SEC Filing Summary: BBCN Bancorp, Inc. (8-K)
Business Context and Reporting Period
This Form 8-K was filed by BBCN Bancorp, Inc. on March 15, 2012. The report discloses a change in the company's independent registered public accounting firm effective as of the filing date.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current event disclosure and does not contain financial statement data.
Material Changes
- Accountant Change: The company engaged KPMG LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2012.
- Dismissal of Prior Firm: Crowe Horwath LLP was dismissed as the prior audit firm.
- Reason for Change: The change followed a competitive request for proposal process by the Audit Committee. It was not due to any dissatisfaction with the quality of services rendered by Crowe Horwath.
- Historical Context: Crowe Horwath audited the former Nara Bancorp, Inc., while KPMG audited the former Center Financial Corporation.
Guidance, Risks, and Contingencies
- Disagreements: There were no disagreements between the company and Crowe Horwath in the fiscal years ended December 31, 2011 and 2010, regarding accounting principles, financial statement disclosure, or auditing scope.
- Audit Opinions: Audit reports for 2010 and 2011 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Consultations: The company did not consult with KPMG prior to March 15, 2012, regarding accounting principles, audit opinions, or matters subject to disagreement.
Key Facts for Investor Verification
- Verify the effective date of the new auditor engagement (March 15, 2012).
- Confirm the absence of any reportable events or disagreements with the former auditor, Crowe Horwath LLP.
- Review the letter from Crowe Horwath (Exhibit 16.1) included in the filing for their response to the disclosure.
- Note that this filing does not contain financial performance data; refer to the most recent 10-K or 10-Q for financial metrics.