BANC OF CALIFORNIA, INC. (NYSE:BANC) Files An 8-K Changes in Registrant’s Certifying Accountant

ME Staff 8-k
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BANC OF CALIFORNIA, INC. (NYSE:BANC) Files An 8-K Changes in Registrant’s Certifying Accountant

BANC OF CALIFORNIA, INC. (NYSE:BANC) Files An 8-K Changes in Registrant’s Certifying Accountant
ITEM 4.01. CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT

(a) Dismissal of Independent Registered Public Accounting Firm
On March 1, 2019, the joint Audit Committee (the Audit Committee) of the Board of Directors of Banc of California, Inc. (the “Company”) and Banc of California, N.A., a wholly owned subsidiary of the Company, concluded a competitive review process of independent registered public accounting firms. As a result of this process and following careful deliberation, the Audit Committee approved the dismissal of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2019. KPMG will continue to perform the Companys compliance audit conducted in accordance with the U.S. Department of Housing and Urban Development Audit Guide for the year ending December 31, 2018. Our audit-client relationship with KPMG will cease upon the issuance of their reports thereon.
During the Company’s two most recent fiscal years ended December 31, 2018 and 2017, and the subsequent interim period through March 1, 2019, there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and KPMG on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to KPMG’s satisfaction, would have caused KPMG to make reference to the subject matter of the disagreement in connection with their reports on the Companys consolidated financial statements for 2018 and 2017.
During the two most recent fiscal years ended December 31, 2018 and 2017, and the subsequent interim period through March 1, 2019, there were no “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions).
The audit reports of KPMG on the Company’s consolidated financial statements for each of the two most recent fiscal years ended December 31, 2018 and 2017 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
The Company provided KPMG with a copy of the disclosures in this Current Report on Form 8-K (this “Report”) prior to filing this Report with the Securities and Exchange Commission (the “SEC”). The Company requested that KPMG furnish it with a letter addressed to the SEC stating whether KPMG agrees with the statements made by the Company regarding KPMG in this Report and, if not, stating the respects in which it does not agree. A copy of KPMG’s letter dated March 7, 2019 to the SEC is filed as Exhibit 16.1 to this Report.
(b) Engagement of Independent Registered Public Accounting Firm
On March 1, 2019, the Audit Committee made the decision to engage Ernst Young LLP (“Ernst Young”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2019, subject to completion of Ernst Young’s standard client acceptance procedures.
During the Company’s two most recent fiscal years ended December 31, 2018 and 2017, and the subsequent interim period through March 1, 2019, neither the Company, nor anyone on its behalf, consulted with Ernst Young regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s consolidated financial statements, and neither a written report nor oral advice was provided to the Company that Ernst Young concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue, or (ii) any matter that was either the subject of a “disagreement” or a “reportable event” (as defined in Item 304(a)(1)(iv) and Item 304(a)(1)(v) of Regulation S-K and the related instructions, respectively).
BANC OF CALIFORNIA, INC. Exhibit
EX-16.1 2 ex161.htm EXHIBIT 16.1 ex161 KPMG LLP Suite 700 20 Pacifica Irvine,…
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About BANC OF CALIFORNIA, INC. (NYSE:BANC)

Banc of California, Inc. provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West. The Bank’s deposit product and service offerings include checking, savings, money market, certificates of deposit, retirement accounts, as well as online, telephone and mobile banking, automated bill payment, cash and treasury management, master demand accounts, foreign exchange, interest rate swaps, trust services, card payment services, remote and mobile deposit capture, Automated Clearing House (ACH) origination, wire transfer, direct deposit and safe deposit boxes.