Banc of California, the publicly traded consumer bank based in Irvine, Calif., is working with Abernathy MacGregor through the exit of its CEO and investor pressure to explore options including a sale.
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Trouble started last year on reports, started by a blog and followed up by major media, of the bank's ties to disgraced financier Jason Galanis and shareholder pressure that the bank's investigation of the matter was not independent of its board.
The scandal led to delayed earnings and a broader investigation that led to the resignation of its CEO.
The company said this week that an October 18 press release that claimed an independent investigation took place "contained inaccurate statements." The bank said the SEC has issued a formal order of investigation and subpoena primarily related to the press release.
The crisis has led to calls for reform from large shareholders like CalSTRS.
Ian Campbell, vice chairman who heads Abernathy MacGregor's Los Angeles office, leads the Banc of California account.
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