Southern California Bancorp and California BanCorp Complete Merger of Equals, Forming New Financial Powerhouse

Published / Modified Jul 31 2024
CSIMarket Team / CSIMarket.com

Breaking News: Southern California Bancorp and California BanCorp Successfully Complete Historic Merger

SAN DIEGO and OAKLAND, Calif., July 31, 2024 ? In a significant move for the Californian banking landscape, Southern California Bancorp (NASDAQ: BCAL) and California BanCorp have successfully closed their highly anticipated merger of equals.
Effective today, California BanCorp has officially merged with and into Southern California Bancorp, while California Bank of Commerce has combined with Bank of Southern California, N.A.

With this landmark merger, the newly formed holding company will operate under the California BanCorp name, and the consolidated bank will operate as California Bank of Commerce, N.A.
This strategic alignment aims to enhance customer service, broaden product offerings, and improve operational efficiencies for both institutions.

The newly combined entity will trade on the Nasdaq Capital Market under the symbol BCAL.
Southern California Bancorp stated that it expects this merger will help strengthen its market position in the competitive banking sector and create additional value for shareholders.

The newly established banking powerhouse will continue to operate its branches and online banking services, spanning across California, with an expanded service footprint and an anticipated increase in resources dedicated to innovative banking solutions.

No details were disclosed on the financial terms of the merger or how many shares are outstanding.
Market response to the merger is anticipated with much interest as the company moves forward in this new chapter.

This merger signifies a transformative moment in California's financial services industry as both institutions aim to leverage their combined strengths to better serve clients and communities across the state.
Further information regarding the operational integration and future strategic plans will be released in the coming weeks.