Banc of California

Last updated

Banc of California, Inc.
Company type Public
NYSE:  BANC
S&P 600 component
IndustryFinancial services
Founded1941;83 years ago (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 90 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]

Contents

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. [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

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]

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

East West Bank is the primary subsidiary of East West Bancorp, Inc. It is the largest publicly traded bank headquartered in Southern California, ranking 42nd on the list of largest banks in the United States. East West was founded in 1973 in Los Angeles to serve the Chinese American community. It is known for financing major films and television shows, including Everything Everywhere All at Once, Yellowstone, and Orange is the New Black.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

Bank of the West was an American financial institution headquartered in San Francisco, California, United States. It had more than 600 branches and offices in the Midwest and Western United States.

Security Pacific National Bank (SPNB) was a large U.S. bank headquartered in Los Angeles, California. It was acquired by Bank of America in 1992.

The Bank of Hawaii Corporation is an American regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that the majority of the voting stockholders reside within the state. Bank of Hawaii has the most accounts, customers, branches, and ATMs of any financial institution in the state. The bank consists of four business segments: retail banking, commercial banking, investment services, and treasury. The bank is currently headed by chairman, president and chief executive officer, Peter S. Ho.

California Federal Bank, known as CalFed, was a retail bank and real estate lender headquartered in Los Angeles, California that operated under a federal savings bank charter. In 2002, it operated 352 branches, most of which were in California, when acquired by Citigroup.

<span class="mw-page-title-main">Umpqua Holdings Corporation</span> American bank

Umpqua Holdings Corporation, d.b.a. Umpqua Bank, is a financial holding company based in downtown Portland, Oregon, United States. Headquarters are in the Umpqua Bank Plaza, formerly the headquarters of Benj. Franklin Savings and Loan. The firm has two principal operating subsidiaries: Umpqua Bank and Umpqua Investments.

<span class="mw-page-title-main">First Interstate Bancorp</span> Defunct American bank holding company

First Interstate Bancorp was a bank holding company based in the United States that was taken over in 1996 by Wells Fargo. Headquartered in Los Angeles, it was the nation's eighth largest banking company.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

<span class="mw-page-title-main">PacWest Bancorp</span> American bank holding company

PacWest Bancorp is an American bank holding company based in Beverly Hills, California, with one wholly owned banking subsidiary, Pacific Western Bank. It is a subsidiary of Banc of California.

<span class="mw-page-title-main">Valley National Bank of Arizona</span> Former bank, based in Phoenix, Arizona

Valley National Bank of Arizona was a bank based in Phoenix, Arizona, founded in 1900 and acquired by Bank One in 1992. The bank was one of Arizona's leading financial institutions during the 20th century and the last major independent bank in Arizona at the time of its acquisition.

Pacific Premier Bancorp, Inc. is an American bank holding company under the Bank Holding Company Act of 1956 headquartered in Irvine, California, US. Its principal business focuses on Pacific Premier Bank, which offers a range of financial services to individuals, businesses, and professionals. The bank operates numerous branches in California, Arizona, Nevada, and Washington.

<span class="mw-page-title-main">Los Angeles FC</span> American professional soccer franchise

Los Angeles Football Club, commonly referred to as Los Angeles FC or LAFC, is an American professional men's soccer team based in Los Angeles, California. The club competes in Major League Soccer (MLS) as a member club of the league's Western Conference. The club was established on October 30, 2014 and began play during the 2018 season as an expansion team. The club plays their home matches at BMO Stadium, a soccer-specific stadium located in Exposition Park.

<span class="mw-page-title-main">Pacific Mercantile Bancorp</span> American bank

Pacific Mercantile Bancorp was a bank holding company based in Costa Mesa, California.

<span class="mw-page-title-main">BMO Stadium</span> Soccer stadium in Los Angeles

BMO Stadium, formerly Banc of California Stadium, is a soccer-specific stadium in the Exposition Park neighborhood of Los Angeles, California. It is the home of Major League Soccer's Los Angeles FC and the National Women's Soccer League's Angel City FC. Opened on April 18, 2018, it was the first open-air stadium built in the City of Los Angeles since Dodger Stadium in 1962. Constructed on the site of the former Los Angeles Memorial Sports Arena, it is located next to the Los Angeles Memorial Coliseum and just south of the main campus of the University of Southern California. Los Angeles FC subleases the site from the University which has a master lease with the LA Memorial Coliseum Commission for operating and managing the Coliseum and stadium properties.

<span class="mw-page-title-main">CBB Bank</span> Korean American bank

CBB Bank is an American bank that operates in the states of California, Texas and Hawaii providing commercial and personal banking services to the Korean-American community. It owned by the holding company CBB Bancorp, Inc.

Great American Bank was an American savings and loan association based in San Diego. It was founded in 1885 as San Diego Building and Loan Association, the first savings and loan in Southern California. Until the 1980s, it operated as San Diego Federal Savings and Loan Association. Federal regulators seized and disbanded the bank in 1991. Before the company was split apart, Great American had more than 200 offices operating in California, Arizona, Washington, Montana, and Colorado.

References

  1. ↑ "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.
  2. ↑ "Banc of California Inc". Banc of California. March 9, 2021.
  3. ↑ "Banc of California Locations". Banc of California. Retrieved May 2, 2018.
  4. ↑ "What it Means to be California's Bank". LA Progressive. Retrieved September 12, 2016.
  5. ↑ "Banc of California, Inc. to Acquire Pacific Mercantile Bancorp". Bloomberg. March 22, 2021.
  6. 1 2 "Institution History for Banc of California, National Association (200378)". Federal Financial Institutions Examination Council . Retrieved August 23, 2016.
  7. ↑ "Rohr credit union opens travel agency". Chula Vista Star-News . January 26, 1984. p. D-5.
  8. 1 2 Allen, Mike (June 7, 2012). "Bank With Rohr Aircraft Heritage Gets OK for Acquisition". San Diego Business Journal . Retrieved August 23, 2016.
  9. ↑ "San Diego County Bank Acquires Beach Business Bank". Los Angeles Business Journal. August 31, 2011.
  10. ↑ Reston, Maeve; Lazo, Alejandro (July 16, 2013). "Former L.A. Mayor Villaraigosa becomes advisor to community bank". Los Angeles Times. Retrieved August 23, 2016.
  11. ↑ Reckard, E. Scott (April 23, 2014). "Irvine bank to buy Popular branches". Los Angeles Times. Retrieved August 23, 2016.
  12. ↑ "Banc of California Names New CEO". Orange County Business Journal. March 5, 2019.
  13. ↑ "Banc of California hires CEO with specialty lending, M&A experience". American Banker. March 5, 2019.
  14. ↑ "Banc of California to Acquire Pacific Mercantile". Los Angeles Business Journal. March 21, 2021.
  15. ↑ Dickson, Steve (July 25, 2023). "PacWest to be sold to Banc of California in rescue deal". Los Angeles Times.
  16. ↑ "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.
  17. 1 2 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.
  18. ↑ Novy-Williams, Eben (August 23, 2016). "Bank Run by 41-Year-Old Signs $100 Million Stadium-Name Deal". Bloomberg News . Retrieved August 25, 2016.
  19. ↑ 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.
  20. ↑ "LAFC seek new naming rights partner after restructuring Banc of California deal". Sports Pro. May 27, 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.