Welcome to our dedicated page for Bank S Clarita news (Ticker: BSCA), a resource for investors and traders seeking the latest updates and insights on Bank S Clarita stock.
This page contains historical news coverage for Bank of Santa Clarita (BSCA), a former independent community bank that operated in Santa Clarita, California. Bank of Santa Clarita was acquired by Southern California Bancorp and merged into Bank of Southern California, meaning it no longer operates as an independent institution.
Bank of Santa Clarita was founded in 2004 as a relationship-focused community bank serving small-to-medium sized businesses, professionals, and high-net-worth clients in the Santa Clarita Valley. The bank differentiated itself through localized lending decisions and personalized service, typical of the community banking model that appeals to local business owners seeking alternatives to larger regional banks.
This news archive documents the bank's operational history, including coverage of its lending activities, community involvement, financial performance, and the corporate developments leading to its acquisition. Historical news items may include quarterly earnings announcements, leadership updates, branch activities, and the merger proceedings with Southern California Bancorp.
For investors researching the former BSCA stock or those interested in Southern California community banking consolidation, this archive provides context on the bank's trajectory from its founding through its integration into a larger regional banking organization. Note that the BSCA ticker no longer represents an actively traded, independent company.
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.
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.
Bank of Santa Clarita (OTC PINK:BSCA) reported record financial results for Q1 2021, achieving a net income of $1.1 million, a 55.3% increase from $0.7 million in Q1 2020. The growth was driven by $31 million in new loans and a total asset increase to $421 million. Interest income rose to $3.1 million, while non-interest income remained stable at $0.2 million. The Bank's efficiency ratio improved to 49.6%. As of March 31, 2021, BSCA's capital ratios were well above regulatory minimums, indicating strong financial health.
Bank of Santa Clarita (OTC: BSCA) reported net income of $881,000 for Q4 2020, up from $658,000 in Q4 2019. For the year, net income reached $3,235,000, slightly higher than 2019's $3,217,000. Total assets increased by $68.6 million to $373.0 million, driven by $51.4 million in loan growth. Interest income for Q4 2020 stood at $3.0 million, with net interest income improving to $2.6 million. The bank maintains strong capital levels with a total risk-based capital ratio of 15.60%. Non-interest income also increased, reflecting growth despite challenges from the pandemic.
