Stephens flags late earnings announcement and M&A speculation
Regional lender Banc of California BANC.N announces it will release Q2 results before market opens on July 29
Brokerage Stephens says BANC does not generally wait this late in an earnings month to announce the timing of release and call
"Interestingly, the new release and call time both line up with MCHB's release and call time. MCHB (Mechanics Bancorp) is a proven strategic buyer," Stephens analyst Andrew Terrell says
"Naturally, we expect this to garner M&A speculation today, with BANC likely outperforming in trading," Terrell says
BANC stock up ~2% in morning trading
BANC has a market cap of $3.3 billion, while Mechanics Bancorp MCHB.O has a market cap of $3.58 billion - LSEG data
BANC and MCHB didn't immediately respond to Reuters' requests for comment
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