secwatch.observer — SEC 8-K summary
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Issuer:     California BanCorp \ CA (BCAL)
CIK:        0001795815
Form:       8-K
Filed at:   2024-01-30T23:59:59+00:00
Accession:  0001493152-24-004219
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 1.01, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SCB and CBC announce all-stock merger of equals valued at ~$233.6M
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- Each CALB share to be exchanged for 1.590 SCB shares; deal value ~$26.54/share based on Jan 29 close.
- Combined bank to have ~$4.6B in assets; expected to close Q3 2024, subject to shareholder and regulatory approvals.
- David Rainer (SCB CEO) becomes Executive Chairman; Steven Shelton (CBC CEO) becomes CEO of combined company.
- Board set at 12 members, 6 from each company; termination fee of $9.3M under certain conditions.
- Employment agreements: Rainer ($55k/mo + $750k RSU), Shelton ($50.8k/mo + $500k RSU), Sa ($35.4k/mo + $300k RSU).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1795815/000149315224004219/0001493152-24-004219-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1795815/000149315224004219/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-004219

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer