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| June 22, 2018

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Banc Archives -

A year after CEO’s ouster, palace intrigue grips Banc of California

January 12, 2018 |

A year ago, the story of Banc of California was of a hard-charging chief executive eager to turn a fast-growing institution into a household name — but fond of inside deals and potentially connected to a financier who has pleaded guilty to fraud.

But over the last few months, lawsuits filed by…

L.A. Times – Business

Strippers, drugs and sex at Banc of California, former executive alleges in lawsuit

December 9, 2017 |

Troubled Banc of California was a den of iniquity featuring on-premises sex, drugs and strippers, according to a lawsuit filed this week by a former employee.

Former small business loan department managing director Heather Endresen has charged that the bank terminated her without cause, days after…

L.A. Times – Business

Banc of California chooses outsider to replace CEO who resigned amid scandal

April 29, 2017 |

Banc of California this week named a new chief executive, an outsider who will be tasked with leading the institution as it tries to emerge from a shake-up and scandal that led to the last CEO’s resignation.

Doug Bowers, formerly the chief executive of Square 1 Financial in Durham, N.C., will take…

L.A. Times – Business

After scandal and shakeup, Banc of California wants to be boring again

March 20, 2017 |

Banc of California was at a high point last summer.

The Irvine lender’s assets had topped $ 10 billion, a milestone for a bank that had assets of less than $ 1 billion just five years earlier. Impressed investors sent its notoriously cheap stock to a post-recession high.

And in August, its ambitious…

L.A. Times – Business

Banc of California says internal investigation found no violations of law

February 10, 2017 |

An internal probe into alleged legal and ethical violations at Banc of California has found no laws were broken and that the institution was not controlled by a convicted fraudster, the lender said Thursday.

The Irvine bank last year hired law firm WilmerHale to investigate claims made by an anonymous…

L.A. Times – Business

Key board member resigns from embattled Banc of California, following chairman

February 9, 2017 |

Chad Brownstein, a Los Angeles investor and longtime board member of Banc of California, has resigned from the troubled Irvine bank, which is the subject of a Securities and Exchange Commission investigation and investors’ calls for a boardroom shake-up.

Brownstein’s resignation Wednesday comes…

L.A. Times – Business

CalSTRS and L.A. hedge fund demand boardroom reform at troubled Banc of California

January 26, 2017 |

One of California’s massive public pension funds and an L.A. investment firm are pushing for a board shakeup and possible sale of embattled Banc of California following the resignation of its chief executive and chairman this week.

In a Jan. 24 regulatory filing, the California State Teachers’…

L.A. Times – Business

Banc of California chief resigns amid SEC inquiry

January 23, 2017 |

Steven Sugarman, the chief executive of fast-growing Irvine lender Banc of California, resigned on Monday, the same day the bank announced it is under investigation by the Securities and Exchange Commission.

The bank offered no explanation for Sugarman’s resignation but the move, and the SEC investigation,…

L.A. Times – Business

Banc of California snags naming rights for L.A. Football Club soccer stadium

August 24, 2016 |

When the Los Angeles Football Club takes the field in its new Exposition Park stadium in 2018, its home pitch will bear the name of an Irvine bank some Angelenos might not have heard of.

Yet the scope of the 15-year deal that the Banc of California announced Tuesday with the Major League Soccer…

L.A. Times – Business

Decision To En Banc Halbig v. Burwell Is Unwise, Unfortunate, And Appears Political

September 6, 2014 |

Today’s decision by the D.C. Circuit to grant en banc review of Halbig v. Burwell will likely only delay Supreme Court review.
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