Banc of California Announces Executive and Director Changes
Ticker: BANC-PF · Form: 8-K · Filed: Aug 29, 2024 · CIK: 1169770
| Field | Detail |
|---|---|
| Company | Banc Of California, Inc. (BANC-PF) |
| Form Type | 8-K |
| Filed Date | Aug 29, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $35,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, board-composition, governance
TL;DR
Banc of California shakes up its board and exec team, effective Aug 23.
AI Summary
Banc of California, Inc. announced changes to its board and executive team effective August 23, 2024. The filing details the departure of certain directors and officers, the election of new directors, and updates to compensatory arrangements for key executives. Specific names and financial details of these arrangements are not fully disclosed in this summary section of the filing.
Why It Matters
Changes in leadership and board composition can signal shifts in company strategy, governance, and future performance, impacting investor confidence.
Risk Assessment
Risk Level: medium — Leadership changes can introduce uncertainty regarding future strategy and execution, potentially impacting the company's stability and performance.
Key Numbers
- 04-3639825 — IRS Employer Identification No. (Company identifier)
Key Players & Entities
- BANC OF CALIFORNIA, INC. (company) — Registrant
- August 23, 2024 (date) — Effective date of reported changes
- Maryland (jurisdiction) — State of incorporation
- 001-35522 (filing_id) — SEC File Number
FAQ
What specific roles have been affected by the executive and director changes?
The filing indicates the departure of certain officers and directors, the election of new directors, and changes to compensatory arrangements for certain officers, but does not specify the exact roles in this section.
When were these changes effective?
The changes reported in this Form 8-K were effective as of August 23, 2024.
What is the company's state of incorporation?
Banc of California, Inc. is incorporated in Maryland.
What is the SEC file number for Banc of California, Inc.?
The SEC file number for Banc of California, Inc. is 001-35522.
Are the details of the new compensatory arrangements disclosed?
The filing mentions updates to compensatory arrangements of certain officers but does not provide specific financial details in the provided text.
Filing Stats: 627 words · 3 min read · ~2 pages · Grade level 12.2 · Accepted 2024-08-29 16:05:59
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share BANC New York Stock Excha
- $35,000 — h will receive a one-time cash bonus of $35,000. Mr. Krumpoch has no arrangement or u
Filing Documents
- ef20035135_8k.htm (8-K) — 29KB
- 0001140361-24-039283.txt ( ) — 205KB
- banc-20240823.xsd (EX-101.SCH) — 4KB
- banc-20240823_def.xml (EX-101.DEF) — 18KB
- banc-20240823_lab.xml (EX-101.LAB) — 27KB
- banc-20240823_pre.xml (EX-101.PRE) — 20KB
- ef20035135_8k_htm.xml (XML) — 7KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 23, 2024 , Monica Sparks notified Banc of California, Inc. (the "Company") and Banc of California (the "Bank"), a wholly owned subsidiary of the Company, of her decision to resign as Executive Vice President, Chief Accounting Officer of the Company and the Bank. Ms. Sparks will continue to serve in her current role with the Company and the Bank through September 19, 2024 to assist in the transition process. On August 27, 2024, the Company and the Bank appointed Jeffrey Krumpoch, age 68, to serve as Interim Chief Accounting Officer, effective upon Ms. Sparks's departure. Mr. Krumpoch joined the Company as Senior Vice President, Corporate Controller, after the November 30, 2023 closing of the Company's merger with PacWest Bancorp. Prior to joining the Company, Mr. Krumpoch was employed by PacWest Bancorp and its wholly owned subsidiary Pacific Western Bank since 2002, most recently serving as Corporate Controller. Mr. Krumpoch holds a Master's degree in Business Administration from Wayne State University. In connection with his appointment as Interim Chief Accounting Officer, Mr. Krumpoch will receive a one-time cash bonus of $35,000. Mr. Krumpoch has no arrangement or understanding between him and any other person required to be disclosed pursuant to Item 401(b) of Regulation S-K and has no family relationships required to be disclosed pursuant to
(d) of Regulation S-K
Item 401(d) of Regulation S-K.
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 BANC OF CALIFORNIA, INC. August 29, 2024 /s/ Ido Dotan Ido Dotan EVP, General Counsel, Chief Administrative Officer, and Corporate Secretary 2