SANTA ANA, Calif., April 27, 2017 /PRNewswire/ -- Banc
of California, Inc. (the "Company") (NYSE: BANC) today
announced that its Board of Directors (the "Board") has appointed
Doug Bowers as President, Chief
Executive Officer, effective May 8,
2017, and a director of the Board. Mr. Bowers' appointment
follows a nationwide search by the Board's Nominating and Corporate
Governance Committee with the assistance of Korn Ferry, a nationally recognized executive
search agency. Mr. Bowers has also been appointed as President and
Chief Executive Officer of the Company's subsidiary, Banc of
California, N.A., and as a member
of its Board.
Mr. Bowers is a veteran banking executive with over 35 years of
banking experience, including his most recent role as President and
Chief Executive Officer of Square 1 Bank from 2011 until its sale
to PacWest Bancorp in 2015. He previously held roles at Lone
Star/Hudson Advisors, a leading private equity firm, and at Bank of
America, where he spent nearly 30 years managing various divisions
including commercial banking, corporate banking, leasing and
specialized products.
Robert D. Sznewajs, Chairman of
the Board, said, "We are pleased to welcome Doug to Banc of
California. The Board conducted an
extensive search and is confident Mr. Bowers has the right banking
expertise and leadership skills to lead the Company. His industry
experience, operational know-how and commitment to community values
will be invaluable in continuing our mission. Under Doug's guidance
and with the assistance of our broader executive team and
employees, we believe the bank is well positioned to capitalize on
growth opportunities and enhance shareholder value."
Mr. Bowers said, "I look forward to leading this team of
talented bankers and see great opportunities for the bank as it
optimizes its focus on commercial banking and continues to grow
scalable products and solutions for California's businesses and entrepreneurs. I
am eager to begin work with our Board, senior management and
employees as we plan and execute the path forward on behalf of all
of our stakeholders."
Mr. Sznewajs added, "The Board and I want to thank Hugh Boyle, Fran
Turner and the many other senior leaders who stepped up and
demonstrated skillful leadership over the past several months. Both
Hugh and Fran in particular showed a relentless focus on enhancing
the business and played an integral role in ensuring the smooth
stewardship of the bank during this interim period."
Hugh Boyle will return to his
role as Chief Risk Officer and Francisco
Turner will remain in his role as Interim Chief Financial
Officer, Chief Strategy Officer and Principal Financial
Officer.
Additional Biographical Information
Doug Bowers served as President
& Chief Executive Officer of Square 1 Bank from 2011 to 2015
when the bank was sold to PacWest Bank. Under Mr. Bowers'
leadership, Square 1 Bank was a leader in providing banking
services in venture capital markets throughout the United States; opened key offices in
San Francisco, Chicago, Minneapolis and Atlanta; raised $120
million through its 2014 IPO at the highest bank valuation
since before the financial crisis; and grew the bank from
$1.6 billion to more than
$4 billion in assets.
From 2009 to 2011, Mr. Bowers served as a Managing Director of
Lone Star Funds/Hudson Advisors, a leading private equity firm that
invests globally in a variety of financial assets. During his
tenure, Mr. Bowers co-lead the fund's bank acquisition efforts.
From 1980 through 2008, Mr. Bowers rose through the ranks of
Bank of America, holding a broad range of positions, including:
Head of Large Corporate Banking for the U.S., Canada and Latin
America including Middle Market Investment Banking and
Sports Finance, overseeing 100 corporate bankers responsible for
client management of Fortune 1000 clients; Specialized Product
Executive with responsibility for seven distinct businesses
generating over $3 billion in revenue
and $1.4 billion in net income;
President of the Leasing and Capital Business, the largest and most
profitable bank-owned leasing company in the world; and President
of all activity in Europe, the
Middle East, and Africa (based in London) with an emphasis on Banking, Trading,
Treasury and varying other products and capabilities.
About Banc of California, Inc.
Banc of California,
Inc. (NYSE: BANC) provides comprehensive banking services
to California's diverse businesses, entrepreneurs and
communities. Banc of California operates 37 offices
in California. The Company was recently recognized by
Forbes for the second straight
year as one of the 100 Best Banks in America for 2017.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the "Safe-Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
necessarily subject to risk and uncertainty and actual results
could differ materially from those anticipated due to various
factors, including those set forth from time to time in the
documents filed or furnished by Banc of California, Inc. with the Securities and
Exchange Commission. You should not place undue reliance on
forward-looking statements and Banc of California, Inc. undertakes no obligation to
update any such statements to reflect circumstances or events that
occur after the date on which the forward-looking statement is
made.
INVESTOR RELATIONS
INQUIRIES:
|
MEDIA
INQUIRIES:
|
Banc of California,
Inc.
|
Abernathy
MacGregor
|
Timothy Sedabres,
(855) 361-2262
|
Ian Campbell / Joe
Hixson / Kris Cole, (213) 630-6550
|
|
idc@abmac.com /
jrh@abmac.com / kec@abmac.com
|
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SOURCE Banc of California,
Inc.