Kevin J. Cullen, a director of California BanCorp (BCAL), was granted 1,214 restricted stock units (RSUs) as compensation for board service. The RSUs were issued with a transaction date of 08/21/2025 and will vest in full on August 21, 2025, at which time the underlying shares will be delivered. The Form 4 shows a $0.00 price for the grant and reports Cullen's beneficial ownership after the grant as 73,194 shares directly, plus 9,600 shares held indirectly via a 401(k) and 6,426 shares held indirectly via an IRA. The filing was executed on behalf of Cullen by Manisha Merchant under power of attorney and signed on 08/22/2025.
California BanCorp director Andrew J. Armanino was granted 1,214 restricted stock units (RSUs) on 08/21/2025 as compensation for board service. The RSUs have a $0.00 price and are scheduled to vest in full on August 21, 2025, at which time shares will be issued. After the reported transaction, the filing shows Mr. Armanino beneficially owns 10,313 shares directly and 212,578 shares indirectly through the Andrew J Armanino & Denise M Armanino Trust dated 6/2/1999. The Form 4 was signed on 08/22/2025 by Manisha Merchant acting by power of attorney.
California BanCorp (BCAL) reported a sharply improved quarter ended June 30, 2025, with net income of $14.1 million compared with $0.2 million a year earlier, and basic EPS of $0.43 versus $0.01. Net interest income rose to $41.4 million from $21.0 million as loan and other interest income increased. The company recorded a reversal of provision for credit losses of $0.6 million this quarter versus a $2.9 million provision a year ago, supporting a higher net interest income after credit costs.
On the balance sheet, total assets were $3.954 billion and loans held for investment were $2.992 billion, down from $3.139 billion at year-end 2024. Deposits totaled $3.312 billion (down from $3.399 billion), while shareholders' equity rose to $547.6 million from $511.8 million, driven by retained earnings of $107.0 million. The filing notes the 2024 merger with CALB and tax law changes in California (SB 132) with a $269 thousand tax adjustment recorded in the period.
California BanCorp (BCAL) – Form 4 filing, 8/4/2025. EVP & Chief Risk Officer Martin Liska reported a Code F transaction on 8/2/2025, indicating the withholding and sale of shares to satisfy tax obligations triggered by the vesting of a prior equity award.
- Shares disposed: 702 common shares at $14.60
- Proceeds applied: tax withholdings (not an open-market sale)
- Remaining beneficial ownership: 28,128 shares held directly and 25,542 shares held indirectly through the MACH4 Trust, for an aggregate 53,670 shares.
California BanCorp (BCAL) Form 4 filing, 08/04/2025: Executive Chairman and Director David I. Rainer satisfied tax-withholding obligations by having 3,508 BCAL common shares withheld on 08/02/2025 (Transaction Code F). The shares were valued at $14.60 each, an implied transaction value of roughly $51 k. Because Code F denotes shares withheld from a vested equity award, the sale was not an open-market disposition.
After the withholding, Rainer still directly owns 200,004 shares and indirectly, through the David and Anne Rainer Trust, another 329,124 shares, for a total beneficial ownership of about 529 k shares. His ownership percentage and board/management roles remain unchanged.
No derivatives were reported, and no other transactions occurred. Given the small size relative to his total position and the administrative nature of the trade, the filing is unlikely to have a material impact on BCAL’s governance, capital structure, or market sentiment.
California BanCorp (BCAL) – Form 4 insider activity
CEO & Director Steven E. Shelton filed a Form 4 for a single Code F transaction dated 08/02/2025. The company withheld 2,924 common shares at an average price of $14.60 to cover taxes triggered by the vesting of a prior equity award. Post-withholding, Shelton directly owns 128,261 BCAL shares.
Code F indicates the shares were surrendered back to the issuer rather than sold in the open market. The disposition equals roughly 2.3 % of his pre-transaction position and is generally viewed as a routine, non-directional event with no change to Shelton’s executive or board roles.
California BanCorp (BCAL) – Form 4 insider filing: CFO Jean Carandang reported a single Code F transaction on 08/02/2025 in which 702 common shares were withheld at $14.60 per share to cover tax obligations arising from a previously-granted equity award. Following the transaction, Carandang owns 41,288 shares directly and 8,000 shares indirectly through an IRA, bringing total beneficial ownership to 49,288 shares. No derivative securities were reported. Code F indicates a non-open-market disposition solely for tax withholding, so the event is administrative rather than indicative of a strategic sale. The dollar value of shares withheld is roughly $10.3 k, a de-minimis amount relative to the executive’s remaining stake and BCAL’s market capitalization. No other insider activity, option exercises, or new grants were disclosed in this filing.