Business Context and Reporting Period
This Form 8-K Current Report was filed by Banc of California, Inc. on February 23, 2023. The filing addresses a significant change in executive leadership within the Company and its subsidiary, Banc of California, N.A.
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 personnel changes and does not contain financial performance data.
Material Changes
- Departure of CFO: Lynn Hopkins, Executive Vice President and Chief Financial Officer, will step down effective March 31, 2023.
- Severance Arrangement: Subject to a General Release Agreement, Ms. Hopkins will receive severance equal to 100% of her annual base salary and 50% of her target bonus.
- Reason for Departure: The departure did not result from any disagreement with the Company.
- Interim Appointment: Raymond Rindone, currently Deputy CFO and Chief Accounting Officer, has been appointed Interim Chief Financial Officer, effective March 31, 2023.
Management Commentary and Background
Ms. Hopkins will remain in her role through March 31, 2023, to assist with the transition. Mr. Rindone brings over 25 years of experience in financial services and banking. His background includes significant roles at City National Bank (a division of Royal Bank of Canada), IndyMac Bancorp, and Platinum Capital Group, Inc. He holds a B.S. in Accounting from the University of Southern California and is a Certified Public Accountant (inactive).
Investor Verification Checklist
- Verify the exact date of Ms. Hopkins' departure (March 31, 2023) and the commencement of Mr. Rindone's interim role.
- Confirm the specific terms of the General Release Agreement required for Ms. Hopkins' severance package.
- Monitor future filings for the appointment of a permanent Chief Financial Officer.
- Review the attached Press Release (Exhibit 99.1) for any additional details on the transition plan.