Banc of California, Inc. operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. It operates through Commercial Banking, Mortgage Banking, Financial Advisory, and Corporate/Other segments. The company's deposits consist of savings, checking, money market, and demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, SBA guaranteed business loans, construction and renovation loans, lease financing, single family residential mortgage loans, warehouse loans, asset or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans. It also provides private banking products for high net worth individuals and entrepreneurs; and other banking services to financial institutions, as well as invests in mortgage-backed securities. In addition, the company offers automated bill payment, cash and treasury management, master demand accounts, foreign exchange, interest rate swaps, trust services, card payment services, remote and mobile deposit capture, ACH origination, wire transfer, direct deposit, and safe deposit boxes, as well as online, telephone, and mobile banking services. Further, it provides financial advisory and asset management services to third parties; and manages and sells other real estate owned properties. As of December 31, 2015, the company operated 35 branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties in California; and 68 loan production offices in California, Arizona, Oregon, Virginia, Indiana, Colorado, Idaho, and Nevada. Banc of California, Inc. was formerly known as First PacTrust Bancorp, Inc. and changed its name to Banc of California, Inc. in July 2013. The company was founded in 1941 and is headquartered in Irvine, California.
Shares of Banc of California, Inc. (NYSE: BANC)closed down by about 29% as of 4:00 p.m. EDT after a blog postdrew links between the bank and a serial fraudster Banc of California may have some very troubling ties to a family known for fraud. Jason Galanis is the son of John Galanis, whole stole millions of dollars from banks and investors in the 1970s and 1980s, and even fraudulently took control of the Columbia Federal Savings Bank. Fraud appears to be a family business, as both men have lengthy histories of involvement in white-collar crime. The father and son duo recently plead guilty to charges stemming from their role in taking control of Gerova Financial, a reinsurance company, and later defrauding shareholders. As recently as May, Jason and John Galanis were charged by the Securities and Exchange Commission and Department of Justice for their involvement in a Ponzi scheme. The blog post points to evidence that the Ponzi scheme was run out of the same office building as Banc of California's headquarters. The post draws a number of links between Jason Galanis and Banc of California's CEO, Steven Sugarman. Perhaps the most troubling involves an entity known as COR Capital. In 2010, COR Capital led a major investment in the bank that would become Banc of California, and Sugarman was installed as CEO. The author details evidence suggesting that Galanis controlled COR Capital, drawing a direct link between Banc of California's CEO and a serial fraudster known for financial industry crimes. http://www.foxbusiness.com/markets/2016/10/18/why-shares-banc-california-inc-are-plunging-today.html
I read the entire blog. When someone needs 30 pages and 200 paragraphs to make a point, there may not be one after all. Buy buy buy
Analyst Upgrade/Downgrade Update Brokerage firm: Wells Fargo Change: Downgrade Previous Rating: Outperform Current Rating: Market Perform Previous Price Target: N/A Current Price Target: N/A
