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Banc of California gets 20 Popular Community branches, Latino presence
Banc of California gets 20 Popular Community branches, Latino presence

Banc of California in Irvine is acquiring Popular Community Bank's 20 Southern California offices, part of a deal in which Popular Inc., Puerto Rico's largest bank, is shedding 41 mainland U.S. branches. The companies said Wednesday that Banc of California would pay $5.4 million for the local franchise, more than doubling its current network of 18 branches. The deal includes $1.1 billion in deposits and $1.1 billion in loans from eastern and southern Los Angeles County and northern Orange County. Layoffs are expected to be minimal because the branch networks don't overlap, said Banc of California Chief Executive Steven Sugarman. GRAPHIC: Southern California's...

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