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Banc of California's mortgage biz sale, strategy shift may lower takeout value

Amid the latest developments at Banc of California Inc., the company filed its long-delayed Form 10-Q for the third quarter of 2016 and announced its decision to sell its mortgage platform.

The Irvine, Calif.-based company attributed the delay to an "inadequate tone at the top." The company said top-level decisions did not adequately reflect the importance of internal control over financial reporting and left the company open to material weakness, though the company found it had made no ma

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