Investor group PL Capital Advisors LLC updated its stake in Banc of California Inc. to reflect aggregate beneficial ownership of 3,427,219 shares, or a 6.9% stake based on the company's 49,563,203 outstanding common shares as of July 28.

The amended schedule 13D also indicated that the group submitted Richard Lashley and Thomas O'Neill as nominees for election to the board. The company agreed to consider the two for inclusion in the proxy statement for the 2017 annual shareholders meeting.

The filing also indicated that the group has been in discussions with the company over issues such as corporate governance, capital management, transparency and executive compensation plans. The group stated that it plans to assert its stockholder rights when needed.

The group previously reported a 6.7% stake.