IRVINE, Calif.--(EON: Enhanced Online News)--Banc of California, Inc. (the “Company”) (NASDAQ: BANC) today announced the launch of the Banc of California Foundation (the “Foundation”). The Foundation will focus its resources on community and economic development activities that further Banc of California’s Community Reinvestment Act objectives in the communities it serves.
Steven Sugarman, Chief Executive Officer of the Company and a member of the Company’s Community Reinvestment Act Committee and Chairman of the Foundation’s Board of Directors, stated “We’re doing this because we listened to the community and our charitable partners, and learned that there was a real need for a focused, committed plan to do more to help young people who are falling through the cracks. To us, it’s all about making a real, measurable difference. We needed a central plan with enough strength to be committed for the long-term, so we can be more effective. The Banc of California Foundation will enable us to create long-term relationships with our charitable partners and strengthen the communities we serve. Banc of California’s management and employees are personally committed to matching the financial commitments of the Foundation with the commitment of their own time, energy and expertise to these and other deserving charities.”
The Foundation announced strategic relationships with several impactful charitable organizations in Southern California including:
- Los Angeles Team Mentoring (LATM). LATM provides mentoring to at-risk middle school students throughout Los Angeles. The Foundation has committed to sponsoring LATM’s TeamWorks University day on November 16, 2013, including the participation of over 50 employees of the Company. TeamWorks University focuses on financial literacy and college planning for 800 low-income middle-school age children. LATM is the largest provider of after-school mentoring services to middle school youth in the Los Angeles area, helping more than 1,500 middle school children to work up and out of their difficult situations and build a better future for themselves.
- LA Conservation Corps (LACC). LACC provides job training, education and work training to at-risk youth throughout Los Angeles. Banc of California has sponsored LACC for the past two years, and this year the Foundation will become the lead community sponsor by providing additional financial support and the contribution of employee time, energy and expertise.
- Foster Care Counts (FCC) and the Fullerton Excellence in Education Foundation (FEEF). FCC and FEEF each seek to help low income students with financial support for their educational needs and financial literacy so that they have meaningful opportunities to achieve in life. The Foundation will continue Banc of California’s relationship with these deserving organizations through lead sponsorships of their programs.
Former Los Angeles Mayor Antonio Villaraigosa, Senior Advisor to the Company, added “I am proud of the steps that Banc of California has taken today. It’s one thing to say you care. It’s another to demonstrate it, especially with your personal time, energy, and resources. I have been honored to help this bank connect with and lift up those who most need our help. What I love about Banc of California is that our 1,300 employees understand that service to our communities is as essential as service to our customers.”
Eric Holoman, Chairman of the Company’s Community Reinvestment Act Committee and a member of the Foundation’s Board of Directors, stated “The Banc of California Foundation is a crucial piece of our CRA objectives. It allows us to not just do more – but also do better, more efficient work with the partners we’ve worked with for years. They do amazing work, and we want to support and walk alongside them for the long-term. These initial commitments are significant, because they need to be. They build a strong foundation for the hard and important work that will follow.”
About Banc of California, Inc.
Since 1941, Banc of California, Inc. (NASDAQ:BANC) through its banking subsidiary Banc of California, N.A., has provided banking services and home loans to businesses and families in California and the West. Today, Banc of California, Inc. has over $3.4 billion in consolidated assets and more than 60 banking locations.
This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.