Banc of California, Irvine, CA (BANC)

A Case of Sticking it to the "Sugar" Man

What more can I say about Steven Sugarman's slippery hands in the Banc of California cookie jar than PL Capital already has in recent 13D filings? Isn't it high time these Scoundrels stop sweetening their salaries and start "Cleaning Up" like Sugarman's apparent doppelgänger and hero Barry Minkow's purporting to do?

Disclosure: As of this posting, I own shares of BANC and may subsequently either dispose of them or purchase more.

Prospective Buyers
City National Corp, Los Angeles, CA (CYN)
PacWest Bancorp, Los Angeles, CA (PACW)
Zions Bancorp, Salt Lake City, UT (ZION)
Financial Snapshot
(as of 03/31/2014)

Total assets:
$4B
Tangible book value per share:
$9.94
NPAs to assets:
0.81%
Price to book:
89.3%
Market cap:
$291.8M
Dividend yield:
4.4%
Trailing 12-month return on assets:
0.0%
Trailing 12-month return on equity:
-0.03%
TARP:
$0M*
*Redeemed $19.3M 12/15/2010
Scoundrels
Steven A Sugarman, Chairman, President and CEO
Chad T Brownstein, Vice Chairman
Ronald J Nicolas, Executive VP and CFO
Red Flags
These Scoundrels have crushed tangible book value at BANC like a stale cookie from $18.47 in 2009 to today's crummy $9.94

Decline in TBV per Share at Banc of California

BANC officers are compensating themselves like kids on a sugar high at a rate running almost seven times the national average and performance of banks like Royal Financial, for the "service" of producing over $2M in losses

Bank Board of Director Compensation vs Reported Profits 2013 RYFL, BANC, national average
BANC ringleader Steven Sugarman bears too many uncanny resemblances to Barry Minkow for my comfort, including behavior sharply inconsistent with the books they author

Books on Corporate Fraud by Authors Steven Sugarman and Barry Minkow


Sources

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