Banc of California to relocate headquarters to LA

City News Service
Tuesday, December 5, 2023
Banc of California to relocate headquarters to LA
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 Tuesday.

LOS ANGELES (CNS) -- 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 Tuesday.

The announcement is part of Bass' weeklong tour of Los Angeles during which she plans to hold various events highlighting her work on homelessness, safety, business, climate and city services -- ahead of the first anniversary of her Dec. 11 inauguration. Tuesday's events were 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.

The mayor is expected Tuesday to participate in a roundtable discussion with business leaders in the San Fernando Valley and tour the progress of LAX's $30 billion capital improvement project.

In the afternoon, Bass will connect with small business owners, some who are benefiting from the city's Al Fresco dining program, which the city is working to make permanent.

On her first stop Monday, in San Pedro, Bass joined city workers who were repairing a broken sidewalk. She also joined a CleanLA graduation in Downtown L.A, and those graduates will join the city workforce.

She also visited a water reclamation plant in Van Nuys that's intended to establish a sustainable drought-proof'' supply of water for more than 250,000 Angelenos. These visits were meant to highlight Bass' efforts to expand and improve city services, as well as build a greener city.

Bass' office announced Sunday that she will participate in the following events later this week:

Wednesday:

Bass will announce progress made toward bringing homeless Angelenos inside since December 2022, and will discuss efforts to build more housing faster.

Thursday:

In Watts, Bass will discuss public safety and attend a Community Intervention Workers graduation, after starting her day by speaking with a class of LAPD recruits.

Copyright 2023, City News Service, Inc.