Empowering the Community
Banc of California is playing a leading role in bringing economic and social investment to the South Los Angeles community and beyond. As the Official Bank of the Los Angeles Football Club (LAFC) and the LAFC Foundation, Banc of California is working with LAFC, local community partners and city officials to provide financial literacy education, expand youth development programs and improve local infrastructure in the heart of Los Angeles.
Banc of California’s enduring commitment to Los Angeles will have a significant economic impact on the local South Los Angeles community and City Council District 9 neighborhood. The LAFC development will create:
- Over 1,200 jobs and a total output of $275 million from construction efforts
- Over 1,800 permanent full-time jobs and $129 million in annual economic activity from stadium operations
- $350 million in development in South Los Angeles bringing $2.9 billion in total economic output over the next 30 years
Directing Investment to a Federal Promise Zone
As co-leaders of the construction financing, we are proud to rebuild and revitalize an economically distressed area designated as a Federal Promise Zone, which partners federal and local governments with local communities and businesses to:
- Create higher wage jobs in an area with a 12% unemployment rate
- Increase economic security to a community where 44% live at or below poverty rate
- Expand educational opportunities
- Create affordable housing to help reduce the 53% of children living in poverty
- Improve public safety
This partnership will have sustainable impact through commitments to use local hire for both the construction and operations of the stadium and other ancillary projects, including the International Food Experience and expansive retail space.
Serving the Banking Needs of Underbanked Communities
Banc of California is committed to serving the needs of the local community by providing access to banking services and ATMs to underserved families through offering a full-service retail banking branch in the area surrounding Exposition Park. This commitment includes providing access to capital through our microfinance and small business lending programs to local businesses and offering an exclusive signature debit card for Banc of California clients.
Syndicated columnist and fourth generation Californian Joe Mathews writes in his article, “South L.A. Doesn't Need Saving“, South L.A. is not a place apart. Today it sits in the center of the California story, embodying some of our greatest possibilities.” READ MORE ›