San Diego-based Bank of Southern California (OTC Pink: BCAL) said it has completed the acquisition of Irvine-based CalWest Bank (OTCBB: CALW) to expand into Orange County.
The acquisition was originally announced last October at 43 cents a share for a $32 million value. In April, the deal was renegotiated to 35 cents a share, or about $26 million. Bank of Southern California shares didn’t change today at $8 each and a $23 million market cap.
“This strategic acquisition provides us with an expanded footprint in Orange County along with a presence in Redlands,” said Nathan Rogge, chief executive of Bank of Southern California
CalWest Bank, which has $226 million in total assets as of March 31, has branches in Irvine, Huntington Beach and Rancho Santa Margarita as well as Redlands. The branches began operating as Bank of Southern California June 1.
The acquisition will push Bank of Southern California’s total assets to over $1.1 billion and consolidated capital to over $120 million.
These asset totals exclude the effects of the combined banks funding over $500 million in Paycheck Protection Program (PPP) loans to over 2,000 local businesses in Southern California and retaining or restoring over 50,000 jobs.
