Banc of California announced Thursday that it selected Doug Bowers to serve as the bank’s new president and chief executive officer, effective May 8, 2017. Bowers will also serve on the bank’s board of directors.
Bowers brings more than 35 years of experience to the position. Most recently, Bowers served as president and chief executive officer of Square 1 Bank from 2011 until its sale to PacWest Bancorp in 2015.
From 2009 to 2011, Bowers served as a managing director of Lone Star Funds/Hudson Advisors, a leading private equity firm that invests globally in a variety of financial assets. During his tenure, Bowers co-lead the fund's bank acquisition efforts.
For the majority of his career, Bowers worked at Bank of America, spending 28 years at the bank from 1980 through 2008.
While at Bank of America, Bowers served in various roles including: head of large corporate banking for the U.S., Canada and Latin America including middle market investment banking and sports finance; specialized product executive with responsibility for seven distinct businesses generating over $3 billion in revenue and $1.4 billion in net income; president of the leasing and capital business; and president of all activity in Europe, the Middle East, and Africa.
“We are pleased to welcome Doug to Banc of California,” Robert Sznewajs, chairman of the board, said.
“The board conducted an extensive search and is confident Bowers has the right banking expertise and leadership skills to lead the company,” Sznewajs added.
“His industry experience, operational know-how and commitment to community values will be invaluable in continuing our mission,” Sznewajs continued. “Under Doug's guidance and with the assistance of our broader executive team and employees, we believe the bank is well positioned to capitalize on growth opportunities and enhance shareholder value.”
Bowers takes over at Banc of California during a time of transition, as the bank recently sold its mortgage business, Banc Home Loans, to Caliber Home Loans.
“I look forward to leading this team of talented bankers and see great opportunities for the bank as it optimizes its focus on commercial banking and continues to grow scalable products and solutions for California's businesses and entrepreneurs,” Bowers said. “I am eager to begin work with our Board, senior management and employees as we plan and execute the path forward on behalf of all of our stakeholders.”