Banc of California
| Public | |
| Traded as | : BANC S&P 600 Component |
| Industry | Financial services |
| Founded | 1941 (as Rohr Employees Federal Credit Union) |
| Headquarters | Irvine, California |
|
Key people
|
Doug Bowers, President and Chief Executive Officer |
| Total assets | $10+ billion |
| Parent | Banc of California, Inc. |
| Website | bancofcal |
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.
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 named Jason Galanis.
Since 2014, the bank has been the official bank of the USC Trojans, the athletic program of the University of Southern California.
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Wikipedia