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Ex-LA Mayor Villaraigosa gets job as bank adviser

Posted: July 17, 2013 1:00 p.m.
Updated: July 17, 2013 1:00 p.m.
 

LOS ANGELES (AP) — Former Los Angeles Mayor Antonio Villaraigosa has a new position advising a fast-growing community bank on expanding its home ownership and small business loan strategy, it was announced Wednesday.

Villaraigosa has been hired as strategic adviser to Banc of California Chief Executive Steven Sugarman, the company said.

"Mayor Villaraigosa generates ideas that come from decades of public service, combined with a passion for the community," Sugarman said in a statement.

Villaraigosa left office July 1 after spending eight years as head of the nation's second-largest city. He brings a common-sense approach to helping people "achieve the California dream," the bank said in a statement.

"It's about more than lending money," Villaraigosa said in the statement. "It's about extending a hand and improving lives and creating good jobs."

The Los Angeles Times (http://lat.ms/1bmOExl ) reported the job is part-time and will allow Villaraigosa to pursue speaking engagements and a potential future run for statewide office.

Villaraigosa declined to reveal his salary or compensation structure to the paper but said the job would not be a "day-to-day proposition."

"California jobs and home ownership in California are important to me," he told the Times. "As someone who has lived here his whole life, I thought the goals of the bank are goals that are similar to my own — there was a symmetry of interests."

Banc of California changed its name on Monday from First PacTrust Bancorp, the parent company of Pacific Trust Bank.

The Irvine-based bank has been expanding rapidly in recent years and now has more than 1,000 employees, $3.2 billion in assets and handles more than 700 home loans a month.

"We've seen a loss of community banks willing to lend in major areas of Southern California with the failure of a lot of mid-sized banks," Sugarman told the Times. "We're trying to fill that void of financing small business and home ownership in those areas that really lack a free flow of credit."

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