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Banc of California Unveils $4B Community Benefits Plan
Banc of California and Rise Economy (formerly the California Reinvestment Coalition) devised a $4.1-billion, three-year Community Benefits Plan. The plan was developed in connection with Banc of California’s proposed merger with Pacific Western Bank.
The plan includes the following goals and targets of the combined institution for the three years following the merger’s close:
- Small business lending of $1.45 billion;
- Community development lending of $2.3 billion focused on affordable housing;
- $300 million in community development investments;
- Participation and support for Community Land Trusts;
- Enhanced due diligence for real estate lending;
- Developing strategy to support climate resiliency programs in LMI and BIPOC communities; and
- $500,000 to focus on outreach to tribal and indigenous communities.
“Banc of California and Pacific Western Bank both have strong, longstanding records of serving our communities and we look forward to building upon that foundation as a combined organization to expand our services, investments and products in communities that need it most,” said John Sotoodeh, Banc of California’s COO.
- ◦Financing
