Southern California Bancorp in San Diego has agreed to buy Bank of Santa Clarita in California.
The $1.6 billion-asset Southern California Bancorp said in a press release Tuesday that it will pay $56.2 million in stock for the $373 million-asset Bank of Santa Clarita. The deal is expected to close in the third quarter.
The deal will push Southern California Bancorp's footprint north of Los Angeles.
The acquisition “marks an important step in our strategy to grow our commercial banking model by expanding the bank’s footprint north of Los Angeles to the attractive banking communities of the Santa Clarita area,” David Rainer, Southern California Bancorp’s executive chairman, said in the release.
Frank Di Tomaso, Bank of Santa Clarita’s chairman and CEO, will join Southern California Bancorp’s board.
Duane Morris and Raymond James advised Southern California Bancorp. MJC Partners and Sheppard, Mullin, Richter & Hampton advised Bank of Santa Clarita.
