Bank of Southern California and CalWest Bancorp announced they have renegotiated their merger to reflect the impact of COVID-19.
“The combined bank offers a highly attractive franchise for us in the dynamic Orange County market and furthers Bank of Southern California’s vision of expanding our market share in Southern California. CalWest Bank is a well-managed community business bank with a strong relationship banking culture, making it a great fit for us.”
Nathan Rogge, President and Chief Executive Officer of Bank of Southern California
The adjusted terms of the deal have Bank of Southern California paying $0.35 per share of CalWest, down significantly from $0.43