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January 31, 2024

California banks’ $234M merger backed by 2 advising firms.

TLDR: The holding companies for Bank of Southern California NA and California Bank of Commerce have agreed to a $233.6 million all-stock merger. Stuart Moore Staub and Sheppard Mullin Richter & Hampton LLP are guiding the merger. Bank of Southern California NA, based in San Diego, and California Bank of Commerce, based in Lafayette, will combine under a new parent company called CalBank Network. The merger is expected to close in the second quarter of 2024, pending regulatory approval. The combined entity will have approximately $2.7 billion in assets, $2.1 billion in loans, and $2.2 billion in deposits, with 20 branches spanning Southern and Central California. Christopher M. Wahl, president and CEO of California Bank of Commerce, will serve as the CEO of the combined entity, and Nathan Rogge, president and CEO of Bank of Southern California, will serve as the executive chairman of the board.