Press release
Southern California Bancorp Announces Comprehensive Settlement of Litigation and Return of David I. Rainer
SAN DIEGO--(BUSINESS WIRE)-- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern
About this update from California Bancorp
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nSouthern California Bancorp (“us,” “we,” “our,” or the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) announces a comprehensive settlement of all litigation with PacWest Bancorp and Pacific Western Bank (the “Litigation Settlement”) and the return from sabbatical of David I. Rainer as Chairman and Chief Executive Officer of the consolidated organization, effective September 1, 2022.\n\n“I’m very pleased to resume my duties as Chairman and Chief Executive Officer of Southern California Bancorp and Bank of Southern California,” said David I. Rainer, Chairman and CEO of Southern California Bancorp and Bank of Southern California. “Lead Director Irwin Golds, acting as Interim Chairman, Executive Vice President and Bancorp CFO Thomas Dolan, acting as Interim CEO, and Rich Hernandez, in his newly appointed role as President, have done an exceptional job of leading the organization in my absence and I thank them for their efforts. I’m very excited to return and work with all our outstanding employees to continue building the premier relationship-based business banking franchise in Southern California.”\n\nIn anticipation of the $6.5 million Litigation Settlement, the Company recorded an after-tax loss contingency of $4.6 million in its second quarter financial results reported on August 1, 2022.\n\nFORWARD-LOOKING STATEMENTS\n\nIn addition to historical information, certain matters set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to management’s beliefs, projections and assumptions concerning future results and events. Forward-looking statements include descriptions of management’s plans or objectives for future operations, products or services, and forecasts of Southern California Bancorp’s revenues, earnings, or other measures of economic performance. As well, forward-looking statements may relate to future outlook and anticipated events, such as Southern California Bancorp's plans and protocols with regard to managing potential impacts related to the ongoing COVID-19 pandemic. These forward-looking statements involve risks and uncertainties, based on the beliefs and assumptions of management and on the information available ...