Banc of California, a $4 billion bank based in Irvine, Calif., is the largest win for nCino Inc. since the banking technology company released its latest version of its Bank Operating System in May.
Banc of California is the third win for nCino and its Bank Operating System since May, joining VantageSouth Bank and Bank of Blue Valley. Banc of California, which has grown rapidly since 2010, is poised to expand even further. It has a pending deal to acquire 20 branches in California from Banco Popular, although the acquisition is facing some community hurdles.
Bank Operating System is a cloud-based LOS. The main upgrade to Bank Operating System in May was the addition of a central document repository, and included faster upload speeds.
Perhaps it is not just the new version of Bank Operating System that spurred Banc of California to buy the technology. Banc of California’s stock is down more than 25% over the last year. The bank now has a market capitalization of about $223 million.
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