CALIFORNIA BANCORP ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM

San Diego, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- California BanCorp (the “Company”) (Nasdaq: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”), announces that its Board of Directors has authorized an additional 1.6 million shares of the Company’s common stock that may be repurchased pursuant to its share repurchase program. The program was originally approved by the Board in June 15, 2023 and was most recently amended on May 1, 2025. As of November 3, 2026, approximately 557,315 shares remained available under the existing authorization. Since the program’s inception, the Company has repurchased 1,042,685 shares of the Company’s common stock for an aggregate purchase price of $19.7 million. The 1.6 million additional shares authorized for the repurchase represent approximately 5.0% of the Company’s outstanding shares of common stock.

“Our strong earnings and capital position provide us with the capacity to continue returning capital to shareholders through share repurchases, which we believe are an effective way to return capital and enhance long-term shareholder value. The expansion of our share repurchase program reflects the confidence of our Board of Directors and management team in our relationship-based banking strategy, and our continued commitment to delivering sustainable, longer-term value for our shareholders,” said David Rainer, Chairman of the Company and the Bank.