Banc of California Acquires Banco Popular SoCal Branches
By Fernando Hurtado
Video by Sarah Windham
Video by Sarah Windham
Thursday, April 24, 2014 | 3:26 p.m. PDT
After Popular Inc. announced that it would let go of 41 of its mainland U.S. branches, Banc of California announced it would take over all of the 20 branches in Southern California.
Banc of California CEO Steven Sugarman and former mayor of Los Angeles Antonio Villaraigosa, who serves as an advisor to the bank, met Thursday to discuss the impact of the acquisition.
The acquisition will incur no significant layoffs and no changes to customer accounts and branches are expected until after the transaction.
Currently, Banco Popular serves 100,000 people in Los Angeles and Orange County.
Once the transaction is complete in October 2014, Banc of California will become the largest bank based in Orange County.
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