California Bancorp Stock Price, News & Analysis

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.

Southern California Bancorp (OTC Pink: BCAL) has appointed David I. Rainer as the new President and CEO, succeeding Nathan Rogge. Rainer brings over 40 years of banking experience, and under Rogge's leadership, the Bank grew from $50 million to $1.7 billion in assets. The transition aims to enhance the Bank's commercial strategy, supported by recent acquisitions like Bank of Santa Clarita to expand its market presence in Northern Los Angeles County. Rogge expressed confidence in the Bank's future, leaving behind a strong team to continue its mission.

Bank of Southern California (OTC Pink: BCAL) has appointed Christopher D. Maggio as Senior Vice President, Credit Team Manager. This new role focuses on the credit process and overall quality of the loan portfolio in the San Diego and Coachella Valley regions. Maggio brings 38 years of commercial finance expertise, previously serving as Senior Vice President, Senior Credit Administrator at American Business Bank. According to CEO Nathan Rogge, Maggio's extensive experience will significantly support the bank's transition to a commercial banking model.

Bank of Southern California (OTC Pink: BCAL) announced it has funded $748.5 million in Paycheck Protection Program (PPP) loans, aiding 4,754 small businesses impacted by COVID-19. This includes $252 million from the latest funding round, benefiting over 1,900 businesses. As an SBA Preferred Lender, the bank helped many applicants across Southern California. Currently, the focus is shifting towards assisting customers in applying for loan forgiveness through their secure online portal.

Southern California Bancorp (OTC Pink: BCAL) announces participation in the D.A. Davidson 23rd Annual Financial Institutions Virtual Conference on May 5-6, 2021. Key executives including David Rainer, Nathan Rogge, and Thomas Dolan will represent the company. A corporate investor presentation is available on their website. The Bank of Southern California, established in 2001, provides various financial products to individuals and businesses across Southern California, emphasizing a relationship-based approach to banking.

Southern California Bancorp (OTC Pink: BCAL) reported strong first-quarter 2021 results. Total loans rose to $1.4 billion, a 14.8% increase from the previous quarter, driven by $229 million in Paycheck Protection Program (PPP) originations. Non-PPP loans also grew to $903.6 million, up 9.2%. Total assets increased to $1.7 billion, with deposits up 21.6% to $1.5 billion. The bank announced the acquisition of Bank of Santa Clarita, expanding its footprint. Credit quality remained strong with nonperforming assets at 0.05%.

Southern California Bancorp (BCAL) has signed a definitive merger agreement to acquire Bank of Santa Clarita (BSCA). This merger will combine their operations, resulting in pro forma total assets of approximately $2.0 billion. The transaction, valued at $56.2 million, will allow BSCA shareholders to receive 1 share of BCAL stock for each share of BSCA. The merger is expected to close in Q3 2021, pending regulatory approvals. The acquisition aligns with Southern California Bancorp's growth strategy, enhancing its commercial banking model in the Santa Clarita area.