Banc of California to move headquarters to L.A.

Wave Wire Services

LOS ANGELES — Banc of California will relocate its headquarters to Los Angeles and will donate $1 million to a new contract financing program to help small businesses pursue procurement opportunities, Mayor Karen Bass’ office announced Dec. 5.

The announcement was made as part of Bass’ weeklong tour of Los Angeles during which she is holding various events highlighting her work on homelessness, safety, business, climate and city services — ahead of the first anniversary of her Dec. 11 inauguration. The bank announcement was intended to highlight Bass’ actions to support businesses to “open, thrive and expand,” according to her office.

“We are working to ensure that Los Angeles is not just open for business but that City Hall is advocating for businesses,” Bass said in a statement. “Throughout this city, we have heard from business leaders that actions we’ve taken have brought a new energy to our business sector. This is just the beginning.”

The contract financing program will be run by the mayor’s office, which Bass’ office noted will fulfill a promise made during her campaign to “help make sure small local businesses are competitive to win and keep city contracts.”

Jared Wolff, CEO of Banc of California, said in a statement he is a native Angeleno who understands the power and promise of L.A, and the entrepreneurs and businesses that “make it great.”

“As California’s leading business bank, we are designating Los Angeles as our headquarters to further serve this vibrant business community,” he added.

The bank is currently headquartered in Santa Ana.

The $1 million contribution to the mayor’s program will fund small and medium-sized businesses with financial support that will help them compete for government contracts.

“Banc of California looks forward to serving all of our communities with creative financial solutions that create jobs, drive business forward, and enrich the communities where we live and work,” Wolff said in a statement.   

On Dec. 7, Bass is scheduled to discuss public safety and attend a Community Intervention Workers graduation, after starting her day by speaking with a class of LAPD recruits.