Banc of California

Not to be confused with the former Bank of California.
Banc of California
Public
Industry Financial services
Founded 1941 (as Rohr Employees Federal Credit Union)
Headquarters Irvine, California
Key people
 Steven Sugarman (CEO)[1]
Total assets $10 billion
Parent Banc of California, Inc.
Website bancofcal.com

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.[2][3][4]

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.[5][6][7] 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.[5][7]

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.[8]

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.[9]

Sponsorships

Since 2014, the bank has been the official bank of the USC Trojans, the athletic program of the University of Southern California.[10]

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.[11][12] 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.[11]

References

  1. ↑ Koren, James Rufus (July 31, 2016). "O.C. bank's young CEO has long resume, stellar credentials". Los Angeles Times. Retrieved August 23, 2016.
  2. ↑ "Profile: Banc of California Inc". Reuters. Retrieved August 23, 2016.
  3. ↑ "Banc of California to Purchase New Corporate Headquarters". Business Wire. Retrieved September 12, 2016.
  4. ↑ "What it Means to be California's Bank". LA Progressive. Retrieved September 12, 2016.
  5. 1 2 "Institution History for Banc of California, National Association (200378)". Federal Financial Institutions Examination Council. Retrieved August 23, 2016.
  6. ↑ "Rohr credit union opens travel agency". Chula Vista Star-News. January 26, 1984. p. D-5.
  7. 1 2 Allen, Mike (June 7, 2012). "Bank With Rohr Aircraft Heritage Gets OK for Acquisition". San Diego Business Journal. Retrieved August 23, 2016.
  8. ↑ Reston, Maeve; Lazo, Alejandro (July 16, 2013). "Former L.A. Mayor Villaraigosa becomes advisor to community bank". Los Angeles Times. Retrieved August 23, 2016.
  9. ↑ Reckard, E. Scott (April 23, 2014). "Irvine bank to buy Popular branches". Los Angeles Times. Retrieved August 23, 2016.
  10. ↑ "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.
  11. 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.
  12. ↑ Novy-Williams, Eben (August 23, 2016). "Bank Run by 41-Year-Old Signs $100 Million Stadium-Name Deal". Bloomberg News. Retrieved August 25, 2016.

External links

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