California BanCorp Announces Completion of $35 Million Subordinated Debt Offering

Aug 17, 2021

OAKLAND, Calif., Aug. 17, 2021 (GLOBE NEWSWIRE) -- California BanCorp (the “Company”) (NASDAQ: CALB), whose subsidiary is California Bank of Commerce, today announced that it has completed a private placement of $35 million in fixed-to-floating rate subordinated notes due September 1, 2031 (the "Notes") to certain qualified buyers and accredited investors. The Company intends to use the net proceeds to redeem $5 million of bank-level subordinated debt and for general corporate purposes.

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