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The arrangement is designed to give the bank some high-level mortgage expertise, but some industry observers have raised questions about the size of the $100,000 monthly fee.
February 15 -
The former First PacTrust has hired ex-L.A. Mayor Antonio Villaraigosa as a senior advisor and made Magic Johnson Enterprises executive Eric Holoman a director and head of its new community reinvestment panel.
July 25 -
First PacTrust in Los Angeles plans to become to Banc of California, effective July 16.
July 15 -
First PacTrust Bancorp in Irvine, Calif., has raised $50.9 million through a common stock offering.
July 1
A unit of Banc of California (BANC) has agreed to pay $10 million for a mortgage business owned by one of its managing directors.
Pacific Trust Bank in Los Angeles has exercised its option to buy CS Financial in Beverly Hills, the bank said in a
The $1.6 billion-asset Pacific Trust will pay at least 51% of the transaction in stock, and 60% of the purchase price will be subject to certain vesting terms, according to
CS Financial is part-owned by relatives of Stephen Sugarman, the chief executive of the bank's holding company. Sugarman recused himself from the vote on buying CS Financial, the regulatory filing states.
Pacific Trust's
In May, Seabold resigned from the boards of both the bank and the holding company after Pacific Trust named him managing director of its residential lending business. Seabold's three-year employment contract with Pacific Trust pays him a base salary of $400,000 a year, an annual cash target bonus of $200,000, and an incentive bonus of 10% of the profit that the residential lending business earns on mortgage originations held for sale.
As part of his employment agreement, Seabold also granted the bank the option to buy CS within 120 days, which the bank exercised on July 29th.