L.A. Times B2B Publishing is proud to present the list of the 50 largest banks headquartered in Southern California ranked by assets. Financial information is current as of September 30, 2023, and was provided by the Federal Deposit Insurance Corp., which regulates banks.
In November, Banc of California completed a merger with PacWest Bancorp. The combined bank operates under the Banc of California name and brand and is headquartered in Los Angeles. It now operates more than 70 branches in California, Colorado and North Carolina. As of September 30, 2023, the banks held combined assets of $46 billion. However, they sold assets worth approximately $1.9 billion as part of a balance sheet repositioning strategy in conjunction with the merger. Furthermore, Banc of California separately sold a $1.8 billion single-family residential mortgage portfolio.
On January 30, 2024, San Diego-based Southern California Bancorp, the holding company for Bank of Southern California, and Walnut Creek-based California BanCorp, the holding company for California Bank of Commerce, jointly announced the execution of a definitive merger agreement. The transaction is expected to close in the third quarter of 2024. City National Bank, which is a subsidiary of Royal Bank of Canada, leads the list with $96.8 billion in assets. Overall, the 50 largest banks headquartered in Southern California hold $415 billion in assets as of September 30. They employ more than 25,000 people and operate more than 900 branches.