Banc of California has completed its acquisition of the Southern California branch network of Popular Community Bank.
Banc of California, based in Irvine, agreed to acquire 20 of Popular's branches in April, but the California Reinvestment Coalition a group that advocates for better financial services for minorities and the poor had protested the deal until a détente in early September.
The coalition argued that Banc of California, as a commercial lender, had little experience with community banking. The bank agreed to take several steps, including the creation of an account for low-income customers and a pledge to put 20% of its deposits towards loans, investments or donations in low-income communities.
The bank hired former Los Angeles Mayor Antonio Villaraigosa as a senior adviser to smooth out potential political problems related to the acquisition.
Banc of California gains an additional $1.1 billion in loans and $1.1 billion in deposits from the acquisition. Its total assets now exceed $5.5 billion.