Banc of California crafts $4.1B community lending program as it merges with PacWest

Banc of California Inc.
BANC,
-2.58%
said Tuesday it will run a $4.1 billion, three-year community lending program with Rise Economy, which was formerly called California Reinvestment Coalition (CRC). The Santa Ana, Calif.-based bank said the plan was made in connection with its merger with PacWest Bancorp
PACW,
-3.03%
that’s expected to close in late 2023 or early 2024. The $4.1 billion includes $1.45 billion for small business lending, $2.3 billion in community development lending for long-term affordable housing and $300 million in community development investments to support low-income housing. The bank will also support Community Land Trusts and the development of a strategy to support climate resiliency programs. Banc of California’s stock is down 24.3% in 2023, compared to an 11.7% increase in the S&P 500
SPX,
+0.01%.