Southern California Bancorp reports some organizational changes

SAN DIEGO–(BUSINESS WIRE)–Southern California Bancorp (“us”, “we”, “our” or the “Company”) (OTC Pink: BCAL), the holding company of Bank of Southern California, NA (the “Bank”) announced today iod that David I. Rainer, Chairman, President and Chief Executive Officer of the consolidated organization, took a temporary sabbatical from all positions within the Company and the Bank effective April 29, 2022, for personal reasons unrelated to his health. While no assurances can be given, the Company and the Bank expect Mr. Rainer to return as Chairman and Chief Executive Officer of the consolidated organization at the end of his sabbatical in early 2023. The Company’s current lead director, Irwin Golds, to become interim chairman of the combined organization’s board of directors; Thomas G. Dolan, the company’s current executive vice president and chief financial officer, will become the interim CEO of both organizations; and Richard Hernandez, Executive Vice President, Chief Banking Officer, have been named President of the combined organization, all effective April 30, 2022. In addition, Jean Carandang will join the Bank as Executive Vice President and Chief Banking Officer. finances from the same date. Date.

“I hold the Bank and its management team in the highest regard and have confidence in the ability of the Board and management to continue to execute the relationship-based banking strategy we have put in place and I I look forward to returning from this temporary sabbatical to once again lead this exceptional team,” said David I. Rainer, outgoing Chairman, President and CEO.

“I am honored to be named interim chairman by my fellow directors and want to assure our employees, customers and investors that Dave’s sabbatical is only a short-lived setback, and the plans Dave has established and the leadership team he assembled have laid the foundation for our continued execution of his strategic vision for our bank – to become the premier relationship-based community bank in Southern California and beyond. “The Board is fully confident that Tom and Rich can assume the roles of CEO and Interim Chairman, respectively, and are pleased to announce their appointments to these positions,” said new interim Chairman Irwin Golds. Success does not come without competitive hurdles, and our leadership team and Board are fully committed to aggressively pursuing the implementation of Dave’s strategic vision for our Bank.

“Working with Dave over the past year and a half to transform our franchise from a transactional business model to a relationship-based business model, we have come to share the same vision for the future of banking, and I am honored to replace him as interim CEO,” said Thomas Dolan, new interim CEO of Southern California Bancorp and Bank of Southern California. “I also want to extend a very warm welcome to the Bank’s new Chief Financial Officer. , Jean Carandang.

“I appreciate the Board’s confidence in me and look forward to working alongside Tom, our management team and all of our employees to continue on the strategic path that has led to the very strong growth of the company over the past year, which we have achieved by providing exceptional relationship-based banking services to our customers,” said Richard Hernandez, incoming president of Southern California Bancorp and Bank of Southern California.

Also effective April 30, 2022, Joann Yeung, the company’s current chief financial reporting officer, has been appointed chief accounting officer of the combined organization; and Khoi D. Dang, the current chief legal officer of the combined organization, was also named chief administrative officer of the combined organization, and Tony DiVita was named chief strategy officer.

Mr. Dolan has over 37 years of experience in the banking industry. Prior to joining the Company, he was formerly Executive Vice President, Chief Financial Officer, at Los Alamos National Bank. Previously, he served as Executive Vice President, Chief Operating Officer of Anchor BanCorp Wisconsin Inc.

Mr. Hernandez is a highly accomplished and highly regarded executive with over 20 years of experience in the banking industry. Prior to joining Bank of Southern California in 2020, he served as Executive Vice President of Pacific Western Bank, overseeing commercial banking regions located in Los Angeles and Ventura counties. Previously, he was executive vice president of California United Bank for 12 years, and prior to that he was vice president, Commercial Banking, of US Bank for four years.

Ms. Carandang brings more than 30 years of banking experience to her role as Chief Financial Officer of the Bank of Southern California. Previously, she was CFO of Suncrest Bank for six years and prior to that, CFO of Simplicity Bank for seven years. She started her accounting career as an audit manager at KPMG.

FORWARD-LOOKING STATEMENTS

In addition to historical information, certain matters set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to management’s beliefs, projections and assumptions regarding future results and events. . Forward-looking statements include descriptions of management’s plans or objectives for future operations, products or services, as well as forecasts of Southern California Bancorp’s revenue, earnings or other measures of economic performance. Additionally, forward-looking statements may relate to future prospects and anticipated events, such as Southern California Bancorp’s plans and protocols with respect to managing potential impacts related to the ongoing COVID-19 pandemic. These forward-looking statements involve risks and uncertainties based on management’s beliefs and assumptions and on information available to management at the time such forward-looking statements were made and can be identified by the fact that they do not relate not strictly to historical or current facts. They often include words or phrases such as “aim”, “may”, “may”, “could”, “predict”, “should”, “will”, “should”, “believe”, “anticipate”, “estimate”, “expect”, “hope”, “intend”, “plan”, “potential”, “project”, “probably will”, “continue”, “seek”, “shall” , “possible”, “projection”, “optimistic” and “prospects”, as well as variations of these words and similar expressions or the negative version of these words or expressions.

Forward-looking statements involve substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control. Many factors could cause actual results to differ materially from those contemplated by these forward-looking statements. Except to the extent required by applicable law or regulation, Southern California Bancorp does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect events or unforeseen events or circumstances after the date of such statements, except as required by law. .

Aubrey L. Morgan