October 22, 2019 — Bank of Southern California, N.A. (OTC Pink: BCAL) and CalWest Bancorp (OTCBB: CALW), have announced a definitive merger agreement.
CalWest Bancorp, and its subsidiary, CalWest Bank, will merge with Bank of Southern California in an all-cash offer of 0.43 cents per CALW share. The transaction is valued at approximately $32 million and is expected to close in the first quarter of 2020.
Headquartered in San Diego, CA, Bank of Southern California currently operates in San Diego, Riverside, Orange, and Los Angeles Counties. CalWest Bank is headquartered in Rancho Santa Margarita, CA, with three branches located in Orange County and one office located in Redlands, CA.
Glenn E. Gray, President and Chief Executive Officer of CalWest Bank, said, “We are pleased to partner with an organization that shares our approach to community banking. Our clients and employees will benefit by joining a bank with a commitment to exceptional customer service and strong employee culture. We believe our franchise will meaningfully contribute to Bank of Southern California’s vision of becoming a leading community business bank in Southern California. Bank of Southern California’s sound financial condition and comprehensive business expertise make them an excellent choice and natural partner for us.”
The team from Janney’s FIG Group included Greg Gersack, Managing Director, Head of Capital Markets and Head of MidWest and West Coast Depositories (FIG); Patrick Nicolini, Managing Director; and Jason Werner, Director.
More information is available here.
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