(Bloomberg) -- Banc of California Inc., the lender that just acquired rival PacWest Bancorp in a rescue deal, said it’s moving its headquarters to Los Angeles from Orange County.
The bank has been based in Santa Ana, about 50 miles (80 kilometers) southeast of its new headquarters, in the Brentwood section of Los Angeles. The company has had an office at the location since 2021.
“We currently have offices in more than 100 locations across the country, so we have a lot to choose from. But Los Angeles is the heartbeat of California business,” Chief Executive Officer Jared Wolff said in prepared remarks. The move “will allow us reinforce the commitment we have to Los Angeles and serving the innovative businesses and entrepreneurs that drive the Los Angeles and California economy.”
The company last week completed the takeover of PacWest after the Beverly Hills-based company was stung by deposit outflows in the aftermath of the collapse of Silicon Valley Bank. The combined company, which will operate under the Banc of California brand, has branches throughout California as well as in Denver and Durham, North Carolina.
Read More: PacWest to Be Sold to Banc of California in Latest Rescue Deal
(Updates with new headquarters location in second paragraph, CEO comments in third.)
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