News Column

Banc of California Announces Investment in Pan American Bank

July 23, 2014

Investment ensures the sustainability of the oldest Latino-led bank in the Western United States

IRVINE, Calif.--(BUSINESS WIRE)-- Banc of California, Inc. (NYSE: BANC) teamed with a coalition of Southern California banks to lead the recapitalization of Los Angeles-based Pan American Bank. The transaction was arranged by John Eggemeyer along with Tim Chrisman and Robb Evans, both former members of the Board of Directors of Banc of California. This capital infusion will serve to recapitalize Pan American and support the sustainability of the oldest Latino-led bank in the Western United States.

“We are thrilled to be able to lend a helping hand to Pan American in their search for capital,” said Gary Dunn, Senior Vice President and Community Development Officer for Banc of California. “Pan American’s rich history of serving the needs of the Latino community and vision for supporting the under-represented and under-served consumers is a vision that we share at Banc of California and are proud to support.”

Upon completion of the investment from Banc of California and other partners, Pan American Bank’s capital ratios will stand well in excess of regulatory minimums. Majority ownership of Pan American Bank, a Community Development Financial Institution (CDFI), will remain minority-owned.

“We are excited to be able to provide the capital to support Pan American Bank’s business plan,” said Steven Sugarman, President and Chief Executive Officer of Banc of California. “Pan American Bank has served as a pillar of the Latino community for many years and today’s investment ensures that legacy will continue for many years to come.”

About Banc of California, Inc.

Since 1941, Banc of California, Inc. (NYSE: BANC) through its banking subsidiary Banc of California, National Association, has provided banking services and loans to private businesses, entrepreneurs and homeowners in California and the West. Today, Banc of California, Inc. has over $4 billion in consolidated assets and more than 80 banking locations.

About Pan American Bank

Pan American Bank was established in 1964 by Romana Acosta BaÑuelos, the first Latina United States Treasurer. Pan American Bank opened its doors with the mission of serving the under-represented and under-served consumers and small businesses of East Los Angeles. For a half-century, Pan American Bank has met its mission of transforming and empowering the community.

Investor Relations Inquiries:

Banc of California, Inc.

Timothy Sedabres, 855-361-2262


Media Inquiries:

Vectis Strategies

David Herbst, 213-973-4113 x101

Source: Banc of California, Inc.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Business Wire

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters