By Devika Patel
Knoxville, Tenn., May 29 – Southern California Bancorp settled an $18 million private placement of 5.5% fixed-to-floating rate subordinated notes (Egan-Jones: BBB) due March 2030, according to a press release.
MJC Partners, LLC was the agent.
Interest accrues at 5.5% per year until March 2025. From then onwards, the notes will bear interest at a floating rate equal to SOFR plus 350 basis points.
Proceeds will be used for the cash consideration in the company’s planned acquisition of CalWest Bancorp and for general corporate purposes.
The holding company for Bank of Southern California is based in San Diego.
| Issuer: | Southern California Bancorp
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| Issue: | Fixed-to-floating rate subordinated notes
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| Amount: | $18 million
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| Maturity: | March 2030
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| Coupon: | 5.5% until March 2025, then at SOFR plus 350 bps
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| Call: | At par beginning on June 15, 2025
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| Agent: | MJC Partners, LLC
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| Announcement date: | May 29
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| Ratings: | Egan-Jones: BBB
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| Distribution: | Private placement
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