LOS ANGELES--(BUSINESS WIRE)--Pacific Commerce Bank (OTCBB:PFCI) reported a recent change in the composition of its Board of Directors.
Board of Director Changes
Concurrent with the recently completed capital raise of $5 million, the Bank confirmed the departure of four existing directors, Mark Buchman, Frances Hashimoto, Norman Higo and Ken Kasamatsu. The appointment of five new directors was likewise confirmed, namely, Pete Kleinert, Robert Burk, Jay D. Hatfield, H. Michael Krimbill, and Robert W. Lyons. Thomas Iino will continue to serve as Chairman of the Board, while Mr. Kleinert will assume the role of Vice-Chairman.
“We are grateful for the past commitment and contributions of our departing directors, all of whom have been part of the bank since its inception. Mr. Buchman, Mr. Higo and Ms. Hashimoto will continue to play an active role within the bank, serving on our Advisory Board, while Mr. Kasamatsu will remain a key member of our Senior Management team, where he serves as President and Head of our Retail Banking Group,” stated Thomas Iino, Chairman of the Board. “The departing directors have made a significant contribution to the Bank that will be long remembered and honored,” continued Mr. Iino.
“The new directors that are joining our Board have not only made a serious financial commitment to the bank, but bring with them expertise and specific skills that will be of great benefit to the bank going forward,” continued Mr. Iino. “For example, Mr. Kleinert was previously on the board of Western Sierra Bancorp, one of California’s most successful community bank roll-ups (sold to Umpqua Bank in 2006). Several others have strong M&A experience, Fortune 500-board experience, and extensive ties to the institutional investment community. All the new directors are highly regarded business leaders in their own right, and their involvement in our Board will raise the profile of our Bank and help position us for future growth and opportunities,” concluded Mr. Iino.
About Pacific Commerce Bank
Established in 2002, Pacific Commerce Bank is a community bank with offices in Downtown Los Angeles and West Los Angeles. Founded by local business owners and professionals, it is focused on meeting the diverse needs of those clients. It is publicly traded on the OTC Bulletin Board under the stock symbol PFCI. The bank offers small business loans, asset-based loans, construction and permanent real estate financing, SBA government-guaranteed loans, as well as personal and professional credit lines. Information on the bank as well as a copy of the bank’s most recent newsletter and financial summary can be accessed through its website: “pacificcommercebank.com” or by calling between 9:00am and 5:00pm at 213-617-0082.
Forward-Looking Statements
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
The financial information in this press release is based on our unaudited financial results. Certain statements in this press release, including statements regarding the anticipated development and expansion of the bank's business, and the intent, belief, and current expectations of the bank, its directors, or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements are subject to risks and uncertainties and therefore the bank's actual results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that the bank is subject to include, but are not limited to, risks related to the local and national economy, including fluctuations in interest rates and costs and changes in economic policy; the ability of the bank to perform in accordance with its plans; competition; regulatory matters; and other risks detailed in its filings with the State of California Department of Financial Institutions and the Federal Deposit Insurance Corporation. The bank cautions readers not to place undue reliance on any forward-looking statements. The bank does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.