CEO Jared Wolff Announces Donation to Mayor’s Program at Joint Press Conference
By Dolores Quintana
Banc of California, Inc. has officially chosen Los Angeles as its new headquarters, announced CEO Jared Wolff in a joint press conference with Los Angeles Mayor Karen Bass. The decision aligns with Banc of California’s commitment to serving the dynamic Los Angeles business community. The press conference occurred in front of the Banc of California headquarters at 11611 San Vicente Blvd. in Los Angeles.
“As a native Angeleno, I know the power and promise of Los Angeles and the entrepreneurs and businesses that make it great,” stated Wolff. “Designating Los Angeles as our headquarters aligns with our mission as California’s leading business bank to further support this vibrant business community.”
Mayor Bass expressed enthusiasm about Banc of California’s presence, affirming that Los Angeles is open for business, with City Hall advocating streamlining processes for businesses. Wolff also revealed a $1 million donation from Banc of California to the Mayor’s Contract Financing Assistance Program (CFAP), benefiting small- and medium-sized businesses competing for government contracts.
“In recognition of our partnership with the city, Banc of California is very pleased to make a $1 million contribution to Mayor Bass’ Contract Financing Assistance Program,” Wolff added. “We are proud to provide financial support to businesses, creating jobs, driving business forward, and enriching the communities where we live and work.”
The CFAP facilitates access to capital for smaller businesses by using project agreements as collateral for low-interest loans before project completion. Banc of California’s contribution expands the program, launching a fund in early 2024 that extends beyond construction contracts, supporting businesses seeking government contracts, particularly in anticipation of the 2028 Olympics in Los Angeles.
Mayor Bass highlighted the impact of Banc of California’s contribution, stating, “This million dollars… really will make a difference between businesses being able to survive and businesses being able to do business with the city of Los Angeles.”
Formerly headquartered in Santa Ana, California, Banc of California opened an office in Brentwood, Los Angeles, in 2021. The decision to designate Los Angeles as the new headquarters follows the successful completion of the merger with PacWest Bancorp on November 30, establishing Banc of California as the third-largest bank headquartered in California.
