Southern California Bancorp announced late April it will acquire Bank of Santa Clarita for $56.2 million, the San Diego business said.

Bank of Santa Clarita shareholders will receive a share of Southern California Bancorp common stock in exchange for each of their shares. The all-stock transaction is valued at $56.2 million based on Southern California Bancorp’s stock price of $14.15; the value of the merger consideration will fluctuate based on stock price, according to the SCB.

Once the acquisition is finalized, Southern California Bancorp shareholders will own 78 percent of the company’s shares while bank of Santa Clarita shareholders are expected to own 22 percent.

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