Irvine Bank Hires ex-L.A. Mayor
Originally published in the Orange County Register, Richard Clough
July 18, 2013, 06:15 AM
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.
The company, which changed its name this week from First PacTrust Bancorp Inc., has expanded dramatically over the past few years and has more than a dozen branches primarily in Orange, Los Angeles and San Diego counties.Through a combination of organic and acquisitive growth, it has grown its assets from $800 million in 2010 to $3.2 billion today. Over that same period, the company has expanded its employee count tenfold, to more than 1,000. Last month, Banc of California raised more than $80 million through stock offerings to support future growth.
