California BanCorp (BCAL) announced the successful completion of its all-stock merger with California BanCorp (CALB) on July 31, 2024. This strategic transaction was designed to significantly expand BCAL's geographic footprint into Northern California, leveraging complementary business models and a robust deposit base.
The merger created a commercial banking franchise with a presence across both Northern and Southern California, operating through 14 full-service branches. The combined entity aims to build scale and increase market share by blending the strengths of both legacy organizations.
The transaction resulted in a substantial increase in BCAL's balance sheet, with $1.86 billion in fair value of total assets acquired, including $1.36 billion in loans held for investment and $1.64 billion in fair value of deposits. The company also recorded preliminary goodwill of $74.7 million related to the merger.
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