Former president Bill Clinton will keynote Banc of California’s financial literacy event on Nov. 9 at USC’s Galen Center. The event sponsored by the Irvine bank will provide personal finance training to 5,000 “at-risk” young people from the area.
It’s a public relations coup for the bank, which earlier this year had a run-in with the California Reinvestment Coalition, an activist group that had opposed the bank’s planned purchase of 20 Popular Community Bank branches in Los Angeles and Orange Counties, in July.
Puerto Rico-based Popular Community Bank, which formerly went by Banco Popular, served many low-income customers, and the activist group was not satisfied that Banc of California would do enough to serve low-income customers. The bank announced extensive community reinvestment plans in September, which appeased the CRC.
Former Los Angeles mayor Antonio Villaraigosa, an adviser to Banc of California, will lead the financial literacy training alongside Steve Sugarman, the bank’s chief executive. Financial literacy events are a common part of banks’ community service programs.
“Banc of California recognizes President Clinton and the Clinton Foundation for their commitment to expand financial opportunities for youth across America,” Sugarman said in a press release announcing Clinton’s keynote. “Banc of California is proud to commit its resources to improving the financial literacy of at-risk youth throughout California.”
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