Banc of California and Rise Economy (formerly known as the California Reinvestment Coalition) have jointly developed a comprehensive $4.1 billion Community Benefits Plan for the next three years. This plan is in relation to Banc of California’s proposed merger with Pacific Western Bank.
The plan outlines specific goals and targets that the combined institution aims to achieve after the merger, including $1.45 billion in small business lending, $2.3 billion in community development lending focused on affordable housing, and $300 million in community development investments.
Additionally, there will be a focus on supporting Community Land Trusts and implementing enhanced due diligence for real estate lending. The institutions also aim to develop strategies to support climate resiliency programs in low-income communities and those belonging to Black Indigenous People of Color (BIPOC). Furthermore, there will be an allocation of $500,000 towards outreach efforts targeted at tribal and indigenous communities.
According to John Sotoodeh, COO of Banc of California: “Both Banc of California and Pacific Western Bank have established track records when it comes serving our local communities.” He further adds that they are committed towards expanding their services, investments,and products within underserved areas as a unified organization.
This announcement marks another significant step by Banc Of Californa towards fulfilling its social responsibility commitments without any mention or reference made about Connect CRE or any other related entities.
