Bank of Southern California in San Diego has agreed to buy CalWest Bancorp in Rancho Santa Margarita, Calif.
The $767 million-asset Bank of Southern California said in a press release Monday that it will pay $32 million in cash for the $234 million-asset CalWest. The deal is expected to close in the first quarter.
CalWest has four branches and $209 million in deposits.
"The combined bank offers a highly attractive franchise for us in the dynamic Orange County market and furthers Bank of Southern California's vision of expanding our market share in Southern California,” Nathan Rogge, Bank of Southern California’s president and CEO, said in the release.
CalWest “is a well-managed community business bank with a strong relationship banking culture, making it a great fit for us,” Rogge said.
Bank of Southern California entered Orange County in late 2017.
"We are pleased to partner with an organization that shares our approach to community banking,” Glenn Gray, CalWest’s president and CEO, said in the release. “Our clients and employees will benefit by joining a bank with a commitment to exceptional customer service and strong employee culture.”
MJC Partners and Duane Morris advised Bank of Southern California. Janney Montgomery Scott and Stuart Moore Staub advised CalWest.
