Banc of California Company Overview and Financials

Banc of California is a community bank that provides a wide range of financial services to businesses, entrepreneurs, and individuals in California. Founded in 1941, the bank has a rich history of serving the state's diverse communities.

With over 70 years of experience, Banc of California has established a strong presence in California, with branches and offices throughout the state. The bank's focus on community banking allows it to offer personalized service and tailored financial solutions to its customers.

Banc of California's financials are robust, with total assets of over $13 billion and a net income of over $100 million in recent years. This financial stability allows the bank to continue investing in its customers and communities.

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Banc of California is a community-focused bank that has been serving Southern California for over 70 years. It was founded in 1941 by a group of local business leaders who wanted to provide banking services to the community.

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The bank has a long history of innovation, having introduced the first credit card in the 1950s. This was a game-changer for consumers, allowing them to make purchases without carrying cash.

Banc of California has a strong commitment to community development, with a focus on supporting small businesses and non-profit organizations. It has invested millions of dollars in local economic development initiatives.

The bank has a diverse range of products and services, including business banking, commercial lending, and wealth management. It also offers a range of digital banking tools, making it easy for customers to manage their finances on the go.

Banc of California has a strong presence in Southern California, with over 70 branches and a large network of ATMs. It is a trusted partner for businesses and individuals alike, known for its exceptional customer service and community involvement.

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Banc of California has a strong financial foundation, with a market capitalization of over $2 billion. This significant market value reflects the company's stability and growth potential.

The bank's financial performance is impressive, with net income increasing by 15% in 2020 compared to the previous year. This growth is a testament to the company's effective management and strategic planning.

Banc of California's financials are also supported by a robust balance sheet, with total assets exceeding $14 billion. This substantial asset base provides a solid foundation for the company's future growth and expansion.

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When it comes to credit limits, some issuers are more transparent than others. Banc of California doesn't disclose starting credit limits, so you won't know your limit until after approval.

Applicants with high income and excellent credit tend to get higher credit limits. This is likely because they're viewed as lower-risk borrowers.

If you're approved for a Banc of California credit card, you'll find out your credit limit at that time.

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As we dig into the financials of Banc of California, Inc., let's take a closer look at their sales by activity. In 2022, the company's commercial banking sales reached $1.21 billion.

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Their sales in this area saw a significant drop in 2023, reaching only $247 million. This could be a sign of a shift in the company's focus or a response to changes in the market.

One area where the company saw growth was in relationship-based banking products, services, and solutions. In 2021, these sales reached $1.46 billion, up from $822 million in 2020.

However, it's worth noting that these sales figures are not available for 2022 and 2023. It's possible that the company's focus has shifted away from this area, or that they're not reporting this data publicly.

The company's civic sales also saw growth in 2022, reaching $130 million. However, like the relationship-based banking sales, these figures are not available for 2023.

Here's a breakdown of the sales by activity for Banc of California, Inc.:

Banc of California is unloading $2 billion in residential real estate loans it acquired after merging with Pacific Western Bank last year. These loans were originally made by Civic Financial Services, which PacWest sold off before retaining the loans.

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The loans are known as debt-service coverage loans, which are given to investor owners who rent out properties. They're underwritten based on expected rental revenue rather than bank statements or personal income.

Morgan Stanley is handling the sale of these loans. Bids for the loans were due on June 28.

Banc of California acquired PacWest in a rescue deal after fears of bank failures led to a run on deposits at regional lenders. The deal closed in November.

The bank may look to sell larger parts of the portfolio in the coming quarter as part of its push to boost profits.

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Banc of California has a strong governance structure in place. The company is led by a Board of Directors that oversees the overall direction and strategy of the bank. The Board is comprised of experienced professionals with a deep understanding of the financial industry.

The Board is responsible for making key decisions, such as appointing executive officers and approving major business initiatives. This ensures that the bank is being managed effectively and efficiently.

Let's take a closer look at the management team of Banc of California, Inc. Jared Wolff has been the CEO since March 17, 2019, and is 55 years old.

The Director of Finance/CFO is Joseph Kauder, who took on the role on July 9, 2023, and is 57 years old.

Here's a brief overview of the management team:

Ido Dotan is the Chief Administrative Officer, and has been in the role since December 31, 2022, at the age of 45.

The Board Members play a crucial role in the governance of Banc of California, Inc.

Rich Lashley has been a Director/Board Member since 2017. He's 66 years old and has been part of the board for over five years.

Mary Curran is another long-standing Director/Board Member, joining the board in 2017. She's 68 years old and has been serving on the board since June 2017.

There are multiple Chairmen on the board, including Jared Wolff and John Eggemeyer. Jared Wolff has been the Chairman since May 2023, while John Eggemeyer took over as Chairman in November 2023.

Here's a list of the current Board Members, including their age and the year they joined the board:

Banc of California is committed to giving back to the community. The bank has a long history of supporting local organizations, with a focus on education and financial literacy.

One notable example is the bank's partnership with the Los Angeles Unified School District to provide financial education to students. This program has helped thousands of students develop essential skills for managing their finances.

Banc of California also supports local arts and culture initiatives, such as the Los Angeles Philharmonic and the Museum of Contemporary Art. These partnerships not only enrich the community but also provide a unique opportunity for employees to get involved and give back.

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Banc of California, Inc. has a significant presence in the United States, with sales totaling $1.14B in 2019.

The company's sales have fluctuated over the years, with a notable dip to $822M in 2020.

However, sales rebounded in 2021, reaching $1.46B, a significant increase from the previous year.

In 2022, sales decreased to $1.34B, but this is still a substantial amount.

Here is a breakdown of Banc of California, Inc.'s sales in the United States from 2019 to 2023:

Banc of California has been the official bank of the USC Trojans since 2014.

The bank's partnership with the University of Southern California's athletic program has been a long-standing one, with the bank providing financial support to the team.

In 2016, Banc of California announced a partnership with Los Angeles FC, a Major League Soccer franchise, and a 15-year, $100 million deal for the naming rights to their stadium.

The deal, which was seen as a significant investment for a bank of Banc of California's size, included a $20 million payment for early termination in 2020.

Banc of California remains LAFC's primary banking partner and continues to collaborate with the franchise on various initiatives.

Banc of California has a WalletHub rating that's updated regularly. The rating was last updated on 11/13/2024.

The rating is based on reviews from both WalletHub users and ratings on other reputable websites. 25 reviews from various sources helped shape this rating.

Banc of California's overall rating is informed by these reviews.