Banc of California

#3960

Rank

$2.28B

Marketcap

United States

Country

Leadership team

Mr. Jared M. Wolff (Pres, CEO & Director)

Ms. Lynn M. Hopkins (CFO & Exec. VP)

Mr. Ido Dotan J.D. (Exec. VP, Gen. Counsel & Corp. Sec.)

Products/ Services

Banking, Finance, Financial Services

Number of Employees

500 - 1000

Headquarters

Irvine, California, United States

Established

1941

Company Registration

SEC CIK number: 0001169770

Net Income

100M - 500M

Revenue

100M - 500M

Traded as

BANC

Social Media

URL

https://bancofcal.com

Overview

Location

Recognition and Award

References

Summary

Banc of California, Inc. operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits. It also provides various commercial and consumer loan products, such as commercial and industrial loans; commercial real estate and multifamily loans; construction loans; single family residential mortgage loans; warehouse and indirect/direct leveraged lending; home equity lines of credit; small business administration loans; and other consumer loans. In addition, the company offers automated bill payment, cash and treasury management, foreign exchange, card payment, remote and mobile deposit capture, automated clearing house origination, wire transfer, direct deposit, and internet banking services; and master demand accounts, interest rate swaps, and safe deposit boxes. Further, it invests in collateralized loan obligations, agency securities, municipal bonds, agency residential mortgage-backed securities, and corporate debt securities. As of December 31, 2020, the company operated 29 full-service branches in Southern California. The company was formerly known as First PacTrust Bancorp, Inc. and changed its name to Banc of California, Inc. in July 2013. Banc of California, Inc. was founded in 1941 and is headquartered in Santa Ana, California.

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 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.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. 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.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.Jared Wolff took over as President and CEO of Banc of California in March 2019, succeeding Doug Bowers. Bowers had assumed the role in 2017, following founding CEO Steven Sugarman.Banc of California announced the acquisition of Pacific Mercantile Bank in March 2021 in a transaction valued at $235 million.

Mission

Our mission is to make banking easy, convenient and reliable so Californians, businesses and communities can succeed and prosper.

Vision

Our vision is to be the trusted, innovative and leading community bank for Californians and the businesses and communities that drive the state’s economy.

Key Team

Ms. Lynn A. Sullivan (Exec. VP & Chief Risk Officer)

Mr. Robert G. Dyck (Exec. VP & Chief Credit Officer)

Mr. Alex Kweskin (Exec. VP & Chief HR Officer)

Mr. John K. Sotoodeh (Chief Operating Officer)

Mr. Joubin Rahimi (Sr. VP of Private Banking)

Mr. Raymond J. Rindone (Exec. VP, Chief Accounting Officer & Deputy CFO)

Mr. Douglas Rosenthal (Sr. VP & Relationship Mang.)

Recognition and Awards

Banc of California is consistently ranked among the top banks in California and received numerous awards over the years. These include the EY Entrepreneur of the Year Award, Los Angeles Business Journal's 2017 Bank of the Year award and the 2017 Investment Banker of the Year award by American Banker.