Southern California Bancorp Announces the Filing of Form 10 With the U.S. Securities and Exchange Commission

Rhea-AI Summary

Southern California Bancorp (OTC Pink: BCAL) announced the filing of a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission on April 6, 2023. This filing aims to register its common stock under the Securities Exchange Act of 1934, marking a step toward enhanced corporate governance and compliance. Following a prior application on March 2, 2023, to list on the Nasdaq Capital Market, the Company anticipates this move will increase visibility, access to capital markets, and stock liquidity for shareholders. The Company operates as a bank holding entity, managing a range of financial products through its wholly-owned subsidiary, Bank of Southern California. These developments are part of its strategic growth plan.

Positive

• Filed Form 10 with the SEC for common stock registration.
• Application submitted for listing on the Nasdaq Capital Market.
• Anticipated benefits include increased visibility and enhanced access to capital.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (OTC Pink: BCAL), has filed a Registration Statement on Form 10 (the “Form 10”) on April 6, 2023, with the U.S. Securities and Exchange Commission (the “SEC”) to register its common stock under the Securities Exchange Act of 1934, as amended (the “1934 Act”). The Form 10 filing provides information on the Company’s strategy and its historical financial data. Upon its effectiveness, the Company will be subject to the reporting requirements of the 1934 Act, which will include quarterly, annual, and current reports, as well as proxy statements, to be filed with the SEC.

The filing of the Form 10 follows the Company’s submission of its application on March 2, 2023, to be listed on the Nasdaq Capital Market.

“We believe our proposed registration with the SEC and subsequent listing on the Nasdaq will provide a number of benefits to the Company and its shareholders, including increased visibility, enhanced access to the capital markets, and deeper liquidity for its stock,” said David Rainer, Chairman and CEO of Southern California Bancorp and Bank of Southern California.

ABOUT BANK OF SOUTHERN CALIFORNIA AND SOUTHERN CALIFORNIA BANCORP

Southern California Bancorp (OTC Pink: BCAL) is a registered bank holding company headquartered in San Diego, California. Bank of Southern California, N.A., a national banking association chartered under the laws of the United States and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of Southern California Bancorp. Established in 2001 and headquartered in San Diego, California, Bank of Southern California, N.A. offers a range of financial products and services to individuals, professionals, and small- to medium-sized businesses through its 13 branch offices serving Orange, Los Angeles, Riverside, San Diego, and Ventura counties, as well as the Inland Empire. The Bank's solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.banksocal.com.

Southern California Bancorp’s common stock is traded on the OTC Markets Group Inc. Pink Open Market under the symbol “BCAL.” For more information, please visit banksocal.com or call (844) BNK-SOCAL.

FORWARD-LOOKING STATEMENTS

In addition to historical information, certain matters set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to management’s beliefs, projections and assumptions concerning future results and events. Forward-looking statements include descriptions of management’s plans or objectives for future operations, products or services, and forecasts of Southern California Bancorp’s revenues, earnings, litigation expenses, or other measures of economic performance. As well, forward-looking statements may relate to future outlook and anticipated events. These forward-looking statements involve risks and uncertainties, based on the beliefs and assumptions of management and on the information available to management at the time that such forward-looking statements were made and can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words or phrases such as “aim,” “can,” "may," "could," "predict," "should," "will," "would," "believe," "anticipate," "estimate," "expect," “hope,” "intend," "plan," “potential," “project,” "will likely result," "continue," "seek," “shall,” “possible,” "projection," “optimistic,” and "outlook," and variations of these words and similar expressions or the negative version of those words or phrases.

Forward-looking statements involve substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control. Many factors could cause actual results to differ materially from those contemplated by these forward-looking statements. Except to the extent required by applicable law or regulation, Southern California Bancorp does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230406005695/en/

INVESTOR RELATIONS CONTACT

Kevin Mc Cabe

Bank of Southern California

kmccabe@banksocal.com

818.637.7065

Source: Southern California Bancorp

FAQ

What is the purpose of Southern California Bancorp's Form 10 filing?

The Form 10 filing aims to register its common stock under the Securities Exchange Act of 1934, improving compliance and governance.

When did Southern California Bancorp submit its application for Nasdaq listing?

The application for listing on the Nasdaq Capital Market was submitted on March 2, 2023.

What are the expected benefits of listing on the Nasdaq for BCAL?

Expected benefits include increased visibility, enhanced access to capital markets, and greater liquidity for BCAL's stock.