An Inside View of
Bank News and Important Updates

News - An Inside View of Bank News and Important Updates


Meet a few of our talented banking professionals, and read the latest news and articles about Bank of Southern California.

Industry News

October 17, 2014

Executive Order - Improving the Security of Consumer Financial Transactions

Given that identity crimes, including credit, debit, and other payment card fraud, continue to be a risk to U.S. economic activity, and given the economic consequences of data breaches, the United States must take further action to enhance the security of data in the financial marketplace. While the U.S. Government's credit, debit, and other payment card programs already include protections against fraud, the Government must further strengthen the security of consumer data and encourage the adoption of enhanced safeguards nationwide in a manner that protects privacy and confidentiality while maintaining an efficient and innovative financial system.

November 11, 2012

Notice of Expiration: Temporary Unlimited Coverage for Noninterest-Bearing Transaction Accounts

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit

March 6, 2012

Top 10 FDIC Online Resources

In honor of National Consumer Protection Week 2011 (NCPW), which was March 6-12, the FDIC announced a new "Top 10" list of online resources for consumers on subjects ranging from deposit insurance to shopping for a bank account and avoiding financial fraud.

The top 10 list includes the following resources:

  • "EDIE," the FDIC's Electronic Deposit Insurance Estimator: An online calculator that assists consumers and businesses in determining their deposit insurance coverage for each FDIC-insured bank where they have deposit accounts.
  • FDIC Consumer News: The FDIC's quarterly publication for consumers that offers information and tips on credit cards, bank accounts, loans, scams, money management, and much more.
  • Bank Find: An online directory that consumers can use to locate an FDIC-insured institution, learn what happened to a bank that changed names or no longer exists, and more.
  • Customer Assistance Form: An easy-to-use online form to submit a question to the FDIC or a complaint regarding a financial institution.
  • Consumer Alerts: Warnings about financial frauds and scams.
  • Small Business Web Page: Useful information for small businesses, especially regarding access to loans, plus an online form to ask the FDIC a question or register a concern.
  • The FDIC YouTube Channel: Videos on financial topics and messages from FDIC Chairman Bair.
  • Money Smart: A financial education curriculum focusing on the development of consumers' financial skills and positive banking relationships.
  • Foreclosure Prevention Toolkit: A Web page that provides helpful information for homeowners on avoiding foreclosure and foreclosure "rescue" scams.
  • E-mail updates: Sign up to receive e-mail notices of each new issue of FDIC Consumer News, Consumer Alerts, and other announcements and publications from the FDIC.

Visit the FDIC's Top 10 list for more detailed information.

Dodd-Frank Act – Responding to the Financial Crisis

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). The Act represents Congress' attempt to address the issues arising out of the financial crisis and represents over a year's effort to craft a legislative solution designed to avoid another financial crisis. The stated aim of the legislation is:

To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.

The full impact and significance of the Act will be revealed over the next 18 months as various regulatory agencies begin to implement various sections of the Act. Following are a few highlights of the legislation:

Consumer Protections – Creates a new independent watchdog, the Consumer Financial Protection Bureau, to ensure consumers get clear, accurate information on mortgage, credit cards and other financial products.

Ends "Too Big to Fail" Bailouts – Clearly states that taxpayers will not be on the hook to save failing financial companies. The Act imposes tough new capital and leverage requirements, alters the Fed's emergency lending authority to prohibit bailing out an individual firm, and calls for an orderly liquidation mechanism for failing financial institutions.

Advance Warning System – Creates a new Financial Stability Oversight Council to identify and respond to emerging systemic risks posed by large, complex companies, products and activities before they threaten the stability of the economy.

Transparency & Accountability – Eliminates loopholes that allow risky abusive practices to go unnoticed and unregulated, including loopholes for over-the-counter derivatives, asset-backed securities, hedge funds, mortgage brokers and payday lenders.

Mortgage Reform – Establishes a federal standard for all home loans whereby institutions must ensure that borrowers can repay the loans they are sold. The Act also prohibits incentives for subprime loans that steer borrowers into more costly loans and prohibits pre-payment penalties.

Hedge Funds – Requires hedge funds and private equity advisors to register with the SEC and provide information about their trades and portfolios, and increases the assets threshold for federal regulation from $30 million to $100 million which will increase the number of advisors under state supervision.

Credit Ratings – Creates an Office of Credit Ratings within the SEC that will establish new requirements, disclosures and oversight of credit rating agencies to protect investors and businesses.

Executive Compensation – Provides shareholders with a say on pay and corporate affairs with a non-binding vote on executive compensation and golden parachutes.

Insurance – Creates the first ever office in the Federal government focused on insurance, the Federal Insurance Office to gather information on the industry and to ensure access to affordable insurance by minorities, low- and moderate-income persons and underserved communities.

Investor Protections – Creates a program within the SEC encouraging people to report securities violations and creates a new Investment Advisory Committee to advise the SEC on regulatory priorities and practices.

Addressing the Mortgage Crisis – Provides $1 billion to States to help rehabilitate and redevelop abandoned and foreclosed properties and provides $1 billion in bridge loans to qualified unemployed homeowners, and authorizes a new HUD program for foreclosure legal assistance to low- and moderate-income homeowners.

Visit the United States Senate Committee on Banking, Housing and Urban Affairs for more detailed information.

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Press Releases

Bank of Southern California Announces $7 Million Capital Offering

Bank of Southern California Announces $7 Million Capital Offering

San Diego, Calif., September 27, 2016 — Bank of Southern California (OTC Pink: BCAL) announced today that it has signed a stock purchase agreement for a private placement of $7 million of the Bank's common stock with Castle Creek Capital, based in Rancho Santa Fe, California. The transaction is anticipated to close in the fourth quarter, subject to regulatory approvals and other standard closing conditions.

As part of the offering, the Bank will issue 823,529 shares of its common stock. This is Bank of Southern California's second common stock offering in two years, raising over $14.0 million.

Nathan Rogge, President and CEO of Bank of Southern California commented, “Over the past several years the Bank has experienced strong organic growth and has completed several acquisitions. This additional capital will help continue to fund organic growth and provide us with the ability to act on strategic acquisition opportunities. It also increases the bank's legal lending limit, which allows us to meet the growing needs of our clients. Recently, the Bank completed an acquisition of the deposits of the La Quinta branch of Opus Bank which closed on August 19, 2016,” concluded Rogge.

MJC Partners, LLC served as the sole placement agent for the offering. Horgan, Rosen, Beckham & Coren, LLP served as the Bank's legal counsel.

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News Articles

Newsletter Articles

June 21, 2013

Save Time and Money with Remote Deposit Capture

Are you tired of filling out deposit slips and making endless trips to the bank to deposit your business checks? Are you paying employees to stand in line at the bank for you?

Now there's a better way with remote deposit capture (RDC), a relatively new service that lets you make deposits directly to your bank accounts without leaving your office. Here's how it works.

The bank provides you with a remote scanner that hooks up to your computer, and software for connecting to your bank's system. To deposit checks, you log into the RDC program, scan the checks, and electronically transmit them to your bank for processing. It's safe, secure, and simple to do. Anyone with basic computer skills can learn the process in just a few minutes.

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June 13, 2013

President's Message - Small Business Loans

Having worked for National, Regional and Community banks during my career, I have seen the impact each type of bank has on the variety of communities they serve. I have to say, my passion is with Community banks, as the impact they have in the community is the most direct. We understand the economic issues that impact local businesses because we live and work in the very same communities, experiencing the very same issues. This gives us a unique perspective to understand and more fully support our local businesses. It came as no surprise to me when I read an article in American Banker that addressed the important role that community banks have in the community.

Big banks make big pledges to small business. Headlines buzz with news of their commitments to these small business communities, yet these hefty commitments are minimal when small-business loans to assets are measured. At most of the large and regional banks, these small business loans make up a very small percentage of their total assets.

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