The Bank of Santa Clarita on Tuesday announced the California Department of Business Oversight has approved the bank’s proposal of a three-for-two stock split.

The split is expected to occur Dec. 20, the bank said. One additional share of the bank’s common stock will be issued to each shareholder for each two shares of common stock held at the close of business on Dec. 20.

“It is anticipated that the payment date for the additional shares will be approximately December 30, 2019,” the company said in a statement.

Founded in October 2004, the Bank of Santa Clarita is the only full-service commercial bank headquartered in the Santa Clarita Valley.

Shares of Bank of Santa Clarita (BSCA) stayed flat on Wednesday at $19.81 on the over-the-counter market.