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Security California Bancorp Announces Successful Closing of $20 Million Common Stock Offering

^{Published on 2010-09-16 11:45:41 - Market Wire}
 

RIVERSIDE, Calif.--([ BUSINESS WIRE ])--Security California Bancorp (the aCompanya), (OTCBB: SCAF) holding company for Security Bank of California (the aBanka), announced today that it has closed a private placement of its common stock resulting in gross proceeds to the Company of $20 million. The Company sold 2,580,645 shares of common stock at $7.75 per share. RBC Capital Markets acted as the sole placement agent for this offering, with Bingham McCutchen LLP and Varner & Brandt LLP serving as legal advisors to Security California Bancorp.

"This additional capital will provide us with the flexibility to grow our core business and be well positioned to pursue strategic growth opportunities. This successful transaction represents a strong vote of confidence by our investors who recognize the solid community bank we have built focused on providing relationship based lending and depository services," said Jim Robinson, Chairman and CEO of Security California Bancorp.

The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended (the aSecurities Acta), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

About Security Bank of California

Security Bank of California opened for business on June 20, 2005. The Bank offers personalized services and products to businesses and individuals through its three full service offices in Riverside, San Bernardino and Redlands.

Security California Bancorp common stock is traded on the Over the Counter Bulletin Board under the symbol: SCAF.OB.

For more information visit [ www.securitybankca.com ].

Security California Bancorp
Security Bank of California
Forward Looking Statement Disclaimer

This press release includes forward-looking statements, which are based on management's knowledge and belief as of today and include information concerning the Company's possible or assumed future financial condition, and its results of operations, business and outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Company's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. The forward-looking statements could be affected by many factors, including but not limited to changes in interest rates, inflation, general economic conditions, government monetary and fiscal policies, real estate valuations, competition in the financial services industry, civil disturbances or terrorist threats or acts or apprehension about the possible future occurrences of acts of this type, the outbreak or escalation of hostilities in which the United States is involved or impacted, future legislative or administrative changes to the U.S. Treasury Capital Purchase Program enacted under the Emergency Economic Stabilization Act of 2008; the impact of the Emergency Economic Stabilization Act of 2008, the American Recovery and Reinvestment Act of 2009, and the Dodda"Frank Wall Street Reform and Consumer Protection Act and related rules and regulations on the Companya™s business operations and competitiveness, and the Companya™s ability to manage these risks. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date of this press release. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.