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Saturday, May 28, 2022

PacTrust Adds to Irvine HQ

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PacTrust Bank, subsidiary of Irvine-based First PacTrust Bancorp Inc., has expanded its headquarters space by 50% to 63,000 square feet.

The bank recently renewed its lease at the Irvine Towers office complex, where it has been since moving to Orange County from Chula Vista in March. Cost for the long-term lease is expected to total $3.3 million, according the Irvine office of brokerage Transwestern, who represented the bank in the lease.

The expansion of office space follows First PacTrust’s August acquisition of Cerritos-based Gateway Business Bank. The $15.5 million buy also added Gateway’s mortgage-lending arm, Mission Hills Mortgage Bankers, to First PacTrust’s operations.

First PacTrust has had a change in leadership recently, appointing Steven Sugarman as chief executive following the resignation of Gregory Mitchell, who has taken the chief post at First Technology Federal Credit Union in Palo Alto. First PacTrust also named Robert Franko as chief executive of its PacTrust Bank subsidiary.

The bank holding company is in a deal to purchase Los Angeles-based Private Bank of California, a buy that would boost the company’s assets to about $2.2 billion.

Pacific Trust Bank was represented by Transwestern’s David Giglio and Lori Smith in the Irvine Towers lease, made with Newport Beach-based landlord Irvine Company.

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