LOS ANGELES, Aug. 23, 2016 /PRNewswire/ -- The Los Angeles Football Club (LAFC) today announced Banc of California will be the naming partner of the club's new world-class 22,000-seat soccer stadium, now officially named Banc of California Stadium, as well as the Official Bank of LAFC and the LAFC Foundation. Banc of California is recognized by Forbes Magazine as one of America's Best Banks and is one of the fastest growing banks in America.

Banc of California Stadium will be home to Major League Soccer's newest team, as well as world class cultural, entertainment and sporting events throughout the year. Upon its completion in 2018, Banc of California Stadium, the first open-air stadium built in Los Angeles since 1962, will create thousands of new jobs, spark over $130 million in annual economic output, improve the tax base for the city, expand banking services for the underserved, and help support vibrancy and economic progress in the South Los Angeles community.

"This is a proud day for all of us associated with Banc of California. As the largest independent bank in California with an Outstanding rating for Community development, Banc of California has been recognized by community groups as the 'Gold Standard' for its community activities. Today's announcement of Banc of California Stadium builds upon the bank's demonstrated commitment to Los Angeles and its diverse communities – continuing to raise the bar for responsible corporate community engagement in Los Angeles," said Antonio Villaraigosa, the 41st Mayor of Los Angeles and strategic advisor to Banc of California.

Banc of California Stadium will be developed pursuant to a comprehensive community benefits plan to ensure the intended economic and social benefits flow to local communities and their residents. These commitments span areas from jobs to sustainability, youth sports and education to local infrastructure.

With respect to new jobs, LAFC's and Banc of California Stadium's community commitments include ensuring that residents from immediately surrounding communities are the focus of hiring for the new living wage jobs created, pledging that stadium contracts with diverse businesses owned by minority, women, disabled and veteran entrepreneurs, and entering into partnerships with local community and nonprofit groups to train and source qualified employees for the construction and permanent jobs being created.

"Our partnership with LAFC underscores our commitment to empowering California through its diverse businesses, entrepreneurs, and communities. We are thrilled to join forces with LAFC's leadership who share our focus on California communities and the desire to build a world-class organization and stadium that represent the best of California," said Steven Sugarman, Chairman and Chief Executive Officer of Banc of California. "Banc of California Stadium will create jobs, attract investment, and increase access to opportunity throughout the region. This partnership supports our enduring commitment to California and its communities."

As part of its relationship with LAFC, Banc of California has committed to expanding its branch banking services to the local community in LA City Council District 9, including through increased access to capital for businesses to support LAFC and Banc of California Stadium, and to join forces with the LAFC Foundation to reach and positively impact a broader audience with respect to its community engagement activities.

"We are thrilled to partner with Banc of California, and we fully support their commitment to empowering the diverse communities and entrepreneurs of California. Banc of California Stadium will provide fans with a world class sports and entertainment experience and create increased economic development within the local community," said Larry Berg, LAFC Lead Managing Owner.

Banc of California's partnership with LAFC expands on the bank's existing partnerships supporting Angelenos. These include The Partnership for Los Angeles Schools, USC Trojans Kids Corner, LA 2024, Los Angeles Conservation Corps, JVS Los Angeles, and Los Angeles Team Mentoring.

"This year, Banc of California will touch the lives of almost one million at risk youth and families across California through its community programs and partnerships. South Los Angeles has been a focal point of these efforts and is home to many of our strongest partnerships. We look forward to expanding this commitment through our partnership with the Los Angeles Football Club and the LAFC Foundation," said Eric Holoman, Chairman of the Community Development Committee of Banc of California's Board of Directors and President of Magic Johnson Enterprises.

About Los Angeles Football Club (LAFC)

The Los Angeles Football Club (LAFC) is the newest MLS soccer club serving the greater Los Angeles area. Its ownership group is comprised of local leaders and innovators of industry with intellectual capital, financial prowess, operations expertise and success in the fields of entertainment, sports, technology, and media. The LAFC ownership group is dedicated to building a world-class soccer club that represents the diversity of Los Angeles and is committed to delivering an unrivaled experience for fans. The home of the Club will be the first open-air stadium built in Los Angeles since 1962 and boasts a 22,000-seat capacity. For more information about LAFC, visit LAFC.com.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) provides comprehensive banking services to California's diverse businesses, entrepreneurs and communities. Banc of California operates over 100 offices in California and the West.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.

 

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SOURCE Banc of California