secwatch.observer — SEC 8-K summary
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Issuer:     California BanCorp \ CA (BCAL)
CIK:        0001795815
Form:       8-K
Filed at:   2024-07-31T23:59:59+00:00
Accession:  0001493152-24-029764
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.01, 2.03, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

California BanCorp (f/k/a Southern California Bancorp) completes merger with California BanCorp (CBC), names new CEO
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1795815/000149315224029764/0001493152-24-029764-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1795815/000149315224029764/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-029764

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