Banc of California has secured approval from the Office of the Comptroller of the Currency to launch its new trust division in the first quarter of 2016.
The trust unit will offer a range of services to family, charitable, corporate and institutional trust clients including trust accounts, fiduciary management and enhanced deposit products.
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The new division will be led by Steven Canup, who has been named as managing director for fiduciary services.
Prior to joining Banc of Caloifornia, Canup worked as president at NewBridge Capital & Trust.
Earlier to this, he also worked with B. Riley & Co. as managing director and head of the financial institutions group and also held senior roles at FIG Partners, Concordia Financial Services, Aames Investment Corporation and East West Bank
Banc of California CSO J Francisco Turner said: "We see a meaningful deposit opportunity through the launch of the Trust Division, which enables us to serve the holistic needs of our clients by empowering them to achieve their own California dream.
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By GlobalData"Additionally, we are excited to have Steven join the Banc of California team to lead the launch of our Trust Division as his broad and deep expertise in financial services is an ideal fit for our entrepreneurial culture."
