California Bancorp Stock Price, News & Analysis

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.

Bank of Southern California (OTC Pink: BCAL) has appointed Jeffery T. Hurtik as Executive Vice President and Chief Information Officer. Hurtik will spearhead the bank’s technology strategy and digital banking solutions. With over 30 years of experience in financial services, he aims to drive innovation and support the bank's aggressive growth strategy. Nathan Rogge, President and CEO, expressed optimism about Hurtik's leadership abilities, noting his extensive background in technology transformation within the banking sector.

Southern California Bancorp (OTC Pink: BCAL) reported its 2020 financial results reflecting transformative growth, primarily due to the acquisition of CalWest Bancorp. The Company achieved a record revenue of $48.2 million, with total assets rising to $1.6 billion, an increase of $749 million from 2019. Despite significant loan origination of $558 million in PPP loans, net income dropped to $4.7 million or $0.48 per share, largely due to nonrecurring expenses. The Company maintained a strong capital position, with nonperforming assets at a low 0.06% of total assets.

Bank of Southern California (OTC Pink: BCAL) announces the opening of its first full-service branch in Encino, marking its expansion in the Los Angeles region. Located temporarily at 16255 Ventura Blvd., the bank plans to secure a permanent site by spring 2021. The expansion will be led by a seasoned team, including Jonathan Perez as Senior VP, responsible for managing client relationships and driving growth. Richard Hernandez, Chief Banking Officer, highlighted the San Fernando Valley's potential, serving its over 1.8 million residents and key industries.

Bank of Southern California (OTC Pink: BCAL) announced the appointment of Danni Remington Smithson as Executive Vice President, Regional Manager for Orange County. She will be based in Irvine, focusing on expanding the bank's customer base by fostering relationships with local businesses. Danni brings over 20 years of experience in commercial banking, previously serving as Senior Vice President for another bank. Her community involvement includes leadership roles in several organizations. Executive Chairman David Rainer expressed enthusiasm about her joining the team.

Bank of Southern California (OTC Pink: BCAL) announces the appointment of Ryan Cressler as Managing Director for the Coachella Valley. Cressler will focus on enhancing the bank's commercial client portfolio in La Quinta, Rancho Mirage, and nearby areas. With over a decade of experience at Wells Fargo, he brings significant banking expertise and local market knowledge. Scott Yates, Senior VP, expressed confidence in Cressler's ability to drive growth in the region, reinforcing the bank's commitment to supporting small and mid-sized businesses.

Southern California Bancorp (OTC Pink: BCAL) successfully raised approximately $42 million through a private placement of common stock at $12.00 per share. This capital raise reflects strong interest from both institutional and accredited individual investors. The funds will enhance the company’s balance sheet and support strategic growth initiatives aimed at expanding its footprint in Southern California. The Bank of Southern California, a wholly owned subsidiary of the Company, operates across multiple counties, offering diverse financial services.