IRVINE, Calif.--(BUSINESS WIRE)--Banc of California, National Association (N.A), the wholly-owned banking subsidiary of Banc of California Inc. (NYSE: BANC), today announced it has received an “Outstanding” rating in its latest Community Reinvestment Act (CRA) performance evaluation from the Office of the Comptroller of the Currency (OCC). Under the CRA, banks are encouraged to help meet the needs of borrowers in all segments of their communities and the OCC’s evaluation focused on Banc of California’s community development lending, investment, and service record of meeting the credit needs of people living in low- and moderate-income areas.
“Our team has worked hard to demonstrate how banks can better partner with California’s many diverse communities,” said Steven Sugarman, President and Chief Executive Officer of Banc of California. “We are pleased with this rating and more importantly we are proud of the difference we have made in the lives of the people we serve through our various community partnerships.”
“In my 25 years of community development experience, I have never before witnessed a Board of Directors and senior management team with this level of commitment to community development. This institutional culture provides my team with the resources necessary to meaningfully impact communities throughout California and enhance thousands of lives,” said Gary Dunn, Executive Vice President and Community Development Officer of Banc of California.
"We are not surprised that Banc of California, which negotiated in good faith with community organizations to set the gold standard in CRA plans, would also receive the highest rating by federal regulators. This rating affirms that setting high, public CRA goals can be a win-win for all. We hope other banks will follow Banc of California's lead,” said Paulina Gonzalez, Executive Director of the California Reinvestment Coalition.
On October 23, 2015, the National Asian American Coalition recognized this achievement by awarding Mr. Sugarman with its National CRA Leadership Award at its Twelfth Annual Economic Development Conference in San Francisco.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) provides comprehensive banking services to California’s diverse private businesses, entrepreneurs and homeowners. Banc of California operates over 100 offices in California and the West.
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.