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First PacTrust Bancorp, Inc. Becomes Banc Of California, Inc.; Mayor Antonio Villaraigosa Becomes Strategic Advisor

Stocks in this article: BANC

As previously announced, First PacTrust Bancorp, Inc. (NASDAQ: BANC), with over seven decades of serving Southern California, changed its corporate name to Banc of California, Inc. (“Banc of California” or “Company”) to better reflect the Company’s commitment to becoming the leading community bank in California and the West. To help achieve this vision, the Company announced today that it has appointed former Los Angeles Mayor Antonio Villaraigosa as Strategic Advisor to its Chief Executive Officer to advise on the development of a community banking strategy focused on expanding home ownership, financing entrepreneurs and small businesses, and investing in communities through education and service.

Since 2010, Banc of California has become one of the fastest growing financial institutions in the country. The company has grown its assets from $800 million to $3.2 billion. Employees have gone from under 100 to more than 1,000. Home loans have grown from less than 20 a month to over 700 a month. Meanwhile, Banc of California has developed a reputation for exceptional service and fair, hassle-free banking that has resulted in new deposit growth of almost $150 million per month during the first half of 2013.

Following eight years as Mayor of America’s second largest city, Mayor Villaraigosa brings his common sense approach to delivering real solutions to a bank that shares his priorities of growing opportunities for people to buy their own homes, start their own businesses, fund their children’s education, take control of their own finances and achieve the California dream. It is with that shared mission that Mayor Villaraigosa will advise Chief Executive Officer Steven Sugarman on how to build the best bank for serving the people of California.

“Mayor Villaraigosa is the right person to advise Banc of California on our plans for responsible and meaningful growth. We are dedicated to improving the communities we serve. Mayor Villaraigosa generates ideas that come from decades of public service, combined with a passion for the community. Working together, we are charting a course to build the top community bank in California. We know that banking can be done differently, and with Mayor Villaraigosa’s help, we will continue to build lasting and meaningful relationships with our customers and communities across California and the West,” said Sugarman.

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