TUCSON, Ariz., Feb. 18, 2020 /PRNewswire/ -- CBOA Financial, Inc. (OTCMKTS: CBOF) (the "Company"), parent company of Commerce Bank of Arizona (the "Bank" or "CBAZ"), announced today that President and CEO John P. Lewis will retire from the Company and the Bank on April 21, 2021. Effective immediately and until his retirement, Mr. Lewis will serve in the role of Tucson Market President.
Consistent with the management succession plan established by the Board of Directors, and effective immediately, Phoenix Market President Chris Webster will assume the role of President and Chief Executive Officer of the Company and the Bank.
"The timing of this announcement was carefully chosen to ensure a slow and smooth transition for all of customers, staff, and shareholders," said Bill Assenmacher, Chairman of the Board of the Company.
"During his time as CEO, John and the management team have transformed every aspect of the Bank's operation into something we're all very proud of, and John leaves us in very capable hands. Chris Webster has been deeply involved in all areas of our operation and has been instrumental in driving our turnaround and growth. Chris is a proven leader who is well suited to continue building the CBAZ franchise in Arizona in the years ahead," added Mr. Assenmacher.
"It has been my privilege to serve as CEO of CBAZ," said Mr. Lewis. "I'm very proud of the way our team rallied the community, raised capital, and turned around this Bank. I'm even more proud of the way we've since laid the foundation for many more years of supporting our local business communities and delivering the returns that our shareholders expect. Mr. Webster will continue to do what he's done since he arrived in 2014: lead effectively, serve our customers, and execute on the shared vision we have for this Bank."
"I am excited to lead the continued growth of CBAZ," said Mr. Webster. "John is an icon in the Arizona community banking industry, and it has been an honor and pleasure to work with him. I will work to carry forward the principles and leadership he has inspired in our company and our communities."
Mr. Webster joined the Company in January 2015 as Phoenix Market President. Before Joining CBAZ, Mr. Webster led the commercial banking division at BBVA/Compass in Phoenix. He later co-founded and led First Scottsdale Bank, a Scottsdale based community bank.
SOURCE Commerce Bank of Arizona