Los Angeles News
Former Los Angeles Mayor Has New Job
By Shelby Stiner
Jul 18, 2013 - 12:13:03 PM

LOS ANGELES—A community bank has hired a former Los Angeles official as an advisor chief executive.

The Banc of California, formerly known as First PacTrust Bancorp Inc., has hired Former Los Angeles Mayor Antonio Villaraigosa as Strategic Advisor to the Chief Executive Officer Steven Sugarman.

Mayor Villaraigosa in the Los Angeles PRIDE parade

The Banc of California, which has headquarters in Beverly Hills and Irvine, has become one of the fastest growing financial institutions in the country since 2010.  The company has grown its assets from $800 million to $3.2 billion and its employees have gone from under 100 to more than 1,000.

Villaraigosa will advise the Chief Executive Officer on the development of a community banking strategy focused on expanding home ownership, financing entrepreneurs and small businesses, and investing in communities through education and service.

In a statement released on Wednesday, July 17, Villaraigosa expressed his excitement for his new job and leadership role.

“It’s more then lending money; it’s about extending a hand and improving lives and creating good jobs,” said Villaraigosa.

In a statement, the company said Villaraigosa brings a common sense approach to delivering real solutions to the bank and shares the same priorities with the bank to grow the people’s financial opportunities.

Villaraigosa’s new salary has not yet been disclosed. 

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