Banc of California Extends $300M Stock Buyback, Redeems Subordinated Notes

The bank is also retiring higher-cost debt to improve its funding profile and capital structure.

Mar. 23, 2026 at 11:04am

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Banc of California, Inc. announced that its board of directors has approved an extension of the company's existing $300 million stock repurchase program through March 2027. The bank also announced plans to redeem its outstanding $385 million in 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031, which are scheduled to reset to a floating rate in May 2026.

Why it matters

The stock buyback extension and debt redemption demonstrate Banc of California's commitment to prudent capital management and delivering sustainable long-term returns to shareholders. Retiring the higher-cost subordinated debt will improve the bank's funding profile and reduce interest expense, further strengthening its capital position.

The details

Since the $300 million buyback program began in 2025, the bank has repurchased around $217 million of its common stock, with $31 million of that coming in 2026. The remaining $83 million will be available for future repurchases. The redemption of the $385 million in subordinated notes is part of the bank's ongoing capital management strategy.

  • The stock repurchase program was originally announced on March 17, 2025 and subsequently upsized from $150 million to $300 million on April 23, 2025.
  • The program, which was previously scheduled to expire in March 2026, has now been extended through March 16, 2027.
  • The $385 million in subordinated notes are redeemable beginning on May 1, 2026.

The players

Banc of California, Inc.

A bank holding company with over $34 billion in assets and the parent company of Banc of California, one of the nation's premier relationship-based business banks.

Jared Wolff

Chairman and CEO of Banc of California.

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What they’re saying

“Extending our stock repurchase program enables us to continue returning excess capital to stockholders through disciplined share repurchases. At the same time, retiring higher-cost subordinated debt improves our funding profile, reduces interest expense, and strengthens our overall capital structure. Together, these actions demonstrate our continued commitment to prudent capital management and delivering sustainable long-term returns to our stockholders.”

— Jared Wolff, Chairman and CEO of Banc of California

What’s next

The proposed redemption of the $385 million in subordinated notes is subject to regulatory approval and is expected to be completed by May 1, 2026 when the notes are scheduled to reset to a floating rate.

The takeaway

Banc of California's extension of its stock buyback program and planned redemption of higher-cost debt demonstrate the bank's commitment to optimizing its capital structure and returning value to shareholders through disciplined financial management.