Banc of California's shareholders delivered a pair of rebukes for the Irvine company's management.
Investors, in a nonbinding vote, soundly rejected Banc of California's executive compensation during an annual meeting Friday, according to a
The $9.6 billion-asset company's shareholders also approved of a
-
PL Capital, a big investor in Banc of California, is proposing that the Irvine company adopt majority, rather than plurality voting, for the election of directors.
May 9 -
Banc of California bulked up quickly in the aftermath of the financial crisis, first through acquisitions and now with organic growth. CEO Steven Sugarman discusses how his bank manages its exposure while preparing to cross an important regulatory threshold.
May 5 -
Banc of California in Irvine is expanding its commercial bank by starting units specializing in health care, municipals and nonprofit banking.
April 20
PL Capital, which owns almost 6% of the company, has clashed with management several times, at one point requesting that the lead director release details about Chairman and Chief Executive Steven Sugarman's involvement with an investment fund that
Banc of California didn't immediately provide a comment. John Palmer, a principal at PL Capital, was unavailable for comment.
Banc of California has grown
"In our opinion, [the company] does not go far enough in providing information relevant to analyze the company's financials," Tim Coffey, an analyst at FIG Partners, wrote in a recent note to clients. "Our primary concern with the lack of transparency is investors are unable to adequately value the riskiness of the business."
