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Southern California Bancorp announced the completion of its acquisition of Bank of Santa Clarita effective October 1, 2021. The merger creates a combined entity with $2.2 billion in assets, bolstering its presence in the Northern Los Angeles County market. The acquisition is expected to enhance earnings for both 2021 and 2022. Shareholders of Bank of Santa Clarita will receive approximately $64.6 million in stock, representing 23% of the new entity. Notably, Frank Di Tomaso will join the board, bringing over 40 years of banking experience.
Southern California Bancorp (BCAL) has signed a definitive merger agreement to acquire Bank of Santa Clarita (BSCA). This merger will combine their operations, resulting in pro forma total assets of approximately $2.0 billion. The transaction, valued at $56.2 million, will allow BSCA shareholders to receive 1 share of BCAL stock for each share of BSCA. The merger is expected to close in Q3 2021, pending regulatory approvals. The acquisition aligns with Southern California Bancorp's growth strategy, enhancing its commercial banking model in the Santa Clarita area.
Bank of Santa Clarita (OTC PINK:BSCA) reported record financial results for Q1 2021, achieving a net income of $1.1 million, a 55.3% increase from $0.7 million in Q1 2020. The growth was driven by $31 million in new loans and a total asset increase to $421 million. Interest income rose to $3.1 million, while non-interest income remained stable at $0.2 million. The Bank's efficiency ratio improved to 49.6%. As of March 31, 2021, BSCA's capital ratios were well above regulatory minimums, indicating strong financial health.
Bank of Santa Clarita (OTC: BSCA) reported net income of $881,000 for Q4 2020, up from $658,000 in Q4 2019. For the year, net income reached $3,235,000, slightly higher than 2019's $3,217,000. Total assets increased by $68.6 million to $373.0 million, driven by $51.4 million in loan growth. Interest income for Q4 2020 stood at $3.0 million, with net interest income improving to $2.6 million. The bank maintains strong capital levels with a total risk-based capital ratio of 15.60%. Non-interest income also increased, reflecting growth despite challenges from the pandemic.
