Banc of California Completes MergerTuesday, October 15, 2013
Banc of California Inc. on Tuesday announced the completion of the merger of its two banking subsidiaries, Pacific Trust Bank and Private Bank of California, into a single national charter bank called Banc of California.
The Irvine bank holding company, formerly known as First PacTrust Bancorp Inc., had closed the acquisition of Century City's Private Bank of California in July. The deal expanded its presence in Los Angeles County, with the combined banks now having about $2.2 billion in total assets, 22 branches in Los Angeles, Orange, San Diego and Riverside counties and 23 loan production offices in California, Arizona, Oregon and Washington.
"Our new name and new brand positions us well to meet the sophisticated banking needs of California's most successful entrepreneurs, executives and business owners, as well as their families and employees," Chief Executive Steven Sugarman said in a statement.
Banc of California now trades under the ticker BANC on the Nasdaq.