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First Pactrust Bancorp Changes Name, Hires Former LA Mayor

Wednesday, July 17, 2013 - 12:19 PMPacific Trust Bank, FSB - Details
First PacTrust Bancorp, the parent company of Pacific Trust Bank, changed its name on Monday to Banc of California, reflecting its broader ambitions after acquiring the Private Bank of California earlier this month. 

The announcement was made this week in conjunction with announcing that the bank has hired former Los Angeles Mayor Antonio Villaraigosa as a part time advisor.

This information was gleened from a story today in the Los Angeles Times about the bank hiring Villaraigosa:

Former L.A. Mayor Villaraigosa becomes advisor to community bank -

The story describes the bank as "an aggressively expanding community bank lead by specialists in high finance."

This is the bank that for some time now has been offering a savings account it calls the PacTrust One account, with a 1.25% APY guaranteed through Dec. 31.

(I note, Villaraigosa, who just left office at the first of the month, has no background in banking or finance.)
me1004me1004373 posts since
Jan 16, 2010
Rep Points: 2,598
1. Wednesday, July 17, 2013 - 3:52 PM
I won't be surprised when Ken  informs us a few years from now about the bank's takeover by the FDIC for its high volume of foreclosed loans.
loulou552 posts since
Aug 3, 2010
Rep Points: 3,431