California Bancorp Stock Price, News & Analysis

Southern California Bancorp (OTC Pink: BCAL) reported a 45.9% increase in net income for Q3 2021, reaching $3.5 million. Net organic loans rose 11.8% to $1.1 billion. Total assets grew to $1.8 billion, with deposits at $1.6 billion. The bank successfully completed the acquisition of Bank of Santa Clarita and opened new branches in Los Angeles County, enhancing its market presence. Despite a slight decline in net interest margin to 3.67%, the bank remains well-capitalized and managed to maintain low nonperforming assets at 0.04% of total assets.

Southern California Bancorp announced the completion of its acquisition of Bank of Santa Clarita effective October 1, 2021. The merger creates a combined entity with $2.2 billion in assets, bolstering its presence in the Northern Los Angeles County market. The acquisition is expected to enhance earnings for both 2021 and 2022. Shareholders of Bank of Santa Clarita will receive approximately $64.6 million in stock, representing 23% of the new entity. Notably, Frank Di Tomaso will join the board, bringing over 40 years of banking experience.

Bank of Southern California (OTC Pink: BCAL) has appointed Nicole Swain as Executive Vice President and President of Private Banking. Swain, with over 30 years of experience, previously served as Chief Banking Officer at First Choice Bank, where she helped grow assets from approximately $380 million to over $2 billion. Her role will focus on developing high net worth banking relationships and leading the new Private Banking Group. This strategic appointment aims to enhance the bank's presence and service offerings across Southern California.

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Bank of Southern California (OTC Pink: BCAL) announced the appointment of Ross Macdonald as Senior Vice President, Commercial Lending Regional Manager in Orange County. Based in Irvine, Macdonald brings 17 years of banking experience, mostly in commercial banking, where he previously led a team focused on middle-market companies. His educational background includes a bachelor's degree from UCLA and an MBA from Pepperdine University. The bank aims to leverage his expertise to enhance its client base in the region.

Bank of Southern California (OTC Pink: BCAL) has announced the opening of a new full-service branch in Westlake Village, Ventura County, aimed at meeting the growing demand for banking services in the area. The branch, located at 875 S. Westlake Blvd., is managed by Bill Sloan, with Shelley Gibson and Daniel Quick serving as Senior Vice Presidents and Relationship Managers. The expansion is intended to enhance the bank's presence and serve businesses in Ventura County that are currently underserved by larger banks.

Bank of Southern California (OTC Pink: BCAL) announces the appointment of Elizabeth Swift as Senior Vice President, Commercial Real Estate Lender. Based in San Diego, she will manage a portfolio as part of the commercial banking team. With over 15 years of experience, Swift previously served as Vice President at Bank of Marin. Her academic credentials include a bachelor’s degree from the University of Virginia and a master’s and Ph.D. from the University of New Mexico. This hire aims to enhance the bank's growth and service delivery in the San Diego region.

Southern California Bancorp (OTC Pink: BCAL) announced management participation in the KBW Community Bank Investor Conference on August 4-5, 2021. Key figures, David Rainer (Chairman, President, CEO) and Thomas Dolan (EVP, CFO), will represent the company. The corporate investor presentation will be accessible on the Company's website at banksocal.com. Established in 2001, the Bank of Southern California offers diverse financial solutions, emphasizing a relationship-based approach. It operates branches across multiple California counties.

Southern California Bancorp (OTC Pink: BCAL) reported second-quarter 2021 results with total assets of $1.8 billion, a 12.6% increase from 2020. Total deposits rose to $1.6 billion, up 30.7% year-over-year. The Bank achieved net income of $2.4 million, improving from $1.4 million in Q1 2021, despite nonrecurring expenses. A net interest margin of 3.72% was reported, alongside significant organic loan growth. The Company announced the acquisition of Bank of Santa Clarita, aiming to enhance its footprint in northern Los Angeles, with expected closing in Q4 2021, pending shareholder approval.