Banc of California Announces Community Benefit Goals
IRVINE, Calif.--(BUSINESS WIRE)--Banc of California, N.A., the banking subsidiary of Banc of California, Inc. (NYSE: BANC), today announced its Community Benefit Goals which demonstrate the positive benefits that the closing of the pending Popular Community Bank branch acquisition will have for the communities it serves.
“This announcement is a win for our shareholders and the communities we serve. We hope that other banks will follow our lead in reaching out to underserved communities and meeting their financial needs.”
The announced goals received strong support from the California Reinvestment Coalition, a coalition of over 300 community organizations, who applauded Banc of California for setting “a new standard for banks around the country… [which] will serve as a call to other banks to make similar commitments to community development and investments that will serve low to moderate income and underserved communities."
A full listing of Banc of California’s goals is available at: https://www.bancofcal.com/about-us/community-development
“I am proud to have helped develop these community development goals which have earned the strong, public support of the California Reinvestment Coalition. Today’s announcement marks a meaningful step forward in meeting the banking needs of Southern California’s Latino community as well as other historically underserved communities,” said former Los Angeles Mayor Antonio Villaraigosa, who advised Banc of California’s CEO and Board of Directors with respect to the development of the goals.
“I would like to thank Mayor Villaraigosa for his wise counsel throughout this process,” said Steven Sugarman, President and Chief Executive Officer of Banc of California. “This announcement is a win for our shareholders and the communities we serve. We hope that other banks will follow our lead in reaching out to underserved communities and meeting their financial needs.”
Banc of California is also proud to have received letters voicing public support from 60 organizations located in Southern California for its pending acquisition of branch locations from Popular Community Bank.
This record level of support has come from community groups as diverse as California, including:
- 2 Brothers Construction
- Affordable Housing Clearinghouse
- AME Church, La Puente
- AME Church, San Bernardino
- AmPac Tri-State CDC
- AOF/Pacific Affordable Housing Corporation
- Asian Journal Publications
- Bread of Life Rescue Mission
- Centro Latino for Literacy
- Chinese – American Institute for Empowerment
- Christ Our Redeemer African Methodist Episcopal Church
- Christian Community International Orange County
- Christian Tabernacle Ministries, Santa Ana
- Church One, Long Beach
- Clearinghouse CDFI
- Community Action Partnership of Orange County
- COR Community Development Corporation
- Cornerstone Church of San Diego
- Ecumenical Center for Black Church Studies
- Family Service Association
- Filipino American Real Estate Professional Association
- Fullerton Technology Foundation
- Greater Light Missionary Baptist Church, Santa Ana
- Greater Los Angeles Chapter of the Society of Hispanic Professional Engineers
- Habitat for Humanity of Orange County
- Island Pacific Supermarket
- Jesse Miranda Center for Hispanic Leadership
- Junior Achievement of Southern California
- Junior Achievement of Orange County
- JVS Los Angeles
- Kennedy Commission
- Kingdom Come Missionary Baptist Church
- Life of Faith Christian Community Center
- Living Faith Church, La Mirada
- Los Angeles Area Chamber of Commerce
- LA Conservation Corps
- Los Angeles Latino Chamber Of Commerce
- Los Angeles Team Mentoring
- Mary Erickson Community Housing
- Mary’s Shelter
- National Asian American Coalition
- National Association for the Advancement of Colored People (NAACP) Orange County
- National Hispanic Christian Leadership Conference
- Neighborhood Housing Services of Los Angeles County
- Neighborhood Partnership Housing Services
- NeighborWorks Orange County
- NetServe Systems, Inc.
- New Hope Presbyterian Church
- Oasis Center International
- Orange County Community Housing Corporation
- Orange County Interdenominational Alliance
- Orange County Interdenominational Ecumenical Council
- Primera Asamblea de Orange County
- Redeemer Missionary Baptist Church
- San Diego County Hispanic Chamber of Commerce
- Small Business Financial Development Corporation of Orange County
- Taller San Jose
- The Association of Financial Development Companies
- West Bay Filipino Multi-Service Center
“In my nearly 30 years of banking experience, I have yet to see anything that comes close to the level of support we have received from such a diverse set of community partners. This is due to Banc of California’s deep commitment to helping the communities we serve through our banking programs, employee activism and direct contributions,” said Gary Dunn, Banc of California’s Community Development Officer.
About Banc of California, Inc.
Since 1941, Banc of California, Inc. (NYSE:BANC) through its banking subsidiary Banc of California, National Association, has provided banking services and loans to businesses and families in California and the West. Today, Banc of California, Inc. has over $4 billion in consolidated assets and more than 80 banking locations.
This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.