0001169770falseLos AngelesCalifornia00011697702025-03-042025-03-040001169770us-gaap:CommonStockMember2025-03-042025-03-040001169770us-gaap:SeriesFPreferredStockMember2025-03-042025-03-04
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 4, 2025
BANC OF CALIFORNIA, INC.
(Exact name of registrant as specified in its charter)
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001-35522 |
04-3639825 |
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(IRS Employer Identification No.) |
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| 11611 San Vicente Boulevard, Suite 500 |
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Los Angeles, California |
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90049 |
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Registrant’s telephone number, including area code: (855) 361-2262
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Common Stock, par value $0.01 per share |
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BANC |
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New York Stock Exchange |
| Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series F |
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BANC/PF |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 4, 2025, Banc of California, Inc. (the “Company”) and its wholly owned subsidiary Banc of California (the “Bank”) announced the appointment of Karen Hon, age 48, as Chief Accounting Officer of the Company and the Bank, effective as of the same date. Ms. Hon most recently served as Chief Accounting Officer of SVB at First Citizens Bank from 2023 to 2024 and previously served in various finance and accounting roles at Silicon Valley Bank since 2006, including since 2020 as Chief Accounting Officer. Prior to joining Silicon Valley Bank, Ms. Hon was an auditor at KPMG LLP. She received a bachelor’s degree in Economics and Psychology from the University of British Columbia and is a Chartered Professional Accountant.
In connection with her appointment as Chief Accounting Officer of the Company, Ms. Hon will receive an annual base salary of $425,000, which may be modified from time to time as determined by the Company’s management in its sole discretion. In addition, Ms. Hon will be eligible to receive an annual bonus and to participate in the Company’s equity incentive plan and receive long term incentive equity (“LTI”) awards on a periodic basis at the discretion of the Joint Compensation, Nominating and Governance Committee of the Company Board of Directors and the Bank Board of Directors. In connection with her appointment, Ms. Hon also became a participant in the Company’s Executive Change in Control Severance Plan.
Ms. Hon has no arrangement or understanding between her and any other person required to be disclosed pursuant to Item 401(b) of Regulation S-K. Ms. Hon also does not have any family relationships with any of the Company’s executive officers or directors required to be disclosed pursuant to Item 401(d) of Regulation S-K, nor has she engaged in any related party transaction with the Company that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Upon Ms. Hon’s appointment, she assumed the responsibilities of the Company’s principal accounting officer from Jeffrey Krumpoch, who ceased to serve as Interim Chief Accounting Officer, pending his retirement.
Item 7.01 Regulation FD Disclosure.
On March 4, 2025, the Company issued a press release with respect to Ms. Hon’s appointment. A copy of that press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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 authorized.
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| BANC OF CALIFORNIA, INC. |
| /s/ Ido Dotan |
| Ido Dotan |
| EVP, General Counsel, Chief Administrative Officer, and Corporate Secretary |
Date: March 4, 2025
EX-99.1
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exhibit991karenhon-newsrel.htm
EX-99.1
Document
Banc of California Welcomes Karen Hon as Chief Accounting Officer
Notable finance and accounting leader with more than 20 years of experience has joined one of the nation’s leading business banks
LOS ANGELES — March 4, 2025 — Banc of California, Inc. (NYSE: BANC), the parent company of wholly owned subsidiary Banc of California, announced today that Karen Hon has joined the company as Executive Vice President and Chief Accounting Officer. In this role, she oversees all accounting, controllership and financial reporting, including Sarbanes-Oxley (SOX) controls. Hon is also a member of the company’s senior management committee, helping to drive operational excellence, business process improvements and enhancements across the bank. Hon reports directly to Joe Kauder, Executive Vice President and Chief Financial Officer.
“We are so pleased to have an experienced executive like Karen join our talented team,” said Jared Wolff, President and CEO of Banc of California. “Karen is a proven leader with deep expertise in accounting as well as system integrations and process improvements. She also has led and built accounting teams at other financial institutions. Her leadership and expertise will be instrumental in driving operational excellence and process, systems and technology enhancements across the bank.”
Hon will replace Jeff Krumpoch, Executive Vice President and Interim Chief Accounting Officer, who is retiring on April 1 after 23 years of service with Banc of California, Inc. and PacWest Bancorp. The two companies merged in 2023.
“We are so thankful for the many years of service Jeff has provided,” said Wolff. “His leadership and expertise have been invaluable over the years, and we wish him well in his retirement.”
Hon has more than 20 years of experience in finance and accounting. She has significant experience in banking, having spent 17 years at Silicon Valley Bank (SVB), most recently as Chief Accounting Officer. Hon led the accounting and reporting teams, and oversaw controllership, tax, the SOX program, SEC and regulatory reporting, and technical accounting and policy. She also oversaw the finance transformation team that led data and technology initiatives that supported financial and regulatory reporting.
Prior to SVB, Hon was an auditor at KPMG. Hon received a bachelor’s degree in economics and psychology from the University of British Columbia and is a licensed Chartered Professional Accountant.
For a photo of Hon, click here (https://dam.bancofcal.com/m/66ba1476ff2ce183/original/Karen-Hon.jpg).
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $33 billion in assets and the parent company of Banc of California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small-, middle-market, and venture-backed businesses.
Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 80 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The bank also provides full-stack payment processing solutions through its subsidiary, Deepstack Technologies, and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The bank is committed to its local communities through the Banc of California Charitable Foundation, and by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. For more information, please visit us at www.bancofcal.com.
Media Contact:
Jennifer Saylors
Senior Vice President, Corporate Communications
Banc of California
213-338-8635
media@bancofcal.com
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