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A community group has succeeded in forcing additional scrutiny of Banc of California's (BANC) expansion plans.
July 18 -
Banc of California (BANC) in Irvine is looking to raise $100 million by selling common stock and tangible equity units.
May 14 -
The company is suing Basswood Capital, claiming the activist hedge fund unlawfully accumulated a large stake by violating a confidentiality agreement. It also claims that Basswood's meddling resulted in a subpar capital raise last month.
June 19
Banc of California in Irvine is working to address material weaknesses in its internal controls.
The $4.4 billion-asset company disclosed in its recently quarterly filing with regulators that it has hired personnel and designed new procedures to address the problem. Banc of California said the weakness, limited to its reporting from 2013, will not require it to restate earnings.
Specifically, the company said it discovered that it "did not sufficiently complete certain account level reviews." As a result, there was a "low potential risk of material error" to the company's financial reporting. The deficiencies could have resulted in a material misstatement that could not have been detected or prevented, the filing said.
The company said it has taken several steps to address the internal control problems, including hiring new staff, designing new controls and implementing new software. Earlier this year, the company hired a chief accounting officer, controller, director of accounting policy and director of internal audit. It also appointed a new chairman for its board's audit committee.
