，加州銀行和太平洋西部銀行將向各自的股東發送最終的聯合委託書/招股説明書，截至適用的記錄日期，該股東有權就加州銀行股東會議和太平洋西部銀行股東會議正在審議的事項進行投票。加州銀行或太平洋銀行也可能向美國證券交易委員會提交有關擬議交易的其他文件。

在作出任何投票或投資決定之前，敦促投資者和證券持有人仔細閲讀完整的註冊聲明和聯合委託書/招股説明書 (包括其所有修訂和補充)、提交給美國證券交易委員會的任何其他相關文件、及其最終版本(當其可用時)以及對此類文件的任何修訂或補充，並仔細閲讀 完整，因為它們將包含有關擬議交易的重要信息。

投資者和證券持有人將能夠通過美國證券交易委員會維護的網站免費獲取註冊聲明、聯合委託書/招股説明書以及由美國證券交易委員會提交或將提交給美國證券交易委員會的所有其他相關文件。

太平洋銀行或加州銀行向美國證券交易委員會提交的文件也可以在太平洋銀行或加州銀行的網站上免費獲取，網址為： www.pacwestbancorp.com，標題分別為“美國證券交易委員會備案”或https://investors.bancofcal.com，，標題為 “財務和備案”，或者應 書面請求，請注意：投資者關係部，地址：9701Wilshire Boulevard，Suite7700，Beverly Hills，CA 90212，or Banc of California，注意：投資者關係部，分別是3 MacArthur Place，Santa Ana，CA 92707。

徵集活動的參與者

根據美國證券交易委員會規則，太平洋銀行和加州銀行及其各自的董事和高管可能被視為參與向太平洋銀行的股東或加州銀行股東徵集與擬議交易相關的委託書。太平洋銀行的股東、加州銀行股東和其他感興趣的人將能夠在不收費的情況下獲得有關太平洋銀行和加州銀行董事和高管的名稱、從屬關係和利益的更詳細信息，該聲明將以S-4表格的形式提交，以及太平洋西部銀行或加州銀行或不時提交給美國證券交易委員會的其他文件。有關根據美國證券交易委員會規則可能被視為太平洋銀行或加州銀行股東就擬議交易進行的委託書徵集的參與者的其他信息，以及對他們通過證券 持股或以其他方式獲得的直接和間接利益的描述，將包括在初步聯合委託書聲明/招股説明書中，並將包含在將提交給美國證券交易委員會的關於擬議交易的其他相關 材料中(如果可以獲得)。您可以在美國證券交易委員會的網站www.sec.gov上免費獲得這些文件的副本。太平洋銀行或加州銀行提交給美國證券交易委員會的文件副本也將通過上述聯繫信息從太平洋銀行或加州銀行免費獲得。

簽名

   根據1934年《證券交易法》的要求，註冊人已正式授權下列簽署人代表其簽署本報告。

* Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and similar attachments have been omitted. The registrant hereby agrees to furnish a copy of any omitted schedule or similar attachment to the SEC upon request.

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between PacWest and Banc of California and the proposed investment by the Investors in equity securities of Banc of California pursuant to the Investment Agreements. Forward-looking statements may be identified by the use of the words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “could,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the proposed transaction between PacWest and Banc of California and the proposed investment by the Investors, including statements as to the expected timing, completion and effects of the proposed transaction. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of PacWest’s and Banc of California’s management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, may differ from assumptions and many are beyond the control of PacWest and Banc of California. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) the failure to satisfy the conditions to the consummation of the proposed transaction, including obtaining the requisite approval of PacWest stockholders and Banc of California stockholders within the time period provided in the Merger Agreement; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or the Investment Agreements; (iv) the inability to obtain alternative capital in the event it becomes necessary to complete the proposed transaction; (v) the effect of the announcement or pendency of the proposed transaction on PacWest’s and Banc of California’s business relationships, operating results and business generally; (vi) risks that the proposed transaction disrupts current plans and operations of PacWest and Banc of California; (vii) potential difficulties in retaining PacWest and Banc of California customers and employees as a result of the proposed transaction; (viii) PacWest’s and Banc of California’s estimates of its financial performance; (ix) changes in general economic conditions; (x) changes in the interest rate environment, including the recent increases in the Board of Governors of the Federal Reserve System benchmark rate and duration at which such increased interest rate levels are maintained, which could adversely affect PacWest’s and Banc of California’s revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; (xi) the impacts of continuing inflation; (xii) the credit risks of lending activities, which may be affected by deterioration in real estate markets and the financial condition of borrowers, and the operational risk of lending activities, including the effectiveness of PacWest’s and Banc of California’s underwriting practices and the risk of fraud; (xiii) fluctuations in the demand for loans; (xiv) the ability to develop and maintain a strong core deposit base or other low cost funding sources necessary to fund PacWest’s and Banc of California’s activities particularly in a rising or high interest rate environment; (xv) the rapid withdrawal of a significant amount of deposits over a short period of time; (xvi) results of examinations by regulatory authorities of PacWest or Banc of California and the possibility that any such regulatory authority may, among other things, limit PacWest’s or Banc of California’s business activities, restrict PacWest’s or Banc of California’s ability to invest in certain assets, refrain from issuing an approval or non-objection to certain capital or other actions, increase PacWest’s or Banc of California’s allowance for credit losses, result in write-downs of asset values, restrict PacWest’s or Banc of California’s ability or that of PacWest’s or Banc of California’s bank subsidiary to pay dividends, or impose fines, penalties or sanctions; (xvii) the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; (xviii) changes in the markets in which PacWest or Banc of California compete, including with respect to the competitive landscape, technology evolution or regulatory changes; (xix) changes in consumer spending, borrowing and saving habits; (xx) slowdowns in securities trading or shifting demand for security trading products; (xxi) the impact of natural disasters or health epidemics; (xxii) legislative or regulatory changes; (xxiii) impact of operating in a highly competitive industry; (xxiv) reliance on third party service providers; (xxv) competition in retaining key employees; (xxvi) risks related to data security and privacy, including the impact of any data security breaches, cyberattacks, employee or other internal misconduct, malware, phishing or ransomware, physical security breaches, natural disasters, or similar disruptions; (xxvii) changes to accounting principles and guidelines; (xxviii) potential litigation relating to the proposed transaction that could be instituted against PacWest or Banc of California, or their respective directors and officers, including the effects of any outcomes related thereto; (xxix) volatility in the trading price of PacWest’s or Banc of California’s securities; (xxx) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; and (xxxi) unexpected costs, charges or expenses resulting from the proposed transaction. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Banc of California’s registration statement on Form S-4 that will contain a joint proxy statement/prospectus discussed below, when it becomes available, and other documents filed by PacWest or Bank of California from time to time with the SEC. These filings do and will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual events and results could differ materially from those contained in the forward-looking statements. There may be additional risks that neither PacWest nor Banc of California presently knows or that PacWest or Banc of California currently believes are immaterial that could also cause actual events and results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect PacWest’s and Banc of California’s expectations, plans or forecasts of future events and views as of the date of this document. PacWest and Banc of California anticipate that subsequent events and developments will cause PacWest’s and Banc of California’s assessments to change. While PacWest and Banc of California may elect to update these forward-looking statements at some point in the future, PacWest and Banc of California specifically disclaim any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing PacWest’s and Banc of California’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. Forward-looking statements speak only as of the date they are made. Neither PacWest nor Banc of California gives any assurance that either PacWest or Banc of California, or the combined company, will achieve the results or other matters set forth in the forward-looking statements.

NO OFFER OR SOLICITATION

This document is not a proxy statement or solicitation or a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Banc of California, PacWest or the combined company, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law.

IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT

This document relates to the proposed transaction between PacWest and Banc of California and the proposed investment in Banc of California by the Investors. Banc of California intends to file a registration statement on Form S-4 with the SEC, which will include a preliminary joint proxy statement/prospectus to be distributed to holders of Banc of California’s common stock and PacWest’s common stock in connection with Banc of California’s and PacWest’s solicitation of proxies for the vote by Banc of California’s stockholders and PacWest’s stockholders with respect to the proposed transaction. After the registration statement has been filed and declared effective, Banc of California and PacWest will mail a definitive joint proxy statement/prospectus to their respective stockholders that, as of the applicable record date, are entitled to vote on the matters being considered at the Banc of California stockholder meeting and at the PacWest stockholder meeting, as applicable. Banc of California or PacWest may also file other documents with the SEC regarding the proposed transaction.

Before making any voting or investment decision, investors and security holders are urged to carefully read the entire registration statement and joint proxy statement/prospectus (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) when they become available, and any other relevant documents filed with the SEC, And the definitive versions thereof (when they become available), as well as any amendments or supplements to SUCH documents, CAREFULLY AND IN THEIR ENTIRETY because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the registration statement, the joint proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Banc or PacWest through the website maintained by the SEC at www.sec.gov.

The documents filed by PacWest or Banc of California with the SEC also may be obtained free of charge at PacWest’s or Banc of California’s website at www.pacwestbancorp.com, under the heading “SEC Filings” or https://investors.bancofcal.com, under the heading “Financials and Filings”, respectively, or upon written request to PacWest, Attention: Investor Relations, 9701 Wilshire Boulevard, Suite 700, Beverly Hills, CA 90212 or Banc of California, Attention: Investor Relations, 3 MacArthur Place, Santa Ana, CA 92707, respectively.

PARTICIPANTS IN THE SOLICITATION

PacWest and Banc of California and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from PacWest’s stockholders or Banc of California’s stockholders in connection with the proposed transaction under the rules of the SEC. PacWest’s stockholders, Banc of California’s stockholders, and other interested persons will be able to obtain, without charge, more detailed information regarding the names, affiliations and interests of directors and executive officers of PacWest and Banc of California in Banc of California’s registration statement on Form S-4 that will be filed, as well other documents filed by PacWest or Banc of California or from time to time with the SEC. Other information regarding persons who may, under the rules of the SEC, be deemed the participants in the proxy solicitation of PacWest’s or Banc of California’s stockholders in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the preliminary joint proxy statement/prospectus and will be contained in other relevant materials to be filed with the SEC regarding the proposed transaction (if and when they become available). You may obtain free copies of these documents at the SEC’s website at www.sec.gov. Copies of documents filed with the SEC by PacWest or Banc of California will also be available free of charge from PacWest or Banc of California using the contact information above.

SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.