Southern California Bancorp Sale of Three Branches to Friendly Hills Bank

SAN DIEGO & WHITTIER, Calif.–(BUSINESS WIRE)–Southern California Bancorp (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A., and Friendly Hills Bank (OTCBB: FHLB) jointly announce the signing of a definitive agreement whereby Friendly Hills Bank will acquire three Bank of Southern California branches. The branches are located in Orange, Redlands and Santa Fe Springs, California. 

“This transaction represents our disciplined approach to aligning our branch network to support our evolving commercial banking model,” said Nathan Rogge, President and Chief Executive Officer of Bank of Southern California. “These three branches are more aligned to serve a consumer or small business banking model, rather than a commercial banking model. We thoughtfully executed the sale of these branches and are pleased to have found the right partner for our customers and employees in Friendly Hills Bank, a local community bank.”

“These offices and the communities which they serve are a strong fit with our local community bank model,” said Jeffrey K. Ball, Chief Executive Officer of Friendly Hills Bank. “This transaction provides us with an opportunity to extend our quality service model for relationship-based banking and payroll processing services. We are excited to welcome these new clients and employees to the Friendly Hills Bank family.”

The transaction is subject to shareholder and regulatory approvals and satisfaction of customary closing conditions and is expected to close in the third quarter of 2021.

D.A. Davidson & Co. served as financial advisor and Duane Morris LLP served as legal counsel to Bank of Southern California. Piper Sandler & Co. served as financial advisor and Manatt, Phelps & Phillips, LLP served as legal counsel for Friendly Hills Bank.

ABOUT BANK OF SOUTHERN CALIFORNIA AND SOUTHERN CALIFORNIA BANCORP

A growing commercial bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, offers a range of financial products to individuals, professionals, and small-to-medium sized businesses. The Bank’s solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates branches in San Diego County, Los Angeles County, Orange County, San Bernardino County, and the Coachella Valley in Riverside County.

Southern California Bancorp is a registered bank holding company formed for the purpose of acquiring control of the Bank. The Bank became a wholly owned subsidiary of Bancorp in a reorganization transaction that closed on May 15, 2020.

For more information, please visit https://www.banksocal.com

ABOUT FRIENDLY HILLS BANK

Friendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of eastern Los Angeles County and northern Orange County. The Bank was established in 2006 by prominent members of the local community who were seeking an alternative to the larger financial institutions in the area. The Bank is headquartered in Whittier, California with an additional branch office in Santa Fe Springs, California.

For more information on the Bank, please visit www.friendlyhillsbank.com