Banc of California Changes Auditors to Crowe LLP
Ticker: BANC-PF · Form: 8-K · Filed: May 20, 2024 · CIK: 1169770
| Field | Detail |
|---|---|
| Company | Banc Of California, Inc. (BANC-PF) |
| Form Type | 8-K |
| Filed Date | May 20, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.01, $2,200,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
Related Tickers: BANC
TL;DR
Banc of California swapped auditors from BDO to Crowe, effective immediately.
AI Summary
Banc of California, Inc. announced on May 14, 2024, the departure of its independent registered public accounting firm, BDO USA, LLP. The company has appointed Crowe LLP as its new independent registered public accounting firm, effective immediately. This change is not related to any disagreements with BDO USA, LLP.
Why It Matters
A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, potentially impacting investor confidence.
Risk Assessment
Risk Level: medium — Changes in accounting firms can sometimes precede or coincide with financial restatements or other material events, warranting closer scrutiny.
Key Players & Entities
- Banc of California, Inc. (company) — Registrant
- BDO USA, LLP (company) — Former independent registered public accounting firm
- Crowe LLP (company) — New independent registered public accounting firm
- May 14, 2024 (date) — Date of earliest event reported
FAQ
When was the change in independent registered public accounting firm effective?
The change was effective immediately as of May 14, 2024.
Who was Banc of California's previous independent auditor?
Banc of California's previous independent registered public accounting firm was BDO USA, LLP.
Who is Banc of California's new independent auditor?
Banc of California has appointed Crowe LLP as its new independent registered public accounting firm.
Were there any disagreements with the former auditor, BDO USA, LLP?
The filing states that there were no disagreements with BDO USA, LLP.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is May 14, 2024.
Filing Stats: 1,724 words · 7 min read · ~6 pages · Grade level 12 · Accepted 2024-05-20 16:30:32
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share BANC New York Stock Exchange
- $2,200,000 — a cash retention bonus in the amount of $2,200,000 within fifteen days of the Effective Da
Filing Documents
- banc-20240514.htm (8-K) — 48KB
- exhibit101-bocxwolffemploy.htm (EX-10.1) — 223KB
- kpmgitem401form8-kletter.htm (EX-16.1) — 3KB
- 0001628280-24-024371.txt ( ) — 486KB
- banc-20240514.xsd (EX-101.SCH) — 2KB
- banc-20240514_def.xml (EX-101.DEF) — 17KB
- banc-20240514_lab.xml (EX-101.LAB) — 28KB
- banc-20240514_pre.xml (EX-101.PRE) — 17KB
- banc-20240514_htm.xml (XML) — 4KB
01 Change in Registrant's Certifying Accountant
Item 4.01 Change in Registrant's Certifying Accountant. (a) Dismissal of Previous Independent Registered Public Accounting Firm As previously disclosed in Banc of California, Inc.'s (the "Company") 2024 proxy statement, the Audit Committee of the Board of Directors (the "Audit Committee") of the Company conducted a competitive process beginning in early 2024 to determine the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The Audit Committee invited certain independent registered public accounting firms to participate in this process and evaluated the proposals submitted by the responding firms. As a result of this process and following careful deliberation, on May 14, 2024, the Audit Committee approved the dismissal of KPMG LLP ("KPMG") as the Company's independent registered public accounting firm effective immediately. The audit reports of KPMG on the consolidated financial statements of the Company as of and for each of the two most recent fiscal years ended December 31, 2023 and December 31, 2022 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the Company's two most recent fiscal years ended December 31, 2023 and December 31, 2022 and during the subsequent interim period from January 1, 2024 through May 14, 2024, there were (i) no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures that, if not resolved to KPMG's satisfaction, would have caused KPMG to make reference to the subject matter of the disagreement in connection with their reports, and (ii) no "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K of the Securities and Exchange Commission (the "SEC"). Before filing this Current Report on Form 8-K with the SEC, the Company provided KPMG with a copy of the disclosures contained
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 10.1 Amended and Restated Employment Agreement, dated as of May 17, 2024, by and among Jared M. Wolff, Banc of California, Inc. and Banc of California 16.1 Letter from KPMG LLP to the Securities and Exchange Commission dated May 20 , 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BANC OF CALIFORNIA, INC. /s/ Ido Dotan Ido Dotan General Counsel, Chief Administrative Officer, and Corporate Secretary Date: May 20, 2024