Banc of California
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 1941 |
| Headquarters | Los Angeles, California , United States |
Area served | Southern California, Denver (Colorado), Durham (North Carolina) |
Key people | Jared Wolff (President and CEO) |
| Products | Deposit and loan services, banking and treasury management solutions for small businesses, middle-market enterprises, and venture-backed companies |
Number of employees | 2000+ |
Banc of California, Inc. is a U.S.-based bank headquartered in Los Angeles, California, operating more than 80 branches throughout Southern California, along with additional offices in Denver, Colorado, and Durham, North Carolina. With a workforce exceeding 2,000 employees, the bank offers an extensive array of deposit and loan services, emphasizing banking and treasury management solutions tailored to small businesses, middle-market enterprises, and venture-backed companies.
History
The institution originated in 1941 as Rohr Employees Federal Credit Union, initially serving employees of Rohr Aircraft in Chula Vista, California. It was rebranded as Pacific Trust Federal Credit Union in 1995 and subsequently transformed into Pacific Trust Bank—a mutually owned federal savings bank—in 2000.
In 2002, First PacTrust Bancorp Inc. acquired Pacific Trust Bank as a subsidiary. A decade later, in 2012, First PacTrust Bancorp merged with Beach Business Bank. The following year, the banking arms—Pacific Trust Bank and The Private Bank of California—combined to establish Banc of California. During this period, former Los Angeles mayor Antonio Villaraigosa was brought on as a strategic advisor to utilize his expertise in business and politics.
In 2014, Banc of California expanded its footprint by purchasing 20 Southern California branches from Popular, Inc., a Puerto Rico-based bank, for $5.4 million. This acquisition doubled the number of branches under Banc of California’s management and elevated its assets to $5 billion.
Jared Wolff took over as President and CEO in March 2019, replacing Doug Bowers, who had succeeded founding CEO Steven Sugarman in 2017.
The bank further grew in March 2021 through a $235 million purchase of Pacific Mercantile Bank.
During the regional banking turmoil of 2023, Banc of California agreed to acquire Pacific Western Bank via an all-stock transaction valued at $1.1 billion. This deal included a $400 million capital infusion from Warburg Pincus and Centerbridge Partners aimed at reinforcing the financial strength and market presence of the merged entity.
Sponsorships
Beginning in 2014, the bank became the official financial institution for the USC Trojans, representing the athletic teams of the University of Southern California.
In 2016, Banc of California entered into a 15-year agreement valued at $100 million to acquire the naming rights for Banc of California Stadium, home to Los Angeles FC, a Major League Soccer team. Former CEO Steven Sugarman characterized the arrangement as somewhat unconventional for a bank of their scale, considering the organization's relatively modest national profile. By 2020, Banc of California opted to pay $20 million to end the naming rights contract prematurely, citing a change in strategic direction. Despite this, the bank continues to serve as LAFC’s main banking partner and maintains cooperation on multiple projects.