Young Bank Takes Over Sunset

By ERIKA MARTIN | Reporter

Banc of California is set to be the only bank with two locations in the Palisades when it opens up shop at 15231 Sunset Blvd. later this fall.

The new outpost in the space formerly occupied by Denton Jewelers will complement the bank’s existing location in the Highlands Village shopping center. An official opening date for the second Palisades branch has yet to be set.

Rena Alekperova, the current Palisades branch manager, will manage both locations.

The Irvine-based bank is one of the fastest growing in the nation, ballooning from $700 million in assets in 2010 to $10.2 billion today. It bills itself as a bank with the state’s interests at heart, and has buttressed this branding with a model that serves a diverse array of California’s small and mid-sized businesses.

Its recent hoist over the $10-billion mark in assets puts Banc of California in the league of Pacific Western Bank, East West Bank, Cathay Bank and Silicon Valley Bank as the only mid-sized banks headquartered in California.

The bank is expanding statewide and also hosted a grand opening for another new branch in Brentwood on July 19th.

Banc of California CEO Steve Sugarman lives in the Palisades with wife, Ainslie, a former attorney, and their three children, ages 7 to 11, who attend local schools.

“As a Palisadian, I value the wonderful sense of community that is a hallmark of Pacific Palisades,” Sugarman said. “Each day we strive to ensure our Palisades branches reflect the values and strength of our neighbors in the Palisades. We look forward to continuing to build upon our relationships by empowering the diverse businesses, entrepreneurs and homeowners throughout Pacific Palisades.”

When Sugarman became CEO in 2012 at age 38, the bank had less than $1.5 billion in assets. He has led the company from its days as Pacific Trust Bank, based in San Diego, growing it by focusing on initiatives that best serve the California community.

Banc of California serves as the presenting sponsor of the Palisades Turkey Trot and supports several local schools. It is also the official bank for the LA 2024 Olympic bid committee and has signed a sponsorship deal with USC.