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Banc of California Designates Los Angeles as Headquarters and Donates $1 Million to Expand Financing Options for Small Businesses
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Rhea-AI Summary
Banc of California, Inc. (NYSE: BANC) relocates its headquarters to Los Angeles and donates $1 million to support small businesses. The company's CEO, Jared Wolff, announces the move and the contribution at a joint press conference with Los Angeles Mayor Karen Bass. The relocation follows a successful merger with PacWest Bancorp, making Banc of California the third-largest bank headquartered in California.
Positive
Banc of California's relocation to Los Angeles signifies a strategic move to further serve the vibrant business community in the city.
The $1 million donation to the Mayor's Contract Financing Assistance Program (CFAP) demonstrates the company's commitment to supporting small and medium-sized businesses.
The successful merger with PacWest Bancorp positions Banc of California as the third-largest bank headquartered in California, indicating significant growth and expansion.
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Announcements made in joint press conference with Los Angeles Mayor Karen Bass
LOS ANGELES--(BUSINESS WIRE)--
Banc of California, Inc. (NYSE: BANC) has designated Los Angeles as its new headquarters and has contributed $1 million to help small businesses thrive, CEO Jared Wolff announced today at a joint press conference with Los Angeles Mayor Karen Bass.
“As a native Angeleno, I know the power and promise of Los Angeles and the entrepreneurs and businesses that make it great,” said Wolff. “As California’s leading business bank, we are designating Los Angeles as our headquarters to further serve this vibrant business community.”
“Los Angeles is open for business, and City Hall will advocate to make it easier for businesses to open, expand and thrive,” said Mayor Bass, who was joined by Los Angeles City Council President Paul Krekorian, Councilwoman Traci Park, and Deputy Mayor for Business and Economic Development Rachel Freeman. “When you make a change, you see results, and one of those results is that Banc of California is now here in Los Angeles.”
At the event, Wolff also announced a $1 million donation from Banc of California to the Mayor’s Contract Financing Assistance Program (CFAP), which provides financing options for small- and medium-sized businesses so they can more easily compete for government contracts.
“In recognition of our partnership with the city, Banc of California is very pleased to make a $1 million contribution to Mayor Bass’ Contract Financing Assistance Program,” Wolff added. “We are proud to provide small- and medium-sized businesses with the financial support that will help them compete for government contracts. Banc of California looks forward to serving all of our communities with creative financial solutions that create jobs, drive business forward, and enrich the communities where we live and work.”
The public sector typically pays contractors at the end of a project, making it difficult for smaller businesses to compete for government contracts. By using the project agreement as collateral, the CFAP enables these businesses to access capital via low-interest loans before the project is completed. This alleviates cash flow concerns so that smaller companies can pursue government contracts and grow. Banc of California’s contribution to the CFAP will expand the current program beyond construction contracts and create a fund that will provide access to low-interest loans for small businesses. The fund will launch in early 2024 and will be advantageous to businesses looking to compete for new contracts around the Olympics in Los Angeles in 2028.
“I just want to thank Jared Wolff again because one of the main complaints small businesses have — especially in doing business with the city or with the public sector — is the reimbursement process,” added Mayor Bass. “This million dollars, which will begin us launching this loan fund, really will make a difference between businesses being able to survive and businesses being able to do business with the city of Los Angeles. This is a huge deal: One, for you to move your headquarters here, and two, to give a jumpstart to small businesses who want to work with the public sector.”
Banc of California’s headquarters was formerly in Santa Ana, California. The company opened an office in the Los Angeles community of Brentwood in 2021. Designating Los Angeles as headquarters comes on the heels of the company’s successful close of its transformational merger with PacWest Bancorp on November 30. The combined company retains the Banc of California name and is now the third-largest bank headquartered in California. It is also one of the nation’s premier relationship-focused business banks.
The press conference was held in front of the Banc of California headquarters located at 11611 San Vicente Blvd. in Los Angeles.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a bank holding company headquartered in Los Angeles with one wholly-owned banking subsidiary, Banc of California (the “bank”), and approximately $36 billion in assets. Banc of California is one of the nation’s premier relationship-based business banks focused on providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California offers a broad range of loan and deposit products and services through more than 70 full-service branches throughout California and in Denver, Colorado, and Durham, North Carolina, as well as full-stack payment processing solutions through its subsidiary, Deepstack Technologies. The bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. For more information, please visit us at www.bancofcal.com.
