Type Public Total assets $10+ billion | Industry Financial services Founded 1941 | |
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Traded as NYSE: BANC
S&P 600 Component Key people Hugh Boyle, Interim Chief Executive Officer, Chief Risk Officer & J. Francisco Turner, Interim President, Chief Financial Officer, Chief Strategy Officer Parent Banc of California, Inc. Stock price BANC (NYSE) US$ 20.35 +0.90 (+4.63%)1 Mar, 10:39 AM GMT-5 - Disclaimer CEO Steven A. Sugarman (6 Nov 2013–) Headquarters Irvine, California, United States | ||
Socal ceo magazine new bank in town banc of california serving for businesses and ceos
Banc of California is a bank serving the state of California and parts of the Western United States. It was founded in 1941 and has 40 banking branches in Southern California and loan production offices in surrounding states. The bank is currently headquartered in Irvine, California but expects to relocate to neighboring Santa Ana, California in 2016.
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Lafc groundbreaking at banc of california stadium
History
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. The credit union was renamed to the Pacific Trust Federal Credit Union in 1995, which itself was renamed to the Pacific Trust Bank in 2000, becoming a mutually owned federal savings bank.
The Pacific Trust Bank was made into a subsidiary of First PacTrust Bancorp Inc. in 2002. In 2013, the company's two banking subsidiaries, Pacific Trust Bank and The Private Bank of California, were merged to form the "Banc of California". The bank also hired former Los Angeles mayor Antonio Villaraigosa as a strategic advisor.
In 2014, Banc of California bought 20 bank branches in Southern California from Popular, Inc., a Puerto Rico-based bank, for $5.4 million. The move doubled the number of branches the bank owned and brought its assets to $5 billion.
On January 23, 2017, CEO Steven Sugarman resigned amid an investigation by the Securities Exchange Commission (SEC) over the bank's links to an alleged fraudster Jason Galanis.
Sponsorships
Since 2014, the bank has been the official bank of the USC Trojans, the athletic program of the University of Southern California.
In 2016, the Banc of California announced a partnership with Los Angeles FC, an upcoming Major League Soccer franchise, and a 15-year, $100 million deal with the club for the naming rights to their stadium in Los Angeles. The deal was described as "a little out of the mold for a bank of our size" by CEO Steven Sugarman, with other observers noting that the bank wasn't well known nationally.