Banc of California in Irvine is looking for a new chief financial officer, after Ronald Nicolas announced his resignation.

Nicolas will leave the $6.4 billion-asset company Nov. 15, then serve as a consultant for five months. 

Steven Sugarman, Banc of California's chairman and chief executive, said in an emailed statement that he is "pleased to be able to continue working with Ron through March of next year to ensure a smooth and orderly transition."

Earlier this month, Nathan Duda resigned as Banc of California's chief accounting officer and was replaced by James McKinney.

Nicolas, who was 56 at the time of Banc of California's Apr. 17 proxy statement, had been CFO since November 2012. Before joining Banc of California in 2012, Nicolas had been CFO at Carrington Holding.

Banc of California will conduct a search of internal and external candidates to replace Nicolas, the company said in a regulatory filing. Banc of California did not indicate if it has appointed an interim CFO.

Per the separation agreement, Nicolas will receive $750,000 in cash following his resignation, a $250,000 consulting fee and a health insurance subsidy during his consulting period.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.