The California Department of Business Oversight recently approved a proposal of a three-for-two stock split for the Bank of Santa Clarita.
The proposal for an amendment to the bank’s articles of incorporation to split the bank’s common stock was set to occur on Dec. 20.
Each shareholder is expected to be issued one additional share of the bank’s common stock for every two shares held at the close of business on Dec. 20, which are anticipated to be paid out by approximately Dec. 30, according to a release issued by the bank.
The Bank of Santa Clarita is the only full-service commercial bank headquartered in the Santa Clarita Valley.
Since the announcement, shares of the bank’s stock (BSCA) on the over-the-counter market have increased marginally from $19.81 on Dec. 10 to $20 on Dec. 20.