Southern California Bancorp and California Bancorp Announce Receipt of Regulatory Approval for Merger of Equals

Southern California Bancorp and California BanCorp have received required regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve Bank of San Francisco necessary to complete their previously announced merger of equals between the two bank holding companies and their respective subsidiaries, Bank of Southern California and California Bank of Commerce. Under the terms of the agreement, dated January 30, 2024, California BanCorp will merge with and into Southern California Bancorp. The consummation of the proposed transaction is expected to close in the third quarter of 2024, subject to the satisfaction of the remaining closing conditions set forth in the merger agreement, including receipt of the requisite shareholder approvals._x000D_
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“We are pleased to announce the receipt of these regulatory approvals for the proposed merger of these two outstanding banks, as it represents an important milestone on our merger timeline,” David Rainer, chairman and CEO of Southern California Bancorp and Bank of Southern California, said._x000D_
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“With the receipt of these regulatory approvals, we are one step closer to the merger of these two exceptional companies that we believe will result in the premier statewide commercial banking franchise in California,” Steve Shelton, CEO of California BanCorp, said.