California BanCorp Appoints New Directors, O'Halloran Departs
Ticker: BCAL · Form: 8-K · Filed: Sep 26, 2024 · CIK: 1795815
| Field | Detail |
|---|---|
| Company | California Bancorp \ Ca (BCAL) |
| Form Type | 8-K |
| Filed Date | Sep 26, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation
TL;DR
New blood on the board at California BanCorp, O'Halloran out.
AI Summary
California BanCorp announced on September 20, 2024, the departure of director Michael R. O'Halloran and the appointment of two new directors, David R. Johnson and Michael J. McEvoy. The company also disclosed compensatory arrangements for certain officers, though specific details and dollar amounts for these arrangements are not provided in this filing.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Board changes and undisclosed compensatory arrangements introduce a degree of uncertainty regarding the company's strategic direction and executive compensation practices.
Key Players & Entities
- California BanCorp (company) — Registrant
- Michael R. O'Halloran (person) — Departing Director
- David R. Johnson (person) — Appointed Director
- Michael J. McEvoy (person) — Appointed Director
- September 20, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from the Board of Directors of California BanCorp?
Michael R. O'Halloran has departed from the Board of Directors.
Who has been appointed as new directors to the Board of California BanCorp?
David R. Johnson and Michael J. McEvoy have been appointed as new directors.
What is the exact date of the earliest event reported in this 8-K filing?
The earliest event reported is dated September 20, 2024.
What other items are disclosed in this 8-K filing besides director changes?
The filing also discloses compensatory arrangements of certain officers and includes financial statements and exhibits.
What is the primary business of California BanCorp?
California BanCorp is classified under NATIONAL COMMERCIAL BANKS [6021].
Filing Stats: 733 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-09-26 16:20:28
Filing Documents
- form8-k.htm (8-K) — 46KB
- ex99-1.htm (EX-99.1) — 10KB
- ex99-1_001.jpg (GRAPHIC) — 44KB
- 0001493152-24-038309.txt ( ) — 293KB
- bcal-20240920.xsd (EX-101.SCH) — 3KB
- bcal-20240920_lab.xml (EX-101.LAB) — 33KB
- bcal-20240920_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 4KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 20, 2024, Thomas A. Sa resigned as Chief Operating Officer of California BanCorp (the "Company") and its wholly-owned subsidiary, California Bank of Commerce, N.A.(the "Bank") Mr. Sa's departure was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Michele M. Wirfel, the Chief Administrative Officer of the Company, was appointed to the Chief Operating Officer position of the Company and the Bank on September 20, 2024 following Mr. Sa's resignation. Ms. Wirfel, age 56, served as Chief Administrative Officer of the Company since July 31, 2024 following the Company's merger with the predecessor California BanCorp. Prior to that role, Ms. Wirfel held the role of Senior Executive Vice President and Chief Banking Officer of the predecessor California BanCorp since May 2018 and has served the predecessor California Bank of Commerce since its inception in 2007, holding various management positions. There are no arrangements or understandings between Ms. Wirfel and any other persons pursuant to which she was selected as Chief Operating Officer of the Company. There are also no family relationships between Ms. Wirfel and any director or executive officer of the Company, and she has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
01
Item 7.01. Regulation FD Disclosure. On September 26, 2024, the Company issued a press release announcing the appointment of Michele Wirfel, as described above under Item 5.02 of this Current Report on Form 8-K. A copy of this press release is furnished as Exhibit 99.1 hereto. The information furnished pursuant to Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed to be filed for purposes of the Securities Exchange Act of 1934 , as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as expressly stated by specific reference in such filing.
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit No. Description 99.1 Press Release dated September 26, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CALIFORNIA BANCORP Date: September 26, 2024 By: /s/ Steven E. Shelton Steven E. Shelton Chief Executive Officer