San Diego, November 5, 2020 – Southern California Bancorp (the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) is pleased to announce that David I. Rainer has been named Executive Chairman of the Board of Directors of the Company, and of the Bank, as of November 5, 2020.
“Dave brings 40 years of banking experience to our Board and is a proven leader in growing relationship-based community banks focused on serving small and mid-sized businesses,” said Nathan Rogge, President and Chief Executive Officer of Bank of Southern California. “His appointment as Executive Chairman is a further step in our strategy to expand our operations in the Los Angeles, Orange and Ventura County markets.”
“I am very pleased to join Nathan and his team to continue the expansion of the high-quality Bank of Southern California franchise,” said David I. Rainer, Executive Chairman of Southern California Bancorp. “The Southern California markets offer what we believe to be an outstanding opportunity to grow the Bank’s presence by addressing the underserved banking market for small and mid-sized businesses that are looking for a more personalized experience. Nathan and his team have built a solid foundation for the franchise and I am very excited to join them.”
After nearly 20 years as Chairman, John Farkash will assume the role of Chairman Emeritus and Director of Southern California Bancorp. “It has been a great honor to have served as Chairman,” said Mr. Farkash. “I am incredibly proud of our accomplishments over the past two decades, most notably expanding our footprint into all major Southern California markets fulfilling the vision of the Company’s original founder and Chairman, Ernest Auerbach. We have built a strong performing and profitable organization with a platform that serves thousands of Southern California businesses. We welcome Dave to our leadership team and I am confident that he will play an integral role in the Bank’s continued growth,” concluded Mr. Farkash.
Mr. Rainer served as a founder, Chairman and CEO of CU Bancorp (Nasdaq: CUNB) and its wholly owned subsidiary California United Bank (CUB) from 2005 through its sale in 2017. Prior to that, he served as EVP of Commercial Banking for the Western US at US Bank (NYSE: USB). Previously, he was the President and Chief Executive Officer of California United Bank (not related to CUB), through its sale in 1999.
Mr. Rainer served two three-year terms on the Board of Directors of the Federal Reserve Bank of San Francisco, Los Angeles Branch. He is a member of the Price Board of Councilors at the USC Price School of Public Policy and a former Director of InBank, a Denver-based community bank. Previously, he served on the Board of Directors of the Boys and Girls Club of the West Valley, Inner City Arts and Junior Achievement and the LA Urban League. Mr. Rainer holds an MBA from the University of Southern California.
Southern California Bancorp has engaged MJC Partners, LLC for financial advisory services.
FORWARD LOOKING STATEMENTS
This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and Southern California Bancorp and Bank of Southern California (together, the “Company”) intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally, in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.
The Company undertakes no obligation to publicly revise these forward-looking statements to
reflect subsequent events or circumstances.