Press release
SOUTHERN CALIFORNIA BANCORP ANNOUNCES SHARE REPURCHASE PROGRAM
San Diego, Calif., June 15, 2023 (GLOBE NEWSWIRE) -- Southern California Bancorp (the “Company”) (Nasdaq: BCAL), the holding company for Bank of Southern
About this update from California Bancorp
[{"type":"text","content":"San Diego, Calif., June 15, 2023 (GLOBE NEWSWIRE) -- Southern California Bancorp (the “Company”) (Nasdaq: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”), announces that its Board of Directors has authorized the Company to repurchase, from time to time, up to 550,000 shares of its common stock, or approximately three percent of the Company’s outstanding shares of common stock. “This share repurchase program demonstrates the confidence our Board of Directors and management team have in the future of our business and our commitment to building long-term shareholder value,” said David Rainer, Chairman and CEO of the Company and the Bank. “The program will allow us to be flexible in the opportunistic deployment of capital for share repurchases.” Repurchases under the program may occur from time to time in open market transactions, in privately negotiated transactions, or by other means in accordance with federal securities laws and other restrictions. The Company intends to fund its repurchases from available working capital and cash provided by operating activities. The timing of repurchases, as well as the number of shares repurchased, will depend on a variety of factors, including price; trading volume; business, economic and general market conditions; and the terms of any Rule 10b5-1 plan adopted by the Company. The repurchase program has no expiration date and may be suspended, modified, or terminated at any time without prior notice. ABOUT SOUTHERN CALIFORNIA BANCORP AND BANK OF SOUTHERN CALIFORNIA Southern California Bancorp is a registered bank holding company headquartered in San Diego, California. Bank of Southern California, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of Southern California Bancorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small- to medium-sized businesses through its 13 branch offices serving Orange, Los Angeles, Riverside, San Diego, and Ventura counties, as well as the Inland Empire. The Bank's solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through s...