Banc of California hires CEO with specialty lending, M&A experience
Banc of California will soon have a new CEO.
The $10 billion-asset company said in a press release Tuesday that Jared Wolff will also become its president, effective March 18. Wolff will also join Banc of California’s board.
Wolff will succeed Doug Bowers, who will stay at Banc of California until the end of April to assist with the transition.
Wolff previously served as general counsel at City National Bank, where he managed the bank’s legal and corporate administrative group. He once was president of PacWest Bancorp’s bank.
While at PacWest, Wolff handled acquisitions, including the $2.3 billion purchase of CapitalSource in 2013.
Wolff “is a proven financial services executive with the right experience to lead Banc of California,” Robert Sznewajs, Banc of California’s chairman, said in the release. “His understanding of California’s banking landscape makes him a perfect fit for us as we continue our efforts to build Banc of California into one of the state’s premier commercial banking franchises.”
“I am pleased with the progress the bank has made, including the creation and growth of a core commercial banking platform marked by an improved deposit franchise, high-quality assets and a disciplined credit culture,” Bowers said in the release. “In the following weeks, I am committed to ensuring a seamless transition for our employees, clients and shareholders.”
Bowers became Banc of California’s CEO in May 2017 after the resignation of Steven Sugarman. Bowers succeeded Hugh Boyle, who filled in as interim CEO after Sugerman's departure.
Bowers initially focused on addressing corporate governance concerns and rightsizing the company.
Banc of California in recent months has been dedicated resources to bring in low-cost deposits and commercial loans, while investing heavily in technology.