California banks combine in $234M merger, creating one powerhouse institution.

California banks Southern California Bancorp and California BanCorp have announced a merger worth $234m, forming a combined lender with $4.6bn in assets. The all-stock deal, which will give Southern California Bancorp holders 57.1% of the combined company, is expected to close in Q3 2024. The new entity will be based in San Diego and cover Greater Los Angeles and the San Francisco Bay Area. The two banks focus on middle market lending and believe the merger will enable them to invest in technology, increase efficiency and provide more products and services to customers.