The Change Company, America’s Community Development Financial Institution (CDFI), announced today it has acquired the woman-owned and operated real estate escrow services company Connect Escrow, Inc. (“Connect Escrow”).

Leanne Alva, Connect Escrow’s Chief Executive Officer, said, “We are excited to join The Change Company and become part of America’s CDFI. Connect Escrow is founded on principles of strong, sustainable, and inclusive relationships to ensure all Americans have an equal ability to buy and sell real estate. Our technology platform is highly scalable and enables us to serve clients in communities that for too long have been underserved by credible and reliable service providers. Our digital platform will accelerate Change’s ability to meet its mission to bank the unbanked, fairly and responsibly.”

Connect Escrow is a green company headquartered in Los Angeles and operating throughout California. Connect will continue to be managed by its existing team.

Banc of California, Inc. (NYSE: BANC) today announced it has signed an agreement for the sale of its wholly-owned subsidiary, The Palisades Group, LLC ("Palisades") to Palisades Holdings I, LLC, an entity owned by current members of the Palisades management team. Palisades Holdings I, LLC is owned by Stephen Kirch and Jack Macdowell, who currently serve as Palisades' Chief Executive Officer and Chief Investment Officer, respectively.

"We are excited to announce this transaction for the sale of Palisades to its management team," said Steven Sugarman, Chairman and Chief Executive Officer of Banc of California. "Palisades has been a great asset for Banc of California since our acquisition of the business and has created significant value for our shareholders. The sale of Palisades aligns with our goal to focus on commercial banking activities and to grow incremental spread and recurring fee-based revenues. This transaction will enhance the overall efficiency of our organization, enable us to participate in the future success of Palisades through a long-term earn-out, and sharpen management's focus on the tremendous opportunities we are seeing in our commercial banking division."

Banc of California, Inc. (NYSE: BANC) today announced the Company’s wholly owned banking subsidiary, Banc of California, N.A., completed its acquisition of select assets and assumption of certain liabilities of the California branch network of Popular Community Bank, the U.S. banking subsidiary of Popular, Inc. (NASDAQ: BPOP) on November 8, 2014.

The acquisition included twenty branch locations and approximately $1.1 billion in loans and $1.1 billion in deposit balances. The Company’s total assets upon completion of the transaction exceed $5.5 billion.

“We are excited to welcome our newest customers from Popular Community Bank to Banc of California,” said Steven Sugarman, President and Chief Executive Officer. “Our robust California footprint, which now includes 38 branches and over 80 banking locations, places us in a strong position to serve the needs of California’s diverse private businesses, entrepreneurs and homeowners.”

After buying two L.A. banks in the past 18 months, Steven Sugarman figured his Banc of California Inc. in Irvine was about done consolidating and ready to focus on organic growth.

After a flurry of bank mergers and acquisitions through the industry, Sugarman, Banc of California’s chief executive, said prices for banks had risen to a point where further deals weren’t as attractive.

But earlier this year, when he heard Puerto Rican bank holding company Popular was interested in selling its Southern California operations, Sugarman saw a bargain.

“If you would have asked two or three months ago, looking at the valuations of most bank transactions today, I would have looked at further M&A a little more skeptically,” he said. “I wouldn’t have believed there would be the opportunity to acquire $1.1 billion in deposits and a $1.1 billion loan portfolio for $5.4 million.”

Irvine-based Banc of California said Wednesday it will acquire Popular Community Bank’s branch network in California, creating the largest Orange County-based bank.

This latest in a string of acquisitions since a 2010 recapitalization accelerates Banc of California’s growth, deepening its presence in Los Angeles and Orange counties. When the deal closes in the fourth quarter, Banc of California expects to have more than $5 billion in assets, over 100 locations and 38 branches serving private businesses, entrepreneurs and homeowners throughout California.

“We’re one of the few community banks that can offer to finance someone’s business and their home,” Banc of California President and CEO Steven Sugarman said.

The deal with Popular Inc. – parent of Banco Popular in Puerto Rico – adds 20 retail branches (split between Los Angeles and Orange counties), $1.1 billion in deposits, $1.1 billion in performing loans and other assets, real estate and liabilities.

Banc of California Inc. (NASDAQ: BANC) today announced that its wholly owned subsidiary, Banc of California N.A. (“Banc of California”), has entered into an agreement to acquire select assets and assume certain liabilities comprising the California branch network of Popular Community Bank. The transaction accelerates the Company’s growth strategy and deepens its presence in the important Los Angeles and Orange County markets. The acquisition will bring 20 retail branches, $1.1 billion in deposits, $1.1 billion in performing loans, more than 60,000 account holders and certain other assets, real estate and liabilities to Banc of California.

Banc of California will pay approximately $5.4 million for the deposits assumed and loans acquired. This equates to an effective deposit premium of 0.5% as of March 31, 2014. The transaction includes a loss share provision that provides indemnification of up to 1.5% of credit losses on loans acquired in the transaction during the two-year period following the close of the transaction.

The acquisition will expand Banc of California’s branch network to include Popular Community Bank’s branches in Downtown Los Angeles, Whittier, Hacienda Heights, La Mirada, Commerce, Rowland Heights, Paramount, Wilmington, Montebello, Downey, and Santa Fe Springs, all located in Los Angeles County. Banc of California will also enter the Orange County communities of La Habra, Brea, Fullerton, Anaheim, Placentia, and Garden Grove.

Banc of California in Irvine is acquiring Popular Community Bank’s 20 Southern California offices, part of a deal in which Popular Inc., Puerto Rico’s largest bank, is shedding 41 mainland U.S. branches.

The companies said Wednesday that Banc of California would pay $5.4 million for the local franchise, more than doubling its current network of 18 branches.

The deal includes $1.1 billion in deposits and $1.1 billion in loans from eastern and southern Los Angeles County and northern Orange County. Layoffs are expected to be minimal because the branch networks don’t overlap, said Banc of California Chief Executive Steven Sugarman.

Banc of California is one of several large community banks that are rapidly expanding in the Southland with a focus on small businesses, but with a twist -- the deal will make it a presence in areas with large Latino communities where Popular operated.

The Irvine bank announced in July that it had hired former Los Angeles Mayor Antonio Villaraigosa as an advisor, in part because of his influence in the Latino community.

Banc of California, Inc. (NASDAQ:BANC) today announced that its wholly-owned registered investment advisor subsidiary, The Palisades Group, LLC (“Palisades”), has entered into an agreement with certain entities owned by private investment funds and accounts managed by Oaktree Capital Management, L.P. (such entities, ”Oaktree”), a global investment management firm with $83.6 billion in assets as of December 31, 2013. The agreement calls for Palisades to serve as the credit manager of pools of single family residential loans held in more than thirty individual securitization trusts beneficially owned by Oaktree, which represent over $3.2 billion of unpaid principal balance as of March 2014.

Stephen Kirch, Chief Executive Officer of Palisades, stated: “We are pleased to announce this important partnership and we look forward to a long-lasting relationship with the Oaktree team. With this agreement, the Palisades credit management and advisory business will oversee more than $5.2 billion in principal balance and 25,000 individual mortgage-related assets.”

“We are excited to partner with The Palisades Group and have Oaktree’s seasoned mortgage loan portfolio benefit from their team’s expertise in the residential mortgage credit sector,” said John Brady, global head of real estate for Oaktree.

Banc of California, Inc. (NASDAQ: BANC) announced today that CS Financial, Inc., a subsidiary of Banc of California, National Association, recently completed the acquisition of certain assets, including service contracts and intellectual property, of RenovationReady®, an established provider of specialized loan services to financial institutions and mortgage bankers that originate agency eligible residential renovation and construction loan products.

Jim Fraser, the newly-appointed Senior Vice President and Director of Construction and Renovation Lending at Banc of California, stated: “Joining forces with Banc of California expands our business model and simultaneously opens synergies, both by product and by channel, with Banc of California’s residential lending operations. There’s a growing opportunity in the US home improvement and new home construction markets and we’ll be well positioned to grow profitable market share by working with Banc of California’s leadership team and mortgage professionals.”

Jeffrey Seabold, Chief Lending Officer at Banc of California, added: “RenovationReady® has been the leading, independent construction administration fulfillment provider for agency-backed renovation loans, such as FHA’s 203k program. The unique value proposition offered through RenovationReady® has attracted over 30 premier banks, credit unions, mortgage bankers and warehouse lenders across the US as its clients. They have seen rapid growth in key performance metrics and currently manage over ~$100 million in FHA & FNMA renovation transactions, with more than 80% of this volume coming from purchase transactions.”

The Banc of California, Inc. (NASDAQ: BANC) announced today that the Company completed its previously announced acquisition of The Palisades Group, LLC (“Palisades”). Palisades is a registered investment adviser that provides financial advisory and asset management services with respect to residential mortgage loans.

Stephen Kirch, Chief Executive Officer of Palisades, stated, “The entire Palisades team is excited to join Banc of California. We could not think of a better partner to complement our business goals and strategic objectives. Palisades will benefit from Banc of California’s considerable resources and strong team, and we look forward to continuing to add value to the Company’s residential lending business. This transaction will enable us to continue to fulfill our objective to become the independent platform of choice to advise clients on the acquisition, management and disposition of residential mortgage whole loans.”

Jack Macdowell, Chief Investment Officer of Palisades, added, “Since founding Palisades with Steve Kirch a little more than a year ago, we have grown our assets under management to over $1.7 billion by attracting a client base that includes some of the most well-respected global investment firms seeking the expertise that Palisades provides on the acquisition, disposition and management of residential mortgage loans, including non-performing, re-performing and seasoned mortgages. During 2013 alone, we have advised on the acquisition or disposition of twelve mortgage portfolios representing almost $2.25 billion in unpaid principal balance.”

Deal Overview

Buyer: Banc of California, Inc.

Actual Acquirer: Banc of California, Inc.

Target: Palisades Group, LLC

Seller: Palisades Group, LLC

Deal Type: Securities & Investments Company

Agreement Date: 11/30/2012

Announcement Date: 12/3/2012

Announced Deal Value ($ M): 0.05

Announced Deal Value Per Share ($ ) NA

Status: Completed

Completion Date: 9/10/2013

The Irvine-based parent of Pacific Trust Bank announced Wednesday that it has hired former Los Angeles Mayor Antonio Villaraigosa as a strategic adviser.In the part-time role, Villaraigosa, who left office less than three weeks ago, will consult with Banc of California Inc. Chief Executive Steven Sugarman about ways the community banking institution can expand its efforts to finance small businesses and support homeownership across the region.“It’s about more than lending money,” Villaraigosa said in a statement about his new gig.

“It’s about extending a hand and improving lives and creating good jobs.”The partnership between Banc of California and the ex-mayor began in earnest several months ago when bank representatives met with Villaraigosa at a conference to discuss the state of community banking in Southern California. Sugarman said the board decided to approach Villaraigosa several weeks ago about the advisory role.

Former Los Angeles Mayor Antonio Villaraigosa is making his first foray into the private sector, taking a post as a strategic advisor at the Banc of California — an aggressively expanding community bank led by specialists in high finance.

Villaraigosa’s part-time position advising the bank’s chief executive, Steven Sugarman, as well as its board, will allow him to continue pursuing speaking engagements, an affiliation with a university or think tank, and a potential run for governor when Gov. Jerry Brown steps aside.

The former mayor declined to reveal his salary or how his compensation would be structured. He said his role is still being defined, and that it would not be “a day-to-day proposition.” But bank officials hope he will help shape their strategy for expanding their home and small business loan portfolios. Villaraigosa said the job fit well with his desire to help state residents achieve “the California dream” and his goal of improving financial literacy in a city and state “where there are so many people who don’t bank.”

First PacTrust Bancorp, Inc. (Nasdaq: BANC) (“First PacTrust”), the multi-bank holding company for Pacific Trust Bank and Beach Business Bank (“Beach”), today announced that First PacTrust has completed the acquisition of The Private Bank of California. The acquisition was accomplished by merging The Private Bank of California into Beach. Upon closing of the transaction, Beach was renamed “The Private Bank of California.”

Steven Sugarman, Chief Executive Officer of First PacTrust, stated, “We are thrilled to welcome The Private Bank of California and its talented employees to our organization. The closing of this transaction is an important step for First PacTrust, which now exceeds $3 billion in consolidated assets. First PacTrust is increasingly well positioned to serve the banking needs of the most attractive depositors in the most desirable markets of Los Angeles, Orange and San Diego counties.”\

FIG Partners, LLC acted as financial adviser to First PacTrust and Wachtell, Lipton, Rosen & Katz served as legal counsel for this transaction. Milestone Advisors acted as financial adviser to The Private Bank of California and King, Holmes, Paterno & Berliner, LLP served as its legal counsel.

Deal Overview

Buyer: First PacTrust Bancorp, Inc.

Actual Acquirer: Beach Business Bank

Target: Private Bank of California

Deal Type: Bank & Thrift Company

Agreement Date: 8/21/2012

Announcement Date: 8/22/2012

Announced Deal Value ($ M): 51.95

Status: Completed

Completion Date: 7/1/2013

Announced Deal Value Per Share ($ ): 12.95

Deal Overview

Buyer: Banc of California, Inc.

Target: RenovationReady® LLC

Deal Type: Specialty Finance Company

Agreement Date: 1/31/2014

Announcement Date: 1/31/2014

Announced Deal Value ($ M): 3.00

Status: Completed

Completion Date: 1/31/2014

Century City’s Private Bank of California on Wednesday said that it has agreed to be acquired by First Pactrust Bancorp Inc., the Irvine holding company for PacTrust Bank and the South Bay’s Beach Business Bank. The stock deal is valued at about $50 million.

The definitive agreement approved by the boards of both companies calls for Private Bank of California to merge into Beach Business Bank, with the merged banks will be branded Private Bank of California. First PacTrust closed its $39 million acquisition of Manhattan Beach-based Beach Business Bank in June.

The transaction further extends First PacTrust’s presence in the county to the city of Los Angeles, Hollywood and Century City. After the deal closes, the company expects to have about $2.2 billion in total assets, with 22 branches in Los Angeles, Orange, San Diego and Riverside counties and 23 loan production offices in California, Arizona, Oregon and Washington.

Private Bank shareholders will receive about 2.08 million shares of First PacTrust common stock having a value of about $25 million. That values Private Bank’s stock at about $13 a share, a 27 percent premium to the closing price on Tuesday.

First PacTrust Bancorp (NASDAQ: BANC) (“First PacTrust”), the holding company for PacTrust Bank and Beach Business Bank, and The Private Bank of California (OTCBB: PBCA) today jointly announced that they have entered into a definitive agreement pursuant to which The Private Bank of California will merge into Beach Business Bank, a wholly owned subsidiary of First PacTrust (the “Transaction”). Following the closing of the Transaction, Beach Business Bank will be renamed “The Private Bank of California.”

The Transaction is initially valued at approximately $50 million, or approximately $13.00 per diluted share. This represents a twenty-seven percent premium to the most recent closing stock price for The Private Bank of California. As part of the Transaction consideration, shareholders of The Private Bank of California will receive, in aggregate, 2,083,333 shares of First PacTrust common stock having a value of approximately $25 million (at $12.00 per share). The boards of directors of First PacTrust, Beach Business Bank and The Private Bank of California have each unanimously approved the Transaction, which is expected to close during the second quarter of 2013.

First PacTrust expects to maintain strong capital ratios following the acquisition, including a Tier 1 Capital Ratio to exceed thirteen percent on a fully consolidated, pro forma basis.

“The acquisition of The Private Bank of California represents a significant milestone in our stated strategy of becoming Southern California’s bank of choice for small- to mid-sized businesses, entrepreneurs and high net worth individuals throughout Southern California,” said Greg Mitchell, CEO of First PacTrust. “We are bringing together two highly complementary organizations that will enable First PacTrust to expand its Southern California footprint in attractive markets such as Los Angeles, Hollywood, Century City and Irvine.”

First PacTrust Bancorp, Inc. (Nasdaq: BANC) (“First PacTrust”), the multi-bank holding company for PacTrust Bank and Beach Business Bank, announced today the closing of its acquisition of Gateway Business Bank (“Gateway”). Total consideration for the acquisition was $15.5 million, or approximately 60% of Gateway’s tangible common equity as of June 30, 2012.

Immediately following the closing, Gateway was merged into PacTrust Bank, a subsidiary of First PacTrust, and each of its branches opened today as branches of PacTrust Bank. As a result of the merger, Mission Hills Mortgage Bankers (a division of Gateway), including its 22 loan production offices in California, Arizona, Oregon and Washington, became a division of PacTrust Bank. “We are excited about completing the merger of Gateway and PacTrust Bank and welcome our new customers to our strong and growing bank,” said Gregory Mitchell, CEO of PacTrust Bank.

Deal Overview

Buyer: First PacTrust Bancorp, Inc.

Actual Acquirer: First PacTrust Bancorp, Inc.

Target: Gateway Bancorp

Deal Type: Bank & Thrift Company

Agreement Date: 6/3/2011

Announcement Date: 6/6/2011

Announced Deal Value ($ M): 15.50

Status: Completed

Completion Date: 8/17/2012

Announced Deal Value Per Share ($ ): NA