Opposition to Banc of California’s proposed acquisition of 20 Banco Popular branches in local media

Editor’s note: On September 4, 2014, Banc of California announced a new, public Community Benefit Plan.  Read more details about the plan here: CRC Announces Support for Community Benefit Plan by Banc of California as Part of Banco Popular Branch Acquisition

Banc of California's diverse leadership team

Banc of California’s diverse leadership team

Have you heard?  Banc of California is attempting to purchased 20 Banco Popular branches in Los Angeles and Orange Counties.  The California Reinvestment Coalition is opposing this acquisition after Banc of California’s leadership went back on a promise to meet with CRC members as the bank developed its Community Reinvestment plan.

The bank’s leadership is now advising other banks that they too, should keep their community reinvestment plans secret from the community.  Strange right?  See this article in American BankerBanc of California, Advocacy Group Spar over CRA Plan.

The Inglewood News and the Hawthorne Press Tribune covered a recent protest at a Banco Popular about the sale of the branches.

You can see coverage here:

Inglewood News July 31, 2014 edition: Community Advocates Protest  Banco Popular Buyout

Hawthorne Press Tribune July 31, 2014 edition: Community Advocates Protest  Banco Popular Buyout

Want to read more about why CRC is concerned about this proposed acquisition?

You can read Paulina Gonzalez’s recent Op-Ed in American Banker:

Without a recent CRA exam or information provided in an application, regulators and advocates can look to a bank’s CRA plan for information.  In these plans, banks outline their future goals related to community development.  However, Banc of California declined to make any plans for future CRA qualifying activity publicly available as part of this acquisition, outside of the investment in the CDFI and staff members’ board involvements.  

Read the rest of the Op-Ed here:

Communities Deserve Transparency in Bank M&A

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s