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?

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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 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 BANC ringleader Steven Sugarman bears too many uncanny resemblances to Barry Minkow for my comfort, including behavior sharply inconsistent with the books they author
Sources	Banc of California website PL Capital's 13D Amendment Exhibit to PL Capital's 13D Exhibit to PL Capital's 13D Amendment Pearl Meyer & Partners Report Article by Ron Kaye L.A. SNL Financial Confidential interviews with shareholders