Insider Filing: Lashley Reports Gift of 29,825 BANC Shares, Large Indirect Holdings Remain
Rhea-AI Filing Summary
Richard J. Lashley, a director of Banc of California, Inc. (BANC), reported transactions on 09/17/2025. He disposed of 29,825 common shares as a bona fide gift to his spouse, leaving him with 35,708 shares held directly. He also reports substantial indirect holdings: 668,939 shares via Goodbody/PL Capital, L.P. and 2,280,280 shares via PL Capital, LLC, plus 10,000 shares in a ROTH IRA and 10,000 depositary shares of Series F preferred via Goodbody/PL Capital entities. The filing disclaims beneficial ownership except to the extent of pecuniary interest.
Positive
- Significant indirect ownership reported 2.9 million common shares), indicating continued economic alignment with shareholders
Negative
- Direct holdings were reduced by 29,825 common shares via a gift to spouse, lowering direct ownership to 35,708 shares
Insights
TL;DR: Director made a personal gift but retains large indirect stakes through investment vehicles.
The disclosed gift of 29,825 common shares to the reporting person’s spouse is a routine, non-sale transfer and does not indicate cashing out by management. More materially, the director continues to hold sizeable indirect positions—over 2.9 million common shares aggregated across two investment vehicles—suggesting alignment with shareholder interests. The disclosure properly clarifies the structure of indirect holdings and includes standard disclaimers of non-beneficial ownership beyond pecuniary interest.
TL;DR: Small direct disposition via gift; majority of economic exposure remains with the reporting person through funds.
The transaction code indicates a gift, priced at $0.00, reducing direct holdings to 35,708 shares. Indirect holdings reported—668,939 and 2,280,280 shares—constitute the bulk of reported exposure and are held through entities where the reporting person is a 50% owner and managing member. From an investor perspective, the net economic exposure appears largely unchanged despite the direct transfer.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Common Stock | 29,825 | $0.00 | $0.00 |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Depositary Shares of Series F Preferred Stock | -- | -- | -- |
Footnotes (3)
- F1. Represents a bona fide gift for no consideration from the Reporting Person to his spouse.
- F2. Goodbody/PL Capital, LLC is a Delaware limited liability company and the sole General Partner of Goodbody/PL Capital, L.P., a Delaware limited partnership. The Reporting Person is the holder of a 50% equity interest in, and one of two Managing Members of, Goodbody/PL Capital, LLC. He reports all shares held by the limited partnership as it is impractical to determine his proportionate interest in such limited partnerships, which may include interests he holds as a direct or indirect limited partner. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
- F3. PL Capital, LLC is a Delaware limited liability company and the sole General Partner of Financial Edge Fund, L.P., Financial Edge-Strategic Fund, L.P., PL Capital Plus Fund, L.P., and PL Capital/Focused Fund, L.P., each a Delaware limited partnership. The Reporting Person is the holder of a 50% equity interest in, and one of two Managing Members of, PL Capital, LLC. He reports all shares held by the limited partnerships as it is impractical to determine his proportionate interest in such limited partnerships, which may include interests he holds as a direct or indirect limited partner. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
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