Press release
Southern California Bancorp Completes Acquisition of Bank of Santa Clarita
─ Combined bank with $2.2 billion in assets ─ Expansion of footprint into Northern Los Angeles County area ─ Chairman and CEO of Bank of Santa Clarita will
About this update from California Bancorp
[{"type":"text","content":"\n─ Combined bank with $2.2 billion in assets\n\n─ Expansion of footprint into Northern Los Angeles County area\n\n─ Chairman and CEO of Bank of Santa Clarita will join the Southern California Bancorp and Bank of Southern California Boards of Directors\n\n SAN DIEGO--(BUSINESS WIRE)--\nSouthern California Bancorp (the “Company”) (OTC Pink: BCAL), today announced that effective on October 1, 2021, it completed its previously announced acquisition of Bank of Santa Clarita (OTC: BSCA). The acquisition was accomplished by merging Bank of Santa Clarita with and into Bank of Southern California, N.A., the wholly owned subsidiary of Southern California Bancorp.\n\nThe acquisition, which was first announced on April 27, 2021, was concluded following the receipt of the requisite approvals from the shareholders of Southern California Bancorp and the shareholders of Bank of Santa Clarita and the requisite regulatory approvals. As of June 30, 2021, Bank of Santa Clarita had $416 million in assets and Southern California Bancorp had $1.8 billion in assets. As of June 30, 2021, on a pro forma combined basis with Bank of Santa Clarita, Southern California Bancorp had approximately $2.2 billion in assets, including net loans and total deposits of approximately $1.6 billion and $1.9 billion, respectively.\n\nThe transaction is expected to be accretive to the combined entity’s earnings for 2021, and 2022—the first full year of combined operations. The transaction follows the closing of the sale of three branch offices of Bank of Southern California, N.A. located in Orange, Redlands and Santa Fe Springs, California, which closed effective September 24, 2021.\n\n“We are very pleased to welcome Bank of Santa Clarita customers, employees and shareholders to Southern California Bancorp and Bank of Southern California,” said David Rainer, Chairman, President, and CEO of Southern California Bancorp and Bank of Southern California. “These two banking institutions are an excellent match in terms of culture, values and a dedication to providing businesses, entrepreneurs and professionals with a high level of personalized, relationship-based banking. This acquisition continues the expansion of our commercial banking platform into what we believe is one of the most attractive banking markets for small to middle-sized businesses in the U.S., with excellent cr...