Banc of California in Irvine is expanding its commercial bank by starting units specializing in health care, municipals and nonprofit banking.
The units will begin operating in the second half of the year and will be based in Los Angeles. Banc of California has hired Michael Andrews, formerly of Citigroup, to lead the groups as senior director and commercial banking segment manager.
"The launch of these important Commercial Banking Segments is key to our strategy of expanding the depth and breadth of our Commercial Banking Division," David Park, the $8.2 billion-asset bank’s managing director for commercial banking, said in a news release Wednesday. "Additionally, these segments represent some of California's fastest growing employers."
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Banc of California in Irvine has agreed to sell its wholly owned investment adviser subsidiary, The Palisades Group.
April 7 -
Banc of California in Irvine has promoted a back-office executive to become chief administrative officer.
April 1 -
The $8.2 billion-asset company will issue about 4.9 million shares at $14.50 apiece, according to a news release Thursday.
March 3
The health care group will provide lending and depository services to health care institutions and professionals in California. The nonprofit banking group will support the depository needs of a variety of organizations in the state, while the municipal group will provide depository, liquidity and treasury management services to local cities, counties, school districts and other government institutions.
Andrews had been senior vice president and mid-corporate relationship manager at Citigroup since November 2014. He has also worked for Bank of America Merrill Lynch and JPMorgan Chase.
Joining Andrews as senior directors for commercial banking are two City National Bank veterans, Cynthia Reeves and Janice Patterson.
Reeves will lead health care and nonprofit banking services. At City National, she was health care segment manager, and before joining City National she held management roles at companies including GlaxoSmithKline, Johnson & Johnson and Baxter Healthcare.
Patterson will head strategy and administration for the new groups. At City National, she was senior vice president and manager of segmentation strategies. She has also been marketing chief for San Diego Private Bank, executive vice president of client services at Legacy Bank and private banking regional director at Union Bank.
