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Golden Pacific Bancorp Announces Board Changes

SACRAMENTO, Calif., Jan. 15, 2015 (GLOBE NEWSWIRE) -- Virginia Varela, CEO of Golden Pacific Bancorp, announced today that Frank Washington, a founding Director and Chairman of the Bank, has stepped down as Chairman (but will remain a Director), and that Richard Claussen and David Roche have been elected new Directors, of which Mr. Claussen was elected interim Bank Chairman. Mr. Claussen was previously a founding Director of the Bank. Mr. Roche serves on the Board as a representative of Gapstow Capital Partners, a major investor in the Bank.

"We are grateful for Frank Washington and his years of dedicated leadership as Chairman of the Bank and for seeing us through some difficult times," said Varela. "As we move to better position the bank to successfully compete in the post-recession environment, we look forward to the contributions, expertise, and experience Mr. Claussen and Mr. Roche will bring to the Board in our efforts to enhance shareholder value – a multi-pronged process that will be ongoing through 2015."

CONTACT: Virginia Varela CEO Golden Pacific Bancorp 916-414-0680Source:Golden Pacific Bancorp