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
“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
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
Investor Relations Inquiries:
Banc of California, Inc.
David Herbst, 213-973-4113 x101
Source: Banc of California, Inc.