SAN LUIS OBISPO, Calif., Jan. 11 /PRNewswire-FirstCall/ -- American Principle Bank (OTC Bulletin Board : APBA) (the "Bank") today announced that David R. Booker, a founding officer and director of the Bank, has decided to retire as an executive officer, while continuing to serve the Bank as Vice-Chairman of the Board of Directors. Mr. Booker, who will soon be 65 years old, informed the Board of Directors that he wishes to devote more time to his family and to have a greater opportunity to pursue personal interests now that the Bank is in its third year of operation and is well established.
Commenting upon Mr. Booker's retirement, Mr. Eric J. Schwefler, Chairman of the Board, stated: "Dave Booker has been integral to the vision, formation, and growth of the Bank since a small group of businesspeople and bank executives met in late 2006 to discuss the need for a local financial institution focused upon concierge service, advanced technology, customized financial solutions, and client convenience. Dave has brought many clients to the Bank, and was instrumental in our initial public stock offering. The organization and growth of the Bank have placed extensive demands on Dave's time over the past several years, and we are grateful for his contributions toward the Bank achieving so many key milestones."
Thomas J. Beene, the Bank's President and Chief Executive Officer, added: "As a fellow experienced bank executive, I can particularly appreciate the extensive contributions Dave has made to building a successful bank. His significant commitments of time, energy, and resources have provided the key ingredients to successfully launch a financial institution in the current challenging economic environment."
Mr. Booker then commented: "I have had an extremely rewarding career as both a CPA and banker, and now look forward to a third career...retirement. Although I am stepping down as an executive officer, I plan to continue to serve our customers, shareholders, and friends as an active customer advocate and Vice-Chairman of the Board."
The Bank will release its financial results for the full year of 2009 later this month.
The Bank's target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents in San Luis Obispo County and northern Santa Barbara County. The Bank serves these markets through a customizable delivery platform that includes online deposit via scanners located at customers' facilities, advanced technology, and sophisticated cash management services. Clients are also served through the Bank's custom facility, which was designed to emphasize client convenience, confidentiality, and a concierge approach to conducting financial transactions. The Bank is currently in the process of preparing its first branch office, in Santa Maria, California, with a target opening in mid-2010.
The Bank is located at 4051 Broad Street, Suite 140, San Luis Obispo, California, near the intersection of Broad Street (Highway 227) and Tank Farm Road. The Bank's deposits are insured by the FDIC up to applicable legal limits. The Bank participates in the FDIC's Transaction Account Guarantee Program. Under that Program, through June 30, 2010, all non-interest bearing checking accounts, as defined under the Program, are fully guaranteed by the FDIC for the entire amount of the account. Coverage under the Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words or phrases such as "believe", "expect", "anticipate", "intend", "estimate", "target", "plans", "may increase", "may fluctuate", "may result in", "are projected", and similar expressions. The Bank's actual results may differ materially from those included in the forward-looking statements. These forward-looking statements involve risks and uncertainties including, but not limited to, the economic, business, and real estate market conditions in the Bank's market areas, the interest rate environment, competition, regulatory and legislative actions, the possibility that the Bank will not be successful in achieving its strategic objectives, the performance and contributions of employees and directors, and other factors. The Bank does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
This news release is available at the www.americanprinciplebank.com Internet site for no charge.
SOURCE American Principle Bank