Banc of California (BANC), formerly First PacTrust Bancorp, has recruited two Los Angeles VIPs — a former mayor, and a high-profile businessman — as part of its community development push.

Former L.A. Mayor Antonio Villaraigosa has been named senior advisor to Chief Executive Stephen Sugarman, the $3.2 billion-asset company said last week. He will help the company develop a strategy for encouraging homeownership, financing small business and investing in local communities, the company said.

Villaraigosa, a Democrat, was mayor from 2005 through 2013 and could not run again because of the city's term limits. He was the national co-chair of Hillary Clinton's 2008 presidential campaign. From 1994 through 2000, he was a member of the California State Assembly, serving as speaker from 1998 through 2000.

"One of [Villaraigosa's] top priorities will be the development of a new model for meeting the banking needs of California's businesses and families," Sugarman said. "The Mayor's role will be to help the bank expand its innovative and flexible banking and lending products so that it can achieve its vision of becoming California's top community bank."

Then on Monday, Banc of California named Eric Holoman, the president of Magic Johnson Enterprises, as a director. He also was appointed as head of the board's new Community Reinvestment Act Committee.

Holoman manages Magic Johnson Enterprises' investment funds, including the Yucaipa Johnson Corporate Initiatives Fund, a private-equity fund focused on urban markets, and the Canyon-Johnson Urban Fund, a real estate fund dedicated to the development of urban properties in underserved neighborhoods. He also manages the Magic Johnson partnership with Guggenheim Capital, which invests in sports, entertainment, energy and other projects.

Holoman was head of Wells Fargo's (WFC) private mortgage bank in Los Angeles and also worked in private banking at Bank of America (BAC), Banc of California said. He was also a director of the Los Angeles branch of the Federal Reserve Bank of San Francisco.

"We'll certainly benefit from Eric's extensive experience in banking, particularly in providing financial services to both small- to middle-market businesses and high-net-worth families," Sugarman said.

Banc of California's name change from First PacTrust took effect last week. The names of its subsidiaries, Pacific Trust Bank and the Private Bank of California, stayed the same.

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