SANTA ANA, Calif., June 14, 2017 /PRNewswire/ -- Banc
of California, Inc. (the "Company") (NYSE: BANC) today
announced that J. Francisco A.
Turner has resigned from his roles as interim Chief
Financial Officer ("CFO") and Chief Strategy Officer. Albert J. Wang, current Chief Accounting
Officer, will assume the role of Principal Financial Officer
("PFO") as the Company continues its search for a permanent CFO
with the assistance of Korn
Ferry.
Douglas H. Bowers, President and
Chief Executive Officer, said, "I am pleased that Al, a seasoned
financial executive who has served Banc of California capably, will ensure continuity for
the bank as our PFO. The Board and I are encouraged by the progress
we have made in our previously announced search to recruit a
permanent CFO, and look forward to the completion of that process.
We are committed to building the strongest possible management team
fully aligned in our vision for the bank and its future success.
Banc of California has a strong
foundation and talented employees, and I see great potential for
the Company as we execute against our goals."
He continued, "We thank Fran for his contributions and wish him
well."
Mr. Turner has informed the Company that he intends to pursue
financial technology, venture investing and other interests.
Mr. Turner said, "It has been exciting and a pleasure to have
helped build Banc of California
from a community bank into a diverse and profitable California
Regional Bank."
Mr. Turner's decision to resign did not relate to any issues
regarding the Company's financial reporting or the integrity of the
bank's systems or controls.
In connection with his resignation, Mr. Turner entered into a
separation agreement with the Company, the terms of which will be
described in a Current Report on Form 8-K to be filed by the
Company with the Securities and Exchange Commission.
Additional Biographic Information on Albert J.
Wang
As Chief Accounting Officer for Banc of
California, Mr. Wang has been
responsible for the organization's accounting, tax and financial
reporting activities. Mr. Wang is a Certified Public Accountant
(licensed in Pennsylvania) and has
over 19 years of accounting and finance experience. He was
appointed Principal Accounting Officer of Banc of California on September
1, 2016.
Prior to joining Banc of California, Mr. Wang served in various
leadership positions with Santander
Bank, N.A. from 2011 to 2016, most recently as Chief
Accounting Officer. Mr. Wang previously held leadership positions
at PwC providing assurance and business advisory services to
depository and lending institutions.
Mr. Wang holds a Master's in Business Administration from
Temple University and a Bachelor's of
Science in Accounting from the University of
Scranton. He is a member of the American Institute of
Certified Public Accountants and the California Society of
Certified Public Accountants.
About Banc of California,
Inc.
Banc of California, Inc. (NYSE:
BANC) provides comprehensive banking services to California's diverse businesses, entrepreneurs
and communities. Banc of California operates 37 offices in California. The Company was recently
recognized by Forbes for the second straight year as one of the 100
Best Banks in America for 2017.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the "Safe-Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
necessarily subject to risk and uncertainty and actual results
could differ materially from those anticipated due to various
factors, including those set forth from time to time in the
documents filed or furnished by Banc of California, Inc. with the Securities and
Exchange Commission. You should not place undue reliance on
forward-looking statements and Banc of California, Inc. undertakes no obligation to
update any such statements to reflect circumstances or events that
occur after the date on which the forward-looking statement is
made.
Investor Relations
Inquiries:
|
Media
Inquiries:
|
Banc of California,
Inc.
|
Abernathy
MacGregor
|
Timothy Sedabres,
(855) 361-2262
|
Ian Campbell / Joe
Hixson / Kristin Cole, (213) 630-6550
|
|
idc@abmac.com /
jrh@abmac.com / kec@abmac.com
|
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SOURCE Banc of California,
Inc.