Banc of California in Santa Ana has hired the former CEO of Square 1 Financial as its next leader.
The $11.2 billion-asset company said in a press release Thursday that Doug Bowers would become its president and CEO on May 8. He will succeed Hugh Boyle, who had been interim CEO following the January resignation of Steven Sugarman.
Bowers was CEO of Square 1, a Durham, N.C., bank that was sold in 2015 to PacWest Bancorp. He also spent 30 years in several leadership posts at Bank of America.
“The board conducted an extensive search and is confident … Bowers has the right banking expertise and leadership skills to lead the company,” Robert Sznewajs, Banc of California’s chairman, said in the release. “His industry experience, operational knowhow and commitment to community values will be invaluable in continuing our mission.”
Boyle will return to his role as chief risk officer. Francisco Turner, the company’s chief strategy officer, will remain interim chief financial officer.
Banc of California has made a number of major changes since Sugarman’s departure, including a series of corporate governance reforms and adding several large investors to its board.
The company also sold its mortgage unit, moved its corporate headquarters and announced plans to fire about 140 corporate employees.