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BANC PR D - Banc Of California Inc News Story

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BRIEF-Banc Of California reaches cooperation agreement with Legion Partners

Tue 14th March, 2017 10:00am
March 14 (Reuters) - Banc Of California Inc  BANC.N : 
    * Banc Of California reaches cooperation agreement with 
legion partners asset management 
    * Banc Of California - agreed to expand size of board by 2 
members, conduct search in consultation with legion for 2 
additional independent directors 
    * Banc Of California - Legion Partners agreed to withdraw 
its notice of nomination, submission of a business proposal 
submitted to company on February 6 
    * Says new independent directors will be in addition to 
previous appointments of Richard Lashley and W. Kirk Wycoff 
    * Banc Of California Inc - Legion Partners and its 
affiliates beneficially own approximately 6.6% of company's 
outstanding common stock 
    * Banc Of California - says under terms of agreement, Legion 
Partners will vote its shares in support of any director 
nominated and recommended by board 
    * Banc Of California Inc - Legion Partners has also agreed 
to abide by certain customary standstill provisions 
    * Banc Of California Inc - Legion Partners also agreed to 
abide by certain customary standstill provisions 
    * Banc Of California Inc - Legion Partners will not acquire 
greater than 10% of outstanding common stock of company 
    * Banc Of California Inc - Legion Partners agreed, that it 
will not acquire greater than 10% of outstanding common stock of 
company 
    * Banc Of California - agreement will be in effect for 
period starting from signing of agreement through first day 
following co's 2017 annual meeting 
    * Banc Of California-Calstrs has withdrawn its 14A-8 
proposal regarding amending percentage of shares needed for 
shareholders to amend company's bylaws 
    * Banc Of California Inc - Calstrs not a party to agreement 
with Legion 
    * Banc Of California - Legion's proposed nominees, Marjorie 
Bowen and Roger H. Ballou, will be considered along with other 
candidates for 2 additional board seats 
 
Source text for Eikon:  ID:nPn6lDSKma  
Further company coverage:  BANC.N  
 
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