IRVINE, Calif., Nov. 16, 2016 /PRNewswire/ -- Banc of
California, Inc. (NYSE: BANC),
today announced that its Board of Directors has declared quarterly
preferred stock dividends, has adopted a bylaw amendment to extend
the time period for proposals for the Company's 2017 annual meeting
and that the Company has delayed the filing of its third quarter
2016 10-Q.
Quarterly Preferred Stock Dividend. The Company announced that
its Board of Directors declared a dividend of $0.50 per depository share on the Company's 8.00%
Series C Non-Cumulative Perpetual Preferred Stock. The dividend
will be payable on December 15, 2016
to holders of record as of December 1,
2016. The Series C depositary shares are traded on the New
York Stock Exchange under the "BANC PRC" symbol.
The Board of Directors also declared a quarterly dividend of
$0.460938 per depository share on the
Company's 7.375% Series D Non-Cumulative Perpetual Preferred Stock.
The dividend will be payable on December 15,
2016 to holders of record as of December 1, 2016. The Series D depositary shares
are traded on the New York Stock Exchange under the "BANC PRD"
symbol.
The Board of Directors also declared a quarterly dividend of
$0.4375 per depository share on the
Company's 7.00% Series E Non-Cumulative Perpetual Preferred Stock.
The dividend will be payable on December 15,
2016 to holders of record as of December 1, 2016. The Series E depositary shares
are traded on the New York Stock Exchange under the "BANC PRE"
symbol.
Bylaw Amendment. The Company announced that its Board of
Directors amended the Company's bylaws to extend the period of time
by 30 days that stockholders may submit proposals to be presented
in connection with the 2017 annual meeting of stockholders,
including any nomination or proposal relating to the nomination of
a director to be elected to the Board.
This amendment was considered and approved by the Board in
response to stockholder feedback requesting additional time to
evaluate information or updates, if any, relating to the Company's
filing of its Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 2016 (the "third
quarter 2016 10-Q").
Delay of Filing of Third Quarter 2016 10-Q. As previously
disclosed, the Company is delaying the filing of its third quarter
2016 10-Q to allow for completion of a review into certain
purported improper relationships and related party transactions and
related matters.
Due to this delay, on November 15,
2016, the Company received a notice from the New York Stock
Exchange (the "NYSE") notifying the Company of its failure to meet
a NYSE listing standard resulting from the Company's inability to
timely file its third quarter 2016 10-Q, as provided by Rule
802.01E of the NYSE Listed Company Manual. Such notices are
routinely issued by the NYSE in situations when there are late
filings with the Securities and Exchange Commission ("SEC").
Under the NYSE Listed Company Manual, the Company will have six
months, from November 14, 2016, to
file the third quarter 2016 10-Q with the SEC. The Company can
regain compliance with the NYSE listing standards at any time
during this six-month period once it files the third quarter 2016
10-Q with the SEC. If the Company fails to file the third quarter
2016 10-Q within such six-month period, the NYSE may grant, in its
discretion, a further extension of up to an additional six months
depending on specific circumstances as outlined in the rule. The
Company currently expects to file the third quarter 2016 10-Q with
the SEC within the applicable cure periods.
About Banc of California,
Inc.
Banc of California,
Inc. (NYSE: BANC) provides comprehensive banking services to
California's diverse businesses,
entrepreneurs and communities. Banc of California operates over 100 offices in
California and the West.
Forward-Looking Statements
This press release includes
forward-looking statements within the meaning of the "Safe-Harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are necessarily subject to risk and uncertainty
and actual results could differ materially from those anticipated
due to various factors, including the results of the ongoing review
described herein and the Company's inability to complete the work
required to file the third quarter 2016 10-Q in the time frame that
is currently anticipated, as well as including those set forth from
time to time in the documents filed or furnished by Banc of
California, Inc. with the
Securities and Exchange Commission. You should not place undue
reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to
update any such statements to reflect circumstances or events that
occur after the date on which the forward-looking statement is
made.
Investor Relations
Inquiries:
|
Media
Inquiries:
|
Banc of California,
Inc.
|
Vectis
Strategies
|
Timothy Sedabres,
(855) 361-2262
|
David Herbst, (213)
973-4113 x101
|
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SOURCE Banc of California,
Inc.