With the acquisition of First Regional, First-Citizens will expand its $18.5-billion portfolio, adding $2.2 billion in assets from its new Los Angeles holdings, said Barbara Thompson, a spokeswoman for First-Citizens.
First Regional clients can continue making transactions and managing accounts through the new owner, which is now running the firm’s branches, officials said.
Workers at the bank’s Glendale branch assured customers that their money was safe and would not be affected by the failure of First Regional.
A contentious initiative that would require public utilities to secure voter approval before proceeding with some infrastructure or expansion plans has qualified for the June ballot, according to California’s secretary of state.
If approved, the measure would require public utilities to obtain two-thirds voter approval in their coverage areas before they can make decisions that would result in higher bills for ratepayers, according to the initiative.
But while the Taxpayers Right to Vote Act has been couched as an effort to give residents more control over publicly owned utilities and their expenses, it would likely create insurmountable obstacles for some providers, utility officials said.
It could also give private utilities the upper hand, because public providers will have increased difficulty in establishing themselves or competing in areas served by investor-owned firms, officials said.
The initiative campaign has been funded entirely by San Francisco-based Pacific Gas & Electric, a private utility that has spent $6.5 million in support of the measure, according to state records.
An opposition campaign has raised less than $20,000 so far, according to state records.