Doug Bowers has been named president and chief executive officer of the troubled Santa Ana-based Banc of California, the company said Thursday.
Hugh Boyle, who took the interim role after the departure of CEO Steven Sugarman, will return to his role as chief risk officer.
Bowers previously served as president and CEO of Square 1 Bank, which is based in North Carolina.
The bank’s hunt for a new CEO started after Sugarman resigned following a Securities and Exchange Commission probe.
On Jan. 12, the Securities and Exchange Commission launched its probe of the bank, which has assets of roughly $11 billion.
Sugarman joined the bank in 2010 and became CEO in 2013, helping to recapitalize the company and grow its assets. In 2014, the bank acquired Popular Community Bank’s branch network in California, creating the largest Orange County-based bank.
Under his leadership, Banc of California paid $100 million for the naming rights on Los Angeles’s new soccer stadium, one of the richest prices ever in Major League Soccer. Additionally, its market-beating returns have come despite concerns raised about deals benefiting Sugarman’s family and board members. Sugarman’s brother is a minority investor in the soccer team.
Sugarman received $10.05 million in compensation in 2016, roughly four times the amount he was paid in 2015, and a severance package of $8.1 million.
In February the bank sold its home loan division to Texas-based Caliber Home Loans, which will cut its employee count by half.
Caliber is buying the bank’s “Banc Home Loans.” Banc of California will receive a $25 million cash premium payment. The transaction is expected to close March 30.
The bank also sold its mortgage servicing rights to Caliber for $36 million.
Earlier this month Mary Curran and Bonnie Hill were appointed the bank’s board, while Eric Holoman resigned in yet another shakeup for the beleaguered bank.
Holoman said he left the board to focus on his new role as the chief…