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Banc of California has announced extensive community reinvestment goals as part of its planned purchase of 20 Banco Popular branches in Southern California. The agreement, which appeased a community group that had opposed the sale, shows how much power such organizations wield when it comes to M&A.
September 5 -
How Popular's decision to sell operations in California, Illinois and central Florida fit into the plans of three community banks looking to grow.
April 23 -
Banc of California suffered from growing pains -- and a big third-quarter loss -- due to rapid expansion. CEO Steven Sugarman must prove to investors in 2014 that his efforts are leading to a stronger company.
December 26
As Banc of California ramped up its operations in Southern California, management decided it needed to do the same for the company's financial literacy program.
The $4.4 billion-asset company will host a financial literacy event in November for more than 5,000 children in Southern California and feature former President Bill Clinton as the keynote speaker. The company is touting the program as "the world's largest financial literacy education event."
The day will feature "real role model" speakers, including Clinton and Los Angeles Mayor Antonio Villaraigosa, in addition to entertainment such as a performance by the University of Southern California marching band, said Steven Sugarman, Banc of California's president and chief executive.
"As we grow, we need to see our efforts in these communities grow," Sugarman said in an interview. "We need to meet the needs of all of the communities we serve."
Banc of California, which has
The "investment we are making in these communities and the focus we have on financial literacy is tied," Sugarman said. As the bank grows, it is also expanding its financial literacy programs through recently announced partnerships with the University of Southern California and San Diego State University.
The decision to host the event is unrelated to an advocacy group's recent opposition to the Popular branch deal, Sugarman said, adding that the event's planning had been under way for months.
The California Reinvestment Coalition initially
The company is recruiting students for the financial literacy event through its partnerships with community groups, nonprofits and religious organizations, Sugarman said. Participants will also get to see the University of Southern California women's basketball team play after the event.
"This is really a kickoff to the next phase of our efforts in Southern California," Sugarman said.
