CALW: Merged with Southern California Bancorp (BCAL); $0.35 per share.

FINRA deleted symbol:

https://otce.finra.org/otce/dailyList?viewType=Deletions

News: $CALW Bank of Southern California, N.A. and CalWest Bancorp, the Holding Company for CalWest Bank, Announce Agreement to Merge

SAN DIEGO and RANCHO SANTA MARGARITA, Calif. , Oct. 21, 2019 /PRNewswire/ -- Bank of Southern California , N.A. (OTC Pink: BCAL) and CalWest Bancorp (OTCBB: CALW), today announced the signing of a definitive agreement and plan of merger (the "Agreement") whereby CalWest Bank will merge...

Find out more CALW - Bank of Southern California, N.A. and CalWest Bancorp, the Holding Company for CalWest Bank, Announce Agreement to Merge

...interesting

CALW .32x.40 Cant they make another move like last time?

Retained Earnings (at the bank level) for the first 6 mos. of 2014 was $305K

Outstanding shares: 2,521,488

https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=79%2c74%2c76%2c72%2c67&rptid=283&idrssd=2854494&peerGroupType=&supplemental=

Marker:
Calwest Bancorp (QB) (CALW)
$1.40 0.0 (0.00%)
Volume: 0

FFIEC Report

FDIC Certificate # 35069 FRB District/ID_RSSD 12 / 2854494

SOUTH COUNTY BANK, NATIONAL ASSOCIATION ; RANCHO SANTA MARGARITA , CA

OCC Charter # 23801

County: ORANGE

Bank Holding Company Information:
FRB District / ID_RSSD 12 / 3188860
CALWEST BANCORP
RANCHO SANTA MARGARITA, CA

December 31, 2013

Uniform Bank Performance Report

https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=76%2c72%2c67%2c63%2c58&rptid=283&idrssd=2854494&peerGroupType=&supplemental=

Marker:
Calwest Bancorp (QB) (CALW)
$1.01 0.0 (0.00%)
Volume: 25,800

CALW does owe TARP

CalWest Bancorp

Rancho Santa Margarita, CA

TARP Transactions

Original TARP investment amount: $4,656,000.00 (on Jan. 23, 2009)
Outstanding investment $4,656,000.00 (Footnote 8)
Total cash back: $396,163.67 (May include dividends and interest payments not shown below)
Investment status: Full investment outstanding; warrants outstanding

Data current as of Oct. 16, 2013

http://banktracker.investigativereportingworkshop.org/tarp/california/rancho-santa-margarita/calwest-bancorp/

Snap-shot of the Bank as of Sept, 2013

http://banktracker.investigativereportingworkshop.org/banks/california/rancho-santa-mar/south-county-bank-national-association/

*The bank is showing signs of definite improvements...but we need the 4th qtr results.

CalWest Bancorp Announces Financial Results as of December 31, 2013

Full Year net income of $229,167
Non-performing loans decrease year-over-year by 74.9%
Texas Ratio decreased to 26.7% from 65.5% from a year ago

[....]

http://finance.yahoo.com/news/calwest-bancorp-announces-financial-results-180500951.html

Equity is: $3,223,000
O/S is: 2,521,488

I see where they entered into Consent Agreements but I don't see if they ever exited those agreements. My guess is no...they haven't. It needs to be verified by calling the bank.

NOTE 14 – REGULATORY MATTERS

Consent Order: On January 24, 2011 the Bank consented to the issuance of a Consent Order ("the Order") by the Office of the Comptroller of the Currency ("OCC"). The Order places significant requirements on the Bank, as summarized below.

http://www.southcountybank.com/wpcontent/uploads/2014/02/ar2012.pdf

CALW entered into an agreement with the Federal Reserve in April of 2011

http://www.federalreserve.gov/newsevents/press/enforcement/enf20110503a1.pdf

http://www.federalreserve.gov/newsevents/press/enforcement/2011enforcement.htm

NOTE 16 – SENIOR PREFERRED STOCK (*TARP)

On January 23, 2009, the Company entered into a Purchase Agreement with the United States Department of the Treasury (the "Treasury"), pursuant to which the Company issued and sold 4,656 shares of the Company's Preferred Stock as Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") and 233 shares of Fixed Rate Cumulative Perpetual Warrant Preferred Stock, Series B (the "Series B Preferred Stock") for an aggregate purchase price of $4,656,000 in cash. The redemption of both Series A and Series B Preferred Stock is $4,889,000. The discount of $233,000 plus estimated issuance costs of $25,000 is accreted against retained earnings over the estimated five-year life of the Preferred Stock reducing the reported income available for common shareholders.

*It's unknown where they currently stand on TARP but the 5 years is up which means the interest rate on their TARP debt would go to 9%. Significant improvements in the banks overall health were made in 2013...with any luck that trend continues.

Does anyone know the current book value for CalWest? Is it still under a consent order?

I see that this one is still hanging in there. Have you looked at any updated figures? Last I saw, ttm earnings were -0.87. I read the latest at http://finance.yahoo.com/news/calwest-bancorp-announces-financial-results-010000605.html which wasn't exactly stellar. It appears they are looking for an infusion of capital.

Another small Cailf bank with the same cap ratio problems plaguing many in the industry as a whole.

As of Sept. 30, 2012

Assets - $151,498,000

Deposits - $141,089,000

Loans - $65,818,000

Loan loss provision - $850,000

Profit - $-446,000

Capital - $9,079,000 (under-capitalized by at least $6MM...plus they owe TARP)

Reserves - $4,470,000

Loans 90 days or more past due - $0

Non-accruing loans - $9,048,000

Other real estate owned - $700,000

Capital plus reserves - $13,549,000

Total troubled assets - $9,748,000


Total TARP funds owed: $4,656,000
$4,656,000 on Jan. 23, 2009

*I have no investing interest at this time. The only thing this bank has going for it if it doesn't find a cap infusion soon is that it's branches are located in solid affluent demographic areas of SoCal which could be attractive to a much larger bank looking to cherry pick its most stable assets once this fails.