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First PacTrust said Gregory Mitchell , who had been its CEO since November 2010, had resigned. The resignation comes roughly a month after the company said Mitchell would share the CEO title with Steven A. Sugarman.
September 21 -
A $9.07 a share, Beach Business Bank's comes at a 53% premium to the Manhattan Beach, Calif., seller's closing price.
August 31 -
First PacTrust in Los Angeles plans to become to Banc of California, effective July 16.
July 15 -
Pacific Trust Bank in Los Angeles has exercised its option to buy CS Financial in Beverly Hills, the bank said in a regulatory filing. Jeffrey Seabold, the managing director of Pacific Trust's residential lending division, is a majority owner of CS.
August 2 -
Banc of California (BANC) in Irvine has acquired the investment advisory firm Palisades.
September 16
Banc of California's (BANC) president has resigned after the Irvine company reported a large quarterly loss and dive in its capital ratios.
Robert Franko also resigned as president and chief executive of the company's bank. Steven Sugarman, Banc of California's CEO, succeeded Franko, the company said Friday.
Banc of California lost $9.5 million in the third quarter, after taking into account dividends on preferred stock, compared to a $9.2 million profit a year earlier. The company's total risk-based capital ratio at Sept. 30 was 12.64%, compared with 19.34% a year earlier.
Noninterest expense roughly doubled that of a year earlier, to $52.3 million. Compensation costs more than doubled from a year earlier, $30.2 million.
Acquisitions may have played a role in the quarterly results. In August the company announced an agreement to buy the Beverly Hills, Calif., mortgage lender CS Financial
During the third quarter, Banc of California also agreed to
The company's assets increased by 48% from the second quarter, to $3.7 billion
Sugarman, 38,
Franko, 65, joined the company last year, after
In its
"Since the beginning of the third quarter, we have completed the acquisitions of The Private Bank of California, The Palisades Group and CS Financial; consolidated our banking subsidiaries under a single national bank charter; and converted to a new core operating system," Sugarman said in a press release. "Banc of California now ... boasts a single, consolidated full service banking platform able to meet the needs of California's small businesses, entrepreneurs and homeowners."