Brief: Southern California Bancorp, California BanCorp Announce Merger of Equals

California Bancorp

30/01/2024 11:58

Jan 30 (Reuters) - Southern California Bancorp  BCAL.O :
    * SOUTHERN CALIFORNIA BANCORP AND CALIFORNIA BANCORP
ANNOUNCE A
MERGER OF EQUALS TO CREATE A PREMIER CALIFORNIA BUSINESS BANK
    * CALIFORNIA BANCORP - COMPANIES WILL COMBINE IN AN
ALL-STOCK
MERGER VALUED AT APPROXIMATELY $233.6 MILLION, OR $26.54 PER
SHARE OF CALIFORNIA BANCORP
    * CALIFORNIA BANCORP - AGREEMENT HAS BEEN UNANIMOUSLY
APPROVED BY
BOARDS OF DIRECTORS OF SOUTHERN CALIFORNIA BANCORP AND
CALIFORNIA BANCORP
    * CALIFORNIA BANCORP - STEVEN SHELTON, CHIEF EXECUTIVE
OFFICER OF
CALIFORNIA BANCORP, WILL SERVE ASCEO AND DIRECTOR OF COMBINED
COMPANY AND COMBINED BANK
    * CALIFORNIA BANCORP - COMPANIES WILL EVALUATE REBRANDING
WITH NEW
NAMES AND LOGOS FOR COMBINED COMPANY
    * CALIFORNIA BANCORP - COMBINED COMPANY'S COMMON STOCK WILL
CONTINUE TO TRADE ON NASDAQ CAPITAL MARKET
    * CALIFORNIA BANCORP - COMBINED CO'S BOARD WILL CONSIST OF
SIX
DIRECTORS FROM SOUTHERN CALIFORNIA BANCORP, SIX DIRECTORS FROM
CALIFORNIA BANCORP
    * CALIFORNIA BANCORP - THOMAS DOLAN, CHIEF FINANCIAL OFFICER
OF
SOUTHERN CALIFORNIA BANCORP WILL SERVE AS CFO  OF COMBINED
COMPANY
    * CALIFORNIA BANCORP - TRANSACTION IS EXPECTED TO CLOSE IN
Q3 OF
2024

Source text for Eikon:  ID:nGNX9snR7j 
Further company coverage:  BCAL.O 

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