Welcome to our dedicated page for California Bancorp news (Ticker: CALB), a resource for investors and traders seeking the latest updates and insights on California Bancorp stock.
California BanCorp (formerly NASDAQ: CALB) was the parent company of California Bank of Commerce, a commercial bank serving closely held businesses and professionals in Northern California. This news page aggregates historical press releases and market updates related to California BanCorp and its subsidiary, including earnings announcements, strategic developments, and corporate actions.
Company news has included detailed quarterly and annual financial results, highlighting trends in net income, net interest income, non-interest income, efficiency ratios, loan and deposit balances, and capital levels. Management commentary in these releases has discussed conservative underwriting, balance sheet management, asset quality, and the composition of noninterest-bearing commercial deposits.
A major focus of more recent news has been the all-stock merger of equals between Southern California Bancorp and California BanCorp. Announcements on January 30, 2024, May 13, 2024, July 18, 2024, and July 31, 2024 describe the execution of the definitive merger agreement, receipt of regulatory and shareholder approvals, and the closing of the transaction. These items explain how California BanCorp merged with and into Southern California Bancorp, how their banking subsidiaries combined, and how the combined holding company now trades on Nasdaq under the symbol BCAL.
Investors and researchers can use this news archive to review how California BanCorp communicated its financial performance, risk management, and strategic direction over time, as well as to understand the background and terms of its merger of equals and the transition from the CALB ticker to BCAL.
Banner Corporation (NASDAQ: BANR) has appointed Millicent Tracey to its Board of Directors and Banner Bank's Board, effective September 1, 2025. Tracey brings over 20 years of financial services experience, specializing in banking, payment services, and fintech strategies.
She will serve on the Corporate Governance/Nominating Committee and Risk Committee. Her expertise spans digital payments, technology solutions, regulatory compliance, cybersecurity, and risk mitigation. Previously, she served as SVP at Wells Fargo and held board positions at California BanCorp and Afinis.
Southern California Bancorp and California BanCorp have successfully completed their merger of equals on July 31, 2024. The combined holding company, now named California BanCorp, will trade on Nasdaq under the symbol "BCAL". The merged bank will operate as California Bank of Commerce, N.A. Key points:
- Total assets of approximately $4.2 billion
- Expanded presence with 13 full-service branches in Southern California and 5 locations in the Bay Area
- Each share of California BanCorp stock converted to 1.59 shares of Southern California Bancorp stock
- 12-member Board of Directors equally represented by both companies
- Full integration expected by September 23, 2024
Customers will experience no immediate changes to their banking services.
California BanCorp (NASDAQ: CALB) reported a net loss of $5.9 million for Q2 2024, down from $3.8 million net income in Q1 2024 and $5.4 million in Q2 2023. The company's diluted EPS was $(0.68) for Q2 2024. The results were impacted by a $13.5 million provision for credit losses. Total assets decreased to $1.92 billion, with total gross loans down to $1.49 billion. Total deposits remained stable at $1.64 billion. The company's net interest margin was 3.71% for Q2 2024. Non-performing assets to total assets increased to 1.13%. The company maintains strong capital ratios, with a total risk-based capital ratio of 13.93%.
Southern California Bancorp (Nasdaq: BCAL) and California BanCorp (Nasdaq: CALB) have received shareholder approvals for their merger of equals. The merger, announced on January 30, 2024, will see California BanCorp merging into Southern California Bancorp. Shareholders also approved changing the company name to California BanCorp and amending bylaws to allow 7-13 board members. David Rainer, Chairman and CEO of Southern California Bancorp, and Steven Shelton, CEO of California BanCorp, expressed satisfaction with the overwhelming shareholder support. The merger has received all necessary regulatory approvals and is expected to close on July 31, 2024. Both executives believe this merger will create the premier commercial banking franchise in California, benefiting shareholders, clients, employees, and communities.
Southern California Bancorp and California BanCorp have received regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve Bank of San Francisco for their merger of equals. The merger between the two bank holding companies is expected to close in the third quarter of 2024, pending shareholder approvals.
California BanCorp reported net income of $3.8 million for the first quarter of 2024, a 29% decrease from the previous quarter and a 30% decrease from the same quarter last year. Excluding merger related expenses, net income was $4.8 million. Diluted earnings per share were $0.45, down from $0.63 in the previous quarter. The Company's net interest income decreased by 5% to $17.7 million, and total revenue decreased by 2% to $19.4 million. Non-interest income increased by 27% to $1.7 million. Total assets decreased to $1.92 billion, total gross loans decreased to $1.52 billion, and total deposits increased to $1.64 billion. The Company's efficiency ratio was 70.57%. Capital ratios remain healthy with a tier I leverage ratio of 10.17%. Tangible book value per share increased by 2% to $22.91.
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