Amerant Bancorp Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Amerant Bancorp Inc. on December 9, 2019, reporting events occurring on December 4, 2019. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the external auditor.
Material Changes
The primary material change reported is the replacement of the Company's independent auditor:
- Dismissal: PricewaterhouseCoopers LLP (PwC) was dismissed as the independent registered public accounting firm.
- Appointment: RSM US LLP (RSM) was appointed as the new independent registered public accounting firm for the fiscal year ending December 31, 2020.
- Effective Date: The change becomes effective upon the completion of PwC's procedures for the 2019 fiscal year and the subsequent filing of the Form 10-K.
Management Commentary and Risks
The Audit Committee conducted a competitive process to select the new firm. The filing explicitly states that:
- There were no disagreements with PwC regarding accounting principles, practices, or audit scope during the two most recent fiscal years or the interim period.
- There were no "reportable events" as defined by Regulation S-K during the relevant periods.
- PwC's reports for 2017 and 2018 were unqualified and did not contain adverse opinions or disclaimers.
- No consultations were held with RSM regarding accounting principles or reportable events prior to their appointment.
Investor Verification Checklist
- Verify the effective date of the auditor transition in the upcoming Form 10-K for the year ended December 31, 2019.
- Review the attached letter from PwC (Exhibit 16.1) to confirm their concurrence with the statements regarding the lack of disagreements.
- Monitor future filings for any changes in audit scope or accounting policies resulting from the transition to RSM.