(RTTNews) - Banc of California, Inc. (BANC) on Monday announced the extension of its $300 million stock repurchase program and its intent to redeem $385 million of subordinated notes due 2031.
The buyback program, originally set to expire in March 2026, has been extended through March 16, 2027, with approximately $83 million remaining available for repurchases.
Separately, Banc of California intends to redeem the entire outstanding $385 million aggregate principal amount of 3.25% fixed-to-floating rate subordinated notes due 2031.
The notes are scheduled to reset to a floating rate in May 2026.
The redemption will be carried out at 100% of the principal amount, along with any accrued and unpaid interest.
The company said the move is part of its capital management strategy aimed at improving its funding profile, reducing interest expense, and strengthening its capital structure.
In the pre-market trading, BANC is 1.73% lesser at $16.54 on the New York Stock Exchange.
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