Welcome to our dedicated page for California Bancorp news (Ticker: BCAL), a resource for investors and traders seeking the latest updates and insights on California Bancorp stock.
California BanCorp (NASDAQ: BCAL) is a San Diego, California-based bank holding company for California Bank of Commerce, N.A., a national banking association established in 2001. Through 14 branch offices and four loan production offices serving California, the Bank focuses on commercial banking for individuals, professionals, and small to medium-sized businesses, using a solutions-driven, relationship-based approach to banking.
This news page aggregates company announcements and market updates related to California BanCorp and its banking subsidiary. Readers can follow earnings releases that detail quarterly net income, net interest margin, loan and deposit trends, credit quality metrics, and capital ratios. These releases also discuss strategic themes such as derisking the consolidated balance sheet, reducing reliance on brokered deposits, and building a statewide commercial banking franchise.
In addition to financial results, the news flow includes updates on corporate actions and governance, such as the completion and integration of a merger of equals, changes in executive leadership, Board-level developments, and the introduction or expansion of capital management tools like share repurchase programs and cash dividends. The Bank also issues news on key personnel appointments, including roles in operations and specialty areas such as public sector banking, which reflect its focus on serving a broad range of California clients.
Investors, analysts, and clients can use this page to review the Company’s public communications over time, including how management describes its strategy, franchise footprint in Northern and Southern California, and progress in executing its relationship-based commercial banking model.
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.
Southern California Bancorp (OTC Pink: BCAL) and Friendly Hills Bank (OTCBB: FHLB) announced a definitive agreement for the acquisition of three Bank of Southern California branches located in Orange, Redlands, and Santa Fe Springs, California. This strategic move aligns with the banks' commercial banking model, accommodating a consumer-focused approach. The transaction awaits shareholder and regulatory approvals, with an anticipated close in Q3 2021. D.A. Davidson & Co. and Piper Sandler & Co. acted as financial advisors for the respective banks.
Bank of Southern California (OTC Pink: BCAL) reported that as of March 31, 2021, it has funded $229 million in Paycheck Protection Program (PPP) loans, aiding 1,578 small businesses affected by COVID-19. As a Preferred Lender with the SBA, the bank financed $7 million in First Draw loans and $222 million in Second Draw loans, exceeding the performance of larger institutions. Notably, every qualified customer received a PPP loan, including support for small businesses in low and moderate-income areas. The bank continues to process PPP applications until May 31, 2021.
Bank of Southern California (OTC Pink: BCAL) has opened a new branch in West Los Angeles, part of its strategic expansion in the region. Located at 1640 S. Sepulveda, Ste. 130, the branch will be staffed by experienced bankers focused on business and high-net-worth clients. Key appointments include Maureen Boggs and Laurie Kasper as Senior Vice Presidents, specializing in Commercial Real Estate and Commercial/Industrial lending, respectively. This office aims to enhance customer service in the greater Los Angeles area, reinforcing the bank's commitment to local businesses and residents.
Bank of Southern California (OTC Pink: BCAL) announces the appointment of Alice N. Zandpour as Senior Vice President, Director of Human Resources. With over 20 years of HR experience in financial services, she will oversee workforce planning, employee relations, and more. Previously, she served at GBC International Bank and has a degree from the University of Phoenix. COO Tony DiVita expressed excitement about her joining, emphasizing her potential to strengthen the company culture and enhance employee engagement in line with future growth.
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