California

Zurich Insurance Group agreed to buy a Wells Fargo crop-insurance business for as much as $1.05 billion as the Swiss company puts to work excess cash left over from a separate takeover bid that it abandoned this year.

The $350 million-asset Pacific Commerce said in a press release Thursday that it will pay $10.50 a share in cash and stock for the $211 million-asset ProAmerica.

Hanmi Financial in Los Angeles has withdrawn its proposal to merge with BBCN Bancorp. Hanmi said in a press release Thursday that its decision follows BBCN's agreement to buy Wilshire Bancorp.

Opus Bank in Irvine, Calif., has created a formal division for lending to municipal governments and has promoted executive Debbie McLeod to lead the venture.

California regulators on Monday identified 14 companies that the state is targeting as part of its recently announced inquiry into the marketplace lending industry.

The first state inquiry into marketplace lending is seeking information from a broad mix of companies, including consumer lenders, small-business lenders, and firms that are not primarily in the lending business.

California officials have opened a broad inquiry into the marketplace lending business, seeking data from industry participants that will be used to assess the effectiveness of the state's current regulatory regime.

The $1.1 billion-asset company said in a press release Thursday that Thomas Vertin will also become its president on Jan. 1.

First Republic Bank in San Francisco has promoted Jason Bender to chief operating officer.

An activist investor has called on the lead director of Banc of California in Irvine to disclose details about Chairman and Chief Executive Steven Sugarman's involvement in an investment fund that violated securities laws.