California BanCorp (NASDAQ: CALB) entered into an agreement to acquire Southern California Bancorp (NasdaqCM : BCAL) for approximately $230 million on January 30, 2024. The companies will combine in an all-stock merger valued at approximately $233.6 million, or $26.54 per share of California BanCorp, based on the closing price of Southern California Bancorp on January 29, 2024. As a result of the transaction, Southern California Bancorp shareholders will own approximately 57.1% of the outstanding shares of the combined company and California BanCorp shareholders will own approximately 42.9% of the outstanding shares of the combined company.

The transaction is subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approvals from Southern California Bancorp and California BanCorp shareholders, unanimously approved by the boards of directors of Southern California Bancorp and California BanCorp. The transaction is expected to close in the third quarter of 2024. MJC Partners, LLC acted as a financial advisor and delivered a fairness opinion to Southern California Bancorp and their Board of Directors. Stuart Moore Staub acted as a legal advisor to Southern California Bancorp. Keefe, Bruyette & Woods, Inc. acted as a financial advisor and delivered a fairness opinion to California BanCorp and their Board of Directors. Sheppard, Mullin, Richter & Hampton LLP acted as a legal advisor to California BanCorp.