-
Banc of California (BANC) in Irvine has hired a group of bankers to lead its new correspondent lending group.
August 8 -
Pacific Trust Bank in Los Angeles has exercised its option to buy CS Financial in Beverly Hills, the bank said in a regulatory filing. Jeffrey Seabold, the managing director of Pacific Trust's residential lending division, is a majority owner of CS.
August 2 -
Banc of California (BANC) earned $4.4 million, or 36 cents a share, in the second quarter, compared with a $739,000 loss a year earlier. The results topped the expectations of analysts polled by Bloomberg by 13 cents.
August 7 -
The former First PacTrust has hired ex-L.A. Mayor Antonio Villaraigosa as a senior advisor and made Magic Johnson Enterprises executive Eric Holoman a director and head of its new community reinvestment panel.
July 25
Banc of California (BANC) in Irvine has acquired the investment advisory firm Palisades, also of Irvine.
The $2.5 billion-asset Banc of California announced the closing of the deal Monday. Palisades, founded in 2012, specializes in advising clients on the acquisition, management and disposition of residential mortgage loans. It manages over $1.7 billion in assets. The terms of the deal were not disclosed.
"The entire Palisades team is excited to join Banc of California," Palisades Chief Executive Stephen Kirch said in a press release. "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."
The Palisades acquisition will further expand Banc of California's rapidly growing residential lending business. In August, Banc of California
