Southern California Bancorp Announces The Retirement Of Chairman Emeritus And Director John Farkash, Effective Tuesday, January 16, 2024
Portfolio Pulse from Benzinga Newsdesk
Southern California Bancorp (NASDAQ:BCAL), the holding company for Bank of Southern California, announced the retirement of Chairman Emeritus and Director John Farkash, effective January 16, 2024. Farkash, a Founding Director since 2002, has been pivotal in the company's growth from a few million to $1.6 billion in assets. David Rainer, Chairman and CEO, acknowledged Farkash's significant contributions to the company's development and success. Farkash expressed pride in his role and confidence in the company's future.
January 19, 2024 | 1:03 pm
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NEUTRAL IMPACT
John Farkash's retirement as Chairman Emeritus of Southern California Bancorp may have a sentimental impact but is unlikely to affect BCAL's operations or strategic direction given the advance notice and his current non-executive role.
While John Farkash has been instrumental in BCAL's growth, his retirement is well-announced in advance, allowing for a smooth transition. As he is currently not in an executive role, the day-to-day operations and the strategic direction of the company are likely to remain unaffected in the short term. The impact on the stock is expected to be neutral.
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