LAFAYETTE, Calif., Aug. 07, 2017 (GLOBE NEWSWIRE) -- California BanCorp (OTCQX:CALB), a San Francisco Bay Area bank holding company that is the parent of California Bank of Commerce, today announced its Board of Directors has declared a 5% stock dividend to be paid on August 31, 2017 to shareholders of record on August 18, 2017.
“As we celebrate the tenth year anniversary of California Bank of Commerce, we want to thank our shareholders for their continued loyalty and support, by declaring this 5% stock dividend,” stated Stephen A. Cortese, Chairman of the Board for California BanCorp.
Shareholders will receive 5 additional shares of common stock for every 100 shares currently owned. A cash payment will be made in lieu of fractional shares. California BanCorp currently has approximately 6.1 million shares outstanding, and will have approximately 6.4 million shares outstanding after payment of the stock dividend.
On July 27, 2017, CALB reported continued strong profits for the second quarter of 2017. Earnings grew 73% to $1.9 million from $1.1 million in the second quarter of 2016. Profitability was fueled by robust loan growth, continued strong credit quality, above average net interest margin and improving operating efficiencies. Return on average assets (ROAA) improved to 0.94% and return on average tangible common equity (ROTCE) was 10.22%. All financial results are unaudited.
About California BanCorp and California Bank of Commerce
California BanCorp, through its wholly-owned subsidiary, California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout the San Francisco Bay Area. The stock trades on the OTCQX marketplace under the symbol CALB. For more information on California BanCorp and California Bank of Commerce, call us at (510) 457-3751, or visit us at www.californiabankofcommerce.com.
California BanCorp Terry A. Peterson, (510) 457-3751 President and Chief Executive Officer firstname.lastname@example.org Randall D. Greenfield, (510) 457-3769 EVP and Chief Financial Officer email@example.com