Mayor Karen Bass today joined Banc of California CEO Jared Wolff to celebrate the ribbon cutting of Banc of California's new 40,000 square foot Downtown L.A. office, an expansion the Mayor's office described as another major boost to the ongoing Downtown revitalization she is leading.
"Today's grand opening of Banc of California's new Downtown Los Angeles office is another milestone in our work to restore the area as a vibrant hub of economic, cultural, and civic life," said Mayor Bass. "As we continue the historic modernization and expansion of the LA Convention Center just a few blocks away, I am grateful for Jared Wolff and the entire Banc of California team for believing in the future of Downtown and making this historic investment. Welcome to Downtown Los Angeles!"
Mayor Bass also announced that Wolff is joining her Executive Business Cabinet, made up of CEOs representing the industries driving the local economy, as its next Chair.
"Today's grand opening delivers on our commitment to expand Banc of California's presence in Los Angeles and invest in Downtown's future," said Jared Wolff, Chairman and CEO of Banc of California. "As California's business bank, this office puts our team in the heart of one of the country's most important business centers and closer to the clients driving the region forward. We're committed to strengthening Downtown, supporting local businesses, driving economic growth and creating opportunity for years to come."
Banc of California is the largest independent bank in Los Angeles and the third largest bank in California. In October of last year, Mayor Bass recognized the bank's announcement to lease 40,000 square feet in Downtown Los Angeles and add its signage to the historic skyline as a major boost for Downtown's continued resurgence and the region's economy.
Banc of California relocated its headquarters from outside Los Angeles to Brentwood during Mayor Bass' first year in office. At that time, Wolff pledged $1 million in funding to establish and facilitate Mayor Bass' City Contract Financing Program, designed to help small businesses pursue procurement opportunities.