Southern California Bancorp, the holding company for Bank of Southern California, and California BanCorp, the holding company for California Bank of Commerce, will merge in an all-stock transaction valued at approximately $233.6 million.
California Bank of Commerce (CBC) formed a new division to focus on existing specialty lines of business. Known as CBC Specialty Banking, the division will offer a broad asset-based lending platform branded as CBC Asset Based Lending.
California Bank of Commerce completed a $4 million asset-based revolving credit facility with a wholesale reseller of porcelain cookware and dinnerware.
Ted Bojorquez joined California Bank of Commerce as executive vice president and manager for the bank’s Silicon Valley region. Bojorquez previously worked for HomeStreetBank, City National and US Bank.
California Bank of Commerce added Marina Kremer to its sponsor finance lending division. Kremer previously worked for Neptune Financial, Bank of the West, Opus Bank, Wells Fargo and RaboBank.
California Bank of Commerce launched a sponsor finance lending division, which will be led by Larry LaCroix as executive vice president. The division will work with private equity firms (including search funds) and direct lenders to provide cash flow-based senior debt financing.
Alexandra Scoggin has joined the California Bank of Commerce Business Credit team as vice president of Marketing and Business Development.
California Bank of Commerce has expanded its Northern California presence with the addition of Michael Nicita as executive vice president and senior credit administrator.