Financials Company Southern Calif Bancorp Announces Merger With California Bancorp

Southern California Bancorp +1.07%
CALIFORNIA BANCORP +1.04%

Southern California Bancorp

BCAL

14.15

+1.07%

CALIFORNIA BANCORP

CALB

22.32

+1.04%

Southern Calif Bancorp (NASDAQ:BCAL) has announced a merger with California Bancorp (NASDAQ:CALB) that is expected to be completed in Q3 of 2024.

Under the terms of the agreement, Southern Calif Bancorp has agreed to give California Bancorp $233.60 million in stock in exchange for CALB stock.

About The Companies Involved

Southern Calif Bancorp is committed towards serving the business, professional and personal banking needs of the vibrant Southern California communities. It provides a full-range of banking services - deposit accounts.

California Bancorp is a holding company for California Bank of Commerce. The company primarily serves business and professional corporations with a variety of business-focused financial services.

How A Merger Works

A merger happens when a company combines operations with another company. In practice, one company will buy the other company's stock in exchange for its own stock. In some cases, cash is used to pay for the company's stock but usually the companies agree to a stock-for-stock transaction.

Due to the exchange and acquisition of stock, a merger is similar to an acquisition. This is why the two terms are commonly grouped together as mergers and acquisitions (M&A). However, in a merger, the leadership & operations of both companies usually change dramatically, while during an acquisition this is less likely to happen.

Make sure to follow our mergers & acquisitions calendar to stay-up-to-date on the most recent M&A deals.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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