Former L.A. Mayor Villaraigosa to Work for Beverly Hills-Based Bank

By City News Service

Former Los Angeles Mayor Antonio Villaraigosa will work for Banc of California.

Former Los Angeles Mayor Antonio Villaraigosa has been hired by a community bank and given the job of advising its chief executive officer "how to build the best bank for serving the people of California," the institution announced Wednesday.

Banc of California, previously known as First PacTrust Bancorp Inc., said in a statement that Villaraigosa would serve as Strategic Advisor to the Chief Executive Officer and be based in the Southland. No details about his compensation were disclosed.

With headquarters in Beverly Hills and Irvine, the bank says it has increased its assets to $3.2 billion, makes more than 700 home loans a month, has had deposits increase by almost $150 million per month in the first half of 2013, employs more than 1,000 people and "has become one of the fastest growing financial institutions in the country."

Villaraigosa, the statement said, will advise bank CEO Steven Sugarman "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."

"Following eight years as Mayor of America's second largest city, Mayor Villaraigosa brings his common sense approach to delivering real solutions to a bank that shares his priorities...," it said. "It is with that shared mission that Mayor Villaraigosa will advise Chief Executive Officer Steven Sugarman on how to build the best bank for serving the people of California."

Added Sugarman: "Mayor Villaraigosa is the right person to advise Banc of California on our plans for responsible and meaningful growth. ... We know that banking can be done differently, and with Mayor Villaraigosa's help, we will continue to build lasting and meaningful relationships with our customers and communities across California and the West."