whytestocks
5 years ago
News: $BANC Banc of California, Inc. Commences Tender Offer to Purchase Using Up to $75,000,000 of Cash Certain Outstanding Depositary Shares
Banc of California, Inc. (the “ Company ”) (NYSE: BANC) announced today the commencement of a cash tender offer (the “ Offer ”) to purchase using up to $75,000,000 (the “ Maximum Aggregate Purchase Amount ”) the securities listed in the table below (t...
Read the whole news Banc of California, Inc. Commences Tender Offer to Purchase Using Up to $75,000,000 of Cash Certain Outstanding Depositary Shares
LouisDesyjr
8 years ago
Problems at BANC and CEO resigned
Not sure what is going on, but there was a series of articles from Oct 18, 2016.
Banc of California Drops Amid Accusations From Short Seller
There was some 'back and forth' between the short seller and the bank, but in the end the CEO resigned and the board is doing a search for a new CEO.
Banc of California CEO Steven Sugarman Resigns
I think it is possible that the short seller may have gotten a few things wrong, but was in general on track that there were problems with the bank.
LAWSUIT FILED AGAINST BANC OF CALIFORNIA: Hagens Berman Alerts Investors in Banc of California to Securities Class Action and Lead Plaintiff Deadline
There was also a strange and very expensive deal where the bank bought naming rights to a stadium for $100 million with people related to the CEO.
Banc of California (BANC) Trades Lower After Announce SEC Probe, CEO Resignation
Hopefully, the company is now back on track with the resignation of the CEO.
As a side note, I think the board and upper management were, and probably are, a bunch of blockheads. Unless everyone was in on it and got some kind of payoff for going along, how could they have all been so stupid?
Hopefully, the activist investor highlighted in the Barron's this past weekend, will be able to take control of the place and get things running right.
Louis J. Desy Jr.
Disclosure: I own BANC common shares.
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dealerschool2006
3 years ago
