Banc of California has opened a new private banking division aimed squarely at the region's wealthiest residents, rolling out dedicated bankers, premium deposit accounts and custom lending for high-net-worth individuals, family offices, business owners and executives. The bank says the service, which launched Oct. 20, extends decades of commercial banking relationships into the personal financial lives of its richest clients.
A High-Touch Pitch for High-Net-Worth Clients
According to a news release from Banc of California, the new Private Banking service gives clients direct access to dedicated Private Bankers and Private Client Service Managers, along with digital banking tools, treasury resources and customized lending options. The offering bundles premium deposit accounts, personal lending and lines of credit, plus treasury solutions, all tailored for wealthy individuals and the family offices that manage their money.
The group is led by Aaron Houpis, who serves as executive vice president and managing director of Specialty Deposits and Private Banking, a title confirmed by the Los Angeles Times. In the bank's announcement, Houpis said the team built the service around direct feedback from clients and wealth managers. “We designed a high-touch solution with input from clients and wealth managers who felt there was a gap in the market on the personal side,” he said.
Jared Wolff, chairman and chief executive of Banc of California, framed the launch as filling that same gap with modern tools. He said the team will deliver a high-touch, tech-forward banking experience designed to meet that void, according to the bank's own statement. The move builds on what the bank describes as more than 85 years of serving businesses, now extended into clients' personal financial needs — a strategy the Times reports is meant to tie together personal and business banking relationships under one roof.
A Crowded Field in Southern California
Banc of California isn't the only institution betting on Los Angeles wealth. City National Bank expanded its private banking team across Los Angeles, Orange County and the Bay Area in August, adding 10 experienced private bankers, according to a City National Bank press release. Those new hires serve clients in Beverly Hills, Manhattan Beach, Irvine, Ontario, San Francisco, Montecito and Westlake Village, and they report to Stephen M. Sherline, co-head of City National Private Bank and head of the Western Region.
City National says its expansion is meant to reach high-net-worth and ultra-high-net-worth individuals, multigenerational families, business owners and nonprofit leaders. The competition underscores a simple fact: Los Angeles is a hub of both established and emerging personal wealth, and banks are racing to claim a piece of it.
An Industry on the Upswing
The broader private banking sector has been growing briskly. Industry-wide revenue climbed at a compound annual growth rate of 7.5% over the past five years, reaching $128.7 billion, according to market research firm IBISWorld. The same report projected a 6.0% revenue jump for 2026 alone, with industry profit making up 41.8% of revenue this year. IBISWorld defines the private banking services industry as institutions managing wealth for clients with more than $1 million in investable assets — the same bracket Banc of California and its rivals are now courting.
Banc of California's own size has been described differently across its recent disclosures. The bank's October launch announcement describes it as a bank holding company with over $34 billion in assets, while the Los Angeles Business Journal describes it as a $34 billion regional bank. The bank operates 77 full-service branches across California and in Denver, Colorado, and Durham, North Carolina, per its release.
As with any private banking product, access isn't automatic. Banc of California states on its website that private banking products and relationship benefits are subject to eligibility standards, and that all credit offers require credit approval.
