Southern California BancorpCalifornia BanCorp Merge in $233.6 Million Deal

The merger, expected to close in Q3 2024, will create a combined company with $4.6 billion of assets, enhancing their ability to serve mid-market businesses across California.

• Southern California Bancorp and California BanCorp have announced a 'merger of equals' in a $233.6 million all-stock deal, creating a combined company with $4.6 billion of assets.
• The merged bank will be based in San Diego and will cover Greater Los Angeles and the San Francisco Bay Area.
• Southern California Bancorp shareholders will own 57.1% of the outstanding shares of the combined company, while California BanCorp investors will own the rest.
• The deal is expected to close in the third quarter of 2024.
• The merger aims to unite two institutions that focus on middle market lending with complementary footprints, creating scale needed to further invest in technology and better manage risk, increase efficiency and provide customers with more products and services.

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