Banc of California has won the support of a key advocacy group for a pending acquisition after announcing ambitious goals to invest in underserved Los Angeles communities.
The community-investment plan, announced late Thursday, could make it easier for the Irvine bank to close its planned purchase of 20 Southern California branches from Banco Popular. The California Reinvestment Coalition, or CRC, a group that advocates for better financial services for minorities and the poor, had opposed the transaction, arguing that the $4 billion-asset Banc of California has little history of serving such customers and should be required to make its CRA plan public.
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