Banc of California
 | |
| Company type | Public |
|---|---|
| NYSE: BANC S&P 600 component | |
| Industry | Financial services |
| Founded | 1941 (as Rohr Employees Federal Credit Union) |
| Headquarters | Los Angeles, California, United States |
Key people | Jared Wolff (president and CEO)[1] |
| Total assets | $38+ billion[2] |
| Website | bancofcal.com |
Banc of California, Inc. is an American bank serving the state of California with over 80 branches in Southern California, extending from San Diego to Santa Barbara as well as locations in Denver, Colorado, and Durham, North Carolina.[3] The bank is headquartered in Los Angeles, California, with over 2000 employees. Banc of California offers a broad range of loan and deposit products and services, focusing on providing banking and treasury management services to small-, middle-market, and venture-backed businesses[4][5]
History
[edit]The Banc of California was founded in 1941 as the Rohr Employees Federal Credit Union, serving employees of the Rohr Aircraft plant in Chula Vista, California.[6][7][8] The credit union was renamed the Pacific Trust Federal Credit Union in 1995, which itself was renamed the Pacific Trust Bank in 2000, becoming a mutually owned federal savings bank.[6][8]
The Pacific Trust Bank was made into a subsidiary of First PacTrust Bancorp Inc. in 2002. First PacTrust Bancorp, Inc. and Beach Business Bank completed their merger in 2012.[9] The company's two banking subsidiaries, Pacific Trust Bank and The Private Bank of California, were merged to form the Banc of California in 2013. The bank also hired former Los Angeles mayor Antonio Villaraigosa as a strategic advisor.[10]
Banc of California bought 20 bank branches in Southern California from Popular, Inc., a Puerto Rico-based bank, for $5.4 million in 2014. The move doubled the number of branches the bank owned and brought its assets to $5 billion.[11]
Jared Wolff took over as President and CEO of Banc of California in March 2019, succeeding Doug Bowers.[12] Bowers had assumed the role in 2017, following founding CEO Steven Sugarman.[13]
Banc of California announced the acquisition of Pacific Mercantile Bank in March 2021 in a transaction valued at $235 million.[14]
In July 2023, a few months after bank runs in regional banks caused a banking crisis, Banc of California agreed to rescue and acquire Pacific Western Bank in an all-stock deal aimed at shoring up confidence in them. As part of the deal, Warburg Pincus and Centerbridge Partners would invest $400 million in the combined company.[15]
Sponsorships
[edit]Since 2014, the bank has been the official bank of the USC Trojans, the athletic program of the University of Southern California.[16]
In 2016, the Banc of California announced a partnership with Los Angeles FC, a Major League Soccer franchise, and a 15-year, $100 million deal with the club for the naming rights to their stadium Banc of California Stadium in Los Angeles, which opened in 2018.[17][18] The deal was described as "a little out of the mold for a bank of our size" by then-CEO Steven Sugarman, with other observers noting that the bank was not well known nationally.[17] The company paid $20 million for early termination of the naming rights deal in 2020, citing a shift in focus.[19] Banc of California remains LAFC’s primary banking partner and continues to collaborate with the franchise on various initiatives.[20]
References
[edit]- ^ "Banc of California Names Jared Wolff as President and Chief Executive Officer" (Press release). Banc of California. March 5, 2019. Retrieved March 6, 2019 – via SNL Financial.
- ^ "Banc of California Inc". Banc of California. March 9, 2021.
- ^ "Banc of California Locations". Banc of California. Retrieved May 2, 2018.
- ^ "What it Means to be California's Bank". LA Progressive. Retrieved September 12, 2016.
- ^ "Banc of California, Inc. to Acquire Pacific Mercantile Bancorp". Bloomberg. March 22, 2021.
- ^ a b "Institution History for Banc of California, National Association (200378)". Federal Financial Institutions Examination Council. Retrieved August 23, 2016.
- ^ "Rohr credit union opens travel agency". Chula Vista Star-News. January 26, 1984. p. D-5.
- ^ a b Allen, Mike (June 7, 2012). "Bank With Rohr Aircraft Heritage Gets OK for Acquisition". San Diego Business Journal. Retrieved August 23, 2016.
- ^ "San Diego County Bank Acquires Beach Business Bank". Los Angeles Business Journal. August 31, 2011.
- ^ Reston, Maeve; Lazo, Alejandro (July 16, 2013). "Former L.A. Mayor Villaraigosa becomes advisor to community bank". Los Angeles Times. Retrieved August 23, 2016.
- ^ Reckard, E. Scott (April 23, 2014). "Irvine bank to buy Popular branches". Los Angeles Times. Retrieved August 23, 2016.
- ^ "Banc of California Names New CEO". Orange County Business Journal. March 5, 2019.
- ^ "Banc of California hires CEO with specialty lending, M&A experience". American Banker. March 5, 2019.
- ^ "Banc of California to Acquire Pacific Mercantile". Los Angeles Business Journal. March 21, 2021.
- ^ Dickson, Steve (July 25, 2023). "PacWest to be sold to Banc of California in rescue deal". Los Angeles Times.
- ^ "Banc of California Focuses on Financial Literacy as Part of USC Athletic Sponsorship" (Press release). Banc of California. June 24, 2014. Retrieved August 23, 2016 – via Business Wire.
- ^ a b Koren, James Rufus (August 23, 2016). "Banc of California snags naming rights for L.A. Football Club soccer stadium". Los Angeles Times. Retrieved August 23, 2016.
- ^ Novy-Williams, Eben (August 23, 2016). "Bank Run by 41-Year-Old Signs $100 Million Stadium-Name Deal". Bloomberg News. Retrieved August 25, 2016.
- ^ Novy-Williams, Eben (May 27, 2020). "Banc of California Paid $20 Million to End L.A. Soccer Stadium Name Agreement". Variety. Archived from the original on June 7, 2020. Retrieved May 30, 2020.
- ^ "LAFC seek new naming rights partner after restructuring Banc of California deal". Sports Pro. May 27, 2020.
