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Banc of California Creates Charitable Fund and Commits $1 Million to Support Southern California Communities Affected by Wildfires
Company Release - 01/14/2025
The Banc of California Wildfire Relief & Recovery Fund Will Support Southern California With Disaster Relief and Rebuilding Efforts
Advisory Board of Business and Civic Leaders to be Created to Ensure the Funds are Directed in a Way That Will Have the Greatest Impact
LOS ANGELES — Banc of California, a wholly owned subsidiary of Banc of California, Inc. (NYSE: BANC), announced it has launched the Banc of California Wildfire Relief & Recovery Fund, which will support ongoing relief and rebuilding efforts for Southern California communities devastated by the wildfires in the Los Angeles area.
This charitable fund will be seeded with a $1 million donation from Banc of California and represents the bank’s commitment to supporting its communities and taking a leadership role in helping them triumph over the tragedy that has impacted our communities.
Through this charitable fund, the bank will address urgent, ongoing disaster relief and recovery needs, as well as longer term rebuilding of communities, homes, businesses and infrastructure impacted by this unprecedented disaster in the Los Angeles region. The bank will also be matching donations from its team members as well as accepting donations more broadly from the public. Banc of California has created a dedicated page on its website for the fund located at Bancofcal.com/SoCalRelief and will update the page regularly with resources and links to inform and help the community.
Banc of California will also create an advisory board for the fund, including business and civic leaders, who can help support and lead recovery efforts and ensure the funds are directed in a way that will have the greatest impact. In consultation with this advisory board, Banc of California will also develop lending programs focusing on recovery efforts.
“As the largest independent bank based in Los Angeles, Banc of California is committed to doing all we can to help our community recover from these tragic fires. We are creating this fund in part because of our unique position in the community and because of the significant outpouring of inquiries we have received from those across our country wanting to help Los Angeles,” said Jared Wolff, CEO of Banc of California and a native Angeleno. “We all have family, friends, colleagues and clients who are suffering from these devastating wildfires. We are truly grateful for the first responders who are working heroically and tirelessly to save our communities. The well-being of everyone affected by these fires remains at the front of our hearts and minds. As a bank that deeply values relationships, we are dedicated to being there for our clients every step of the way and helping to rebuild our communities stronger than ever before.”
Update on Wildfire Impact to Banc of California
In addition to creating the Banc of California Wildfire Relief & Recovery Fund, the bank is providing updates and taking the following actions to support the Los Angeles community:
- Many Banc of California team members have been displaced as a result of the wildfires. The bank is supporting those affected with temporary housing, rental cars, stipends and other needs. The bank also offers 24/7 confidential counseling and wellness support.
- Team members are proactively reaching out to clients during this critical time to offer assistance from the bank. If you are a Banc of California client whose financial situation has been adversely affected by the fires, please reach out to your relationship manager or to our client care line at 877-770-BANC (2262) for assistance.
- To date, Banc of California has not experienced any damage to its facilities or properties. As of this time, there are two branches that are temporarily closed due to proximity to evacuation areas. The bank is regularly evaluating conditions and adjusting branch hours as necessary to protect the health and safety of our team members and clients. Please visit the bank’s website for any information about temporary branch closures: Temporary Closures | Banc of California.
- As of this release, we are not aware of any material impact on our loan portfolio or collateral due to the Southern California wildfires. We are currently aware of four commercial properties and three residential properties that have been damaged or destroyed, but all such collateral has insurance coverage in place. The situation is still evolving, and we continue to monitor it for potential exposure.
Please visit Bancofcal.com/SoCalRelief to learn more and to support the Banc of California Wildfire Relief & Recovery Fund.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $33 billion in assets and the parent company of Banc of California. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses. Banc of California is the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 80 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-stack payment processing solutions through its subsidiary, Deepstack Technologies, and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. For more information, please visit us at www.bancofcal.com.