The holding company for Bank of Southern California, N.A., known as Southern California Bancorp, has announced its plan to acquire the Bank of Santa Clarita through a newly-signed merger agreement.
The new agreement is slated to merge Bank of Santa Clarita and Bank of Southern California, resulting in the acquisition of the former to Southern California Bancorp.
We are excited to announce that we have entered into a definitive agreement to acquire Bank of Santa Clarita. This strategic acquisition further expands our footprint north of Los Angeles to include the city of Santa Clarita. https://t.co/wtaLFF8rXl pic.twitter.com/YwKhJNGEuO
— BankSoCal (@bank_socal) April 27, 2021
“The acquisition of Bank of Santa Clarita marks an important step in our strategy to grow our commercial banking model by expanding the Bank’s footprint north of Los Angeles to the attractive banking communities of the Santa Clarita area,” said David Rainer, Executive Chairman of Southern California Bancorp and Bank of Southern California.
Based upon 2020 financial results, the merger will reportedly result in the company’s pro forma assets now approximating $2.0 billion, deposits of $1.5 billion and net loans of $1.5 billion.
“The cultures, values and relationship-based banking models of these two banks are in close alignment and we are very pleased to have the Bank of Santa Clarita team and their customers join the Bank of Southern California family,” said Nathan Rogge, President and Chief Executive Officer of Bank of Southern California.
Bank of Santa Clarita shareholders will reportedly, in exchange for a share of Bank of Santa Clarita, receive 1.00 share of Southern California Bancorp common stock according to officials with Bank of Southern California, N.A.
“The value of the merger consideration will fluctuate based on Southern California Bancorp’s stock price,” reads a statement by Bank of Southern California, N.A. “Giving effect to the transaction, existing shareholders of Southern California Bancorp are expected to own approximately 78.0% of the outstanding shares of the combined company and Bank of Santa Clarita shareholders are expected to own approximately 22.0%.”
The transaction is said to be subject to shareholder and regulatory approvals and satisfaction of customary closing conditions, according to the Bank’s officials, and is expected to close in the third quarter of 2021.
“We share with them a banking culture focused on providing high-touch, personalized service to small and middle-market businesses, with a deep commitment to the markets and communities we serve,” said Frank Di Tomaso, Chairman and Chief Executive Officer of Bank of Santa Clarita. “We believe this strategic partnership, with a shared vision of providing relationship-based banking to the middle-market, will benefit our shareholders, customers, employees, and communities. We will continue to focus on maintaining and creating strong relationships and bringing value to the customers we serve.”
Do you have a news tip? Call us at (661) 298-1220, or send an email to newstip@hometownstation.com. Don’t miss a thing. Get breaking KHTS Santa Clarita News Alerts delivered right to your inbox. Report a typo or error, email Corrections@hometownstation.com
KHTS FM 98.1 and AM 1220 is Santa Clarita’s only local radio station. KHTS mixes in a combination of news, traffic, sports, and features along with your favorite adult contemporary hits. Santa Clarita news and features are delivered throughout the day over our airwaves, on our website and through a variety of social media platforms. Our KHTS national award-winning daily news briefs are now read daily by 34,000+ residents. A vibrant member of the Santa Clarita community, the KHTS broadcast signal reaches all of the Santa Clarita Valley and parts of the high desert communities located in the Antelope Valley. The station streams its talk shows over the web, reaching a potentially worldwide audience. Follow @KHTSRadio on Facebook, Twitter, and Instagram.
No comments:
Post a Comment