Southern California Bancorp, California BanCorp receive merger approval

Southern California Bancorp (BCAL) and California BanCorp (CALB) announced that at meetings of their respective shareholders held on July 17, 2024, Southern California Bancorp and California BanCorp shareholders approved the merger of California BanCorp with and into Southern California Bancorp, with Southern California Bancorp the surviving corporation pursuant to the Merger Agreement, dated January 30, 2024, by and between Southern California Bancorp and California BanCorp. Shareholders of Southern California Bancorp also approved a change of the company’s name from Southern California Bancorp to California BanCorp and an amendment to Southern California Bancorp’s bylaws to change the allowable range of members of the board of directors to seven to 13, from its previous range of six to 11. The merger has received all required regulatory approvals and is expected to close on July 31, 2024.