CALIFORNIA BANCORP ANNOUNCES RETIREMENT OF CEO STEVEN SHELTON AND APPOINTMENT OF DAVID RAINER AS CEO

Rhea-AI Summary

California BanCorp (Nasdaq: BCAL) announced that Steven Shelton retired as Chief Executive Officer and Director, effective December 31, 2025, and will serve in an advisory role through December 31, 2026. The Company’s Board appointed David Rainer as Chief Executive Officer effective December 31, 2025; Rainer will continue serving as Chairman.

The release notes Shelton’s role in the Company’s 2024 merger and quotes Rainer highlighting the Company’s profitability and ongoing franchise progress.

Positive

• Leadership continuity: outgoing CEO to advise through Dec 31, 2026
• David Rainer already serves as Chairman, enabling faster CEO transition
• Company cites ongoing profitability and post-merger progress

Negative

• Effective Dec 31, 2025 CEO retirement creates immediate leadership change
• CEO and Chairman roles combined under David Rainer

San Diego, Calif., Jan. 07, 2026 (GLOBE NEWSWIRE) -- California BanCorp (the “Company”) (Nasdaq: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”), announces that Steven Shelton has retired from the position of Chief Executive Officer and Director of the Company and the Bank, effective as of December 31, 2025. Mr. Shelton will continue to work with the Company and Bank through December 31, 2026, in an advisory capacity. David Rainer has been appointed by the Company’s Board of Directors to serve as Chief Executive Officer, effective as of December 31, 2025, in addition to serving as the Company and Bank’s Chairman.

“On behalf of our Board of Directors and all of us at the Bank, I want to thank Steve for all he has done to help grow and develop California Bank of Commerce into a premier, statewide relationship-based banking franchise; his efforts were critical in ensuring the success of our 2024 merger and we wish him and his family all the best in his retirement,” said David Rainer, Chairman and CEO of the Company and Bank. “I am excited about the progress we have made, our profitability, and the continued success of our franchise.”

“It has been a great honor and pleasure to serve the community, the clients and the employees of California BanCorp and California Bank of Commerce,” said Mr. Shelton. “I’m proud to have played a part in building what I believe is the premier commercial banking franchise for small to medium-sized businesses in the state of California. I wish all the best for my colleagues and our clients going forward.”

ABOUT CALIFORNIA BANCORP

California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.californiabankofcommerce.com.

INVESTOR RELATIONS CONTACT
Kevin Mc Cabe
California Bank of Commerce
kmccabe@bankcbc.com
818.637.7065

FAQ

When did California BanCorp (BCAL) announce Steven Shelton's retirement?

The Company announced Steven Shelton retired as CEO and Director effective December 31, 2025.

How long will Steven Shelton remain with California BanCorp (BCAL) in an advisory role?

Steven Shelton will continue working with the Company and Bank in an advisory capacity through December 31, 2026.

Who is the new CEO of California BanCorp (BCAL) and when did the appointment take effect?

David Rainer was appointed Chief Executive Officer effective December 31, 2025 and continues as Chairman.

Does the announcement mention any recent corporate transactions for California BanCorp (BCAL)?

Yes; the notice references the Company’s 2024 merger and credits Shelton’s efforts in its success.

What did David Rainer say about California BanCorp's outlook after becoming CEO (BCAL)?

David Rainer said he is excited about the Company’s progress, profitability, and continued franchise success.