SOUTHERN CALIFORNIA BANCORP ANNOUNCES SHARE REPURCHASE PROGRAM
June 15 2023 - 7:00AM
Southern California Bancorp (the “Company”) (Nasdaq: BCAL), the
holding company for Bank of Southern California, N.A. (the “Bank”),
announces that its Board of Directors has authorized the Company to
repurchase, from time to time, up to 550,000 shares of its common
stock, or approximately three percent of the Company’s outstanding
shares of common stock.
“This share repurchase program demonstrates the
confidence our Board of Directors and management team have in the
future of our business and our commitment to building long-term
shareholder value,” said David Rainer, Chairman and CEO of the
Company and the Bank. “The program will allow us to be flexible in
the opportunistic deployment of capital for share repurchases.”
Repurchases under the program may occur from
time to time in open market transactions, in privately negotiated
transactions, or by other means in accordance with federal
securities laws and other restrictions. The Company intends to fund
its repurchases from available working capital and cash provided by
operating activities. The timing of repurchases, as well as the
number of shares repurchased, will depend on a variety of factors,
including price; trading volume; business, economic and general
market conditions; and the terms of any Rule 10b5-1 plan adopted by
the Company. The repurchase program has no expiration date and may
be suspended, modified, or terminated at any time without prior
notice.
ABOUT SOUTHERN CALIFORNIA BANCORP AND
BANK OF SOUTHERN CALIFORNIA
Southern California Bancorp 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 (the “Bank”) 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, the Bank 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.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
In addition to historical information, this
release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or
trends and other matters that are not historical facts. Examples of
forward-looking statements include, among others, statements
regarding plans or objectives for future operations, products or
services, forecasts relating to financial and operating results or
other measures of economic performance, litigation and performance
and other projections and predictions regarding future results and
events. Forward-looking statements reflect management’s current
view about future events and involve risks and uncertainties that
may cause actual results to differ from those expressed in the
forward-looking statement or historical results. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts and 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.
Some factors that could cause actual results to
differ materially from historical or expected results include,
among others: the risk factors discussed in the Company’s
Registration Statement on Form 10, as amended, filed with the
Securities and Exchange Commission; changes in general economic
conditions, either nationally or locally in the areas in which the
Company conducts business; the impact on financial markets from
geopolitical conflicts; inflation, interest rate, market and
monetary fluctuations; increases in competitive pressures among
financial institutions and businesses offering similar products and
services; higher than anticipated defaults in the Company’s loan
portfolio; changes in management’s estimate of the adequacy of the
allowance for credit losses; legislative or regulatory changes or
changes in accounting principles, policies or guidelines; and the
impacts of recent bank failures.
Any forward-looking statement made in this
release is based only on information currently available to
management and speaks only as of the date on which it is made. The
Company 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 or to conform such forward-looking statements to
actual results or to changes in its opinions or expectations,
except as required by law.
INVESTOR RELATIONS CONTACT
Kevin Mc CabeBank of Southern
Californiakmccabe@banksocal.com818.637.7065
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