8-K
filed July 31, 2024, 7:59 PM ET
ticker BCAL
CIK 0001795815
M&A
confidence high
sentiment neutral
materiality 0.80
California BanCorp (f/k/a Southern California Bancorp) completes merger with California BanCorp (CBC), names new CEO
California BanCorp \ CA
- CBC stockholders received 1.590 shares of BCAL common stock per CBC share; total ~13.6M shares issued.
- Combined holding company renamed California BanCorp; combined bank renamed California Bank of Commerce, N.A.
- Assumed $55M in subordinated notes ($20M 2030 Notes at 5.00% fixed then SOFR+0.488%, $35M 2031 Notes at 3.50% fixed then SOFR+0.286%).
- Steven Shelton (former CBC CEO) appointed CEO; David Rainer becomes Executive Chairman; six CBC directors join board.
- Three SCB directors retired; Thomas Dolan continues as CFO, stepped down as COO; Thomas Sa (former CBC CFO) becomes COO.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kevin J. Cullen was appointed as Director at California BanCorp \ CA.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following six (6) former directors of CBC were appointed to serve as directors on the Company’s board of directors (the “Board”), effective as of the Effective Time: Steven E. Shelton, Stephen A. Cortese, Andrew J. Armanino, Jr., Kevin J. Cullen, Rochelle G. Klein and Frank L. Muller (the “New Directors”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Stephen A. Cortese was appointed as Director at California BanCorp \ CA.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following six (6) former directors of CBC were appointed to serve as directors on the Company’s board of directors (the “Board”), effective as of the Effective Time: Steven E. Shelton, Stephen A. Cortese, Andrew J. Armanino, Jr., Kevin J. Cullen, Rochelle G. Klein and Frank L. Muller (the “New Directors”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Rochelle G. Klein was appointed as Director at California BanCorp \ CA.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following six (6) former directors of CBC were appointed to serve as directors on the Company’s board of directors (the “Board”), effective as of the Effective Time: Steven E. Shelton, Stephen A. Cortese, Andrew J. Armanino, Jr., Kevin J. Cullen, Rochelle G. Klein and Frank L. Muller (the “New Directors”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kaveh Varjavand retired as Director at California BanCorp \ CA.
- Action
- retired
- Role
- Director
Exact text from the filing
Irwin Golds, Kaveh Varjavand and Anita Wolman (the “Retiring Directors”) retired from the SCB Board effective at the Effective Time.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Andrew J. Armanino, Jr. was appointed as Director at California BanCorp \ CA.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following six (6) former directors of CBC were appointed to serve as directors on the Company’s board of directors (the “Board”), effective as of the Effective Time: Steven E. Shelton, Stephen A. Cortese, Andrew J. Armanino, Jr., Kevin J. Cullen, Rochelle G. Klein and Frank L. Muller (the “New Directors”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Irwin Golds retired as Director at California BanCorp \ CA.
- Action
- retired
- Role
- Director
Exact text from the filing
Irwin Golds, Kaveh Varjavand and Anita Wolman (the “Retiring Directors”) retired from the SCB Board effective at the Effective Time.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Frank L. Muller was appointed as Director at California BanCorp \ CA.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following six (6) former directors of CBC were appointed to serve as directors on the Company’s board of directors (the “Board”), effective as of the Effective Time: Steven E. Shelton, Stephen A. Cortese, Andrew J. Armanino, Jr., Kevin J. Cullen, Rochelle G. Klein and Frank L. Muller (the “New Directors”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Steven E. Shelton was appointed as Director at California BanCorp \ CA.
- Action
- appointed
- Role
- Director
Exact text from the filing
the following six (6) former directors of CBC were appointed to serve as directors on the Company’s board of directors (the “Board”), effective as of the Effective Time: Steven E. Shelton, Stephen A. Cortese, Andrew J. Armanino, Jr., Kevin J. Cullen, Rochelle G. Klein and Frank L. Muller (the “New Directors”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David I. Rainer changed role as Executive Chairman at California BanCorp \ CA.
- Action
- became
- Role
- Executive Chairman
Exact text from the filing
David I. Rainer became the Executive Chairman of the Company and Company Bank and stepped down from his position as Chief Executive Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Anita Wolman retired as Director at California BanCorp \ CA.
- Action
- retired
- Role
- Director
Exact text from the filing
Irwin Golds, Kaveh Varjavand and Anita Wolman (the “Retiring Directors”) retired from the SCB Board effective at the Effective Time.
View on SEC.gov
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