ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Banc of California Designates Los Angeles as Headquarters and Donates $1 Million to Expand Financing Options for Small Businesses

Announcements made in joint press conference with Los Angeles Mayor Karen Bass

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.

For photos of the event, please visit: https://www.dropbox.com/scl/fo/506trardx0oi6l6h3e00b/h?rlkey=8ysscid1jz5rjn4l6xahcg35e&dl=0

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.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.