SAN DIEGO, Calif.–(BUSINESS WIRE)–Southern California Bancorp (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A., announced today the completion of its acquisition of CalWest Bancorp (OTCBB: CALW), effective with the close of business May 29, 2020. CalWest Bank reported total assets of $226 million as of March 31, 2020.
CalWest Bank branches will begin operating as Bank of Southern California branches as of June 1, 2020, with core information systems conversion scheduled for August 14, 2020.
The acquisition of CalWest Bank offers an attractive footprint in the Orange County market, providing Bank of Southern California with the opportunity to continue its strategic expansion throughout Southern California. Bank of Southern California previously operated one regional branch in Orange County. Upon completion of the transaction, the acquisition will push Bank of Southern California’s total assets well over $1.1 billion and consolidated capital over $120 million. These asset totals exclude the effects of the combined banks funding over $500 million in Paycheck Protection Program (PPP) loans to over 2,000 local businesses in Southern California and retaining or restoring over 50,000 jobs.
“We are pleased to welcome CalWest Bank customers, employees, and shareholders to Bank of Southern California. This strategic acquisition provides us with an expanded footprint in Orange County along with a presence in Redlands, so that we may better serve the banking needs of even more Southern California communities. It also allows us to provide customers of both organizations with increased lending capabilities, technology enhancements, and an enhanced branch network,” commented Nathan Rogge, President and Chief Executive Officer of Bank of Southern California. “We remain focused on accomplishing our long-term goal of building a community business bank in Southern California that supports local businesses and the communities we serve,” concluded Rogge.
MJC Partners, LLC served as financial advisor and Duane Morris LLP served as legal counsel to Southern California Bancorp and Bank of Southern California. Janney Montgomery Scott LLC served as financial advisor and Stuart l Moore l Staub served as legal counsel to CalWest Bancorp and CalWest Bank.