LA JOLLA, Calif., Feb. 15, 2018 (GLOBE NEWSWIRE) -- LA JOLLA, Calif. – February 15, 2018 (GLOBE NEWSWIRE) – Private Bancorp of America, Inc. (OTCQX:PBAM)
Thomas V. Wornham, President and CEO of Private Bancorp of America, Inc. (“Bancorp”) and CEO of CalPrivate Bank (“Bank”) announced today that Rick Sowers will be joining the Bank as President of CalPrivate Bank, February 15, 2018. Mr. Sowers was most recently President of Plaza Bank, which was acquired by Pacific Premier Bank in 2017.
“We are very excited to have Rick joining our executive management team. Rick’s skill sets and personality will not only assist us in Orange County, Los Angeles, SBA division and Corporate Marketing but provides the stage for other expansion opportunities. Rick will focus initially on our businesses north of Camp Pendleton while Paul Azzi, EVP/San Diego Market President will continue to focus on building our businesses in San Diego County.”
“I am thrilled to be joining such a dynamic and growing organization. I look forward to working with Tom and the rest of the leadership team in executing on the Bancorp’s vision and adding value to our employees, clients and shareholders,” Sowers added.
Rick Sowers is a Southern California native and 1995 graduate of UCSD. He applied his BS in Economics first with Accenture Consulting in Los Angeles then joining CAST Management Consultants, where he spent a decade as a VP/ Associate Partner. He specialized in creating bank efficiencies, profitability and optimizing customer focus and experience. In 2008, Rick joined Bank of Manhattan / Manhattan Bancorp as EVP & Chief Banking Officer. He became President of the Bank prior to its merger with Plaza Bank – Irvine in 2015. There Rick held positions starting from EVP & Chief Strategy Officer to Chief Operating Officer. He served as the Bank’s President until Plaza Bank sold to Pacific Premier Bank, in October 2017 at 2 times tangible book value.
“Rick has a proven ability to build great teams and add value to organic growth strategies in our Southern California Coastal footprint,” noted Wornham.
Selwyn Isakow, Chairman of both the Bank and the Bancorp, noted, “The addition of Mr. Sowers continues our investment in people, products, technology and infrastructure in order to be the preeminent financial service provider in the markets we serve, delivering the best solutions and the finest customer service experience.”
Private Bancorp of America, Inc., parent company of San Diego Private Bank, recently announced the name change of San Diego Private Bank and its divisions – Coronado Private Bank, Newport Private Bank and Private Business Capital – to CalPrivate Bank.
About Private Bancorp of America, Inc.
Private Bancorp of America, Inc. (OTCQX:PBAM), is the holding company for San Diego Private Bank. San Diego Private Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned businesses and real estate entrepreneurs. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. San Diego Private Bank is a SBA Preferred Lender and a Bauer Financial 5-Star rated bank (for 37 consecutive quarters). Deposit Accounts.Com rates San Diego Private Bank A+ and has named it on of the top 100 safest banks in the Country.
Investor Relations Contact:
Thomas V. Wornham
Private Bancorp of America, Inc. and San Diego Private Bank
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This press release may include forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate the operations of merged banks, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.
Source:Private Bancorp of America, Inc.