Banc of California, Inc. (NYSE: BANC) has announced the appointment of Karen Hon as the Executive Vice President and Chief Accounting Officer. Hon brings with her more than 20 years of experience in finance and accounting, with a notable tenure at Silicon Valley Bank (SVB), where she served as the Chief Accounting Officer.
In her new role, Hon will be responsible for overseeing all accounting, controllership, and financial reporting, including Sarbanes-Oxley (SOX) controls at Banc of California. She will also be a key member of the company's senior management committee, working alongside Joe Kauder, the Executive Vice President and Chief Financial Officer, to drive operational excellence and business process improvements across the bank.
Hon's appointment comes as Jeff Krumpoch, the interim Chief Accounting Officer, is set to retire on April 1 after 23 years of service with Banc of California, Inc. and PacWest Bancorp, following their merger in 2023.
With her extensive background in banking and finance, Hon is expected to play a pivotal role in leading operational excellence and driving process, systems, and technology enhancements across Banc of California, Inc.
Banc of California, Inc. is a bank holding company with over $33 billion in assets and is the parent company of Banc of California, one of the nation’s premier relationship-based business banks. The bank provides banking and treasury management services to small-, middle-market, and venture-backed businesses, with 80 full-service branches located throughout California and in other states. Additionally, the bank offers full-stack payment processing solutions through its subsidiary, DeepStack Technologies, and serves the community association management industry nationwide with its technology-forward platform, Smartstreet™. The market has reacted to these announcements by moving the company's shares -0.5% to a price of $14.58. If you want to know more, read the company's complete 8-K report here.
