H. Kent Falk, Chief Executive Officer, and Jeffrey S. Redeker, President of Beach Cities Commercial Bank (In Organization), Announce Receipt of Regulatory Approvals, the Founding Executive Management Team, Anticipated Completion Dates for Irvine Headquarters and Encinitas Full-Service Branch, and Extension of Offering

IRVINE, Calif., Sept. 7, 2022 /PRNewswire/ -- H. Kent Falk, Chief Executive Officer, and Jeffrey S. Redeker, President, of Beach Cities Commercial Bank (In Organization) ("Beach Cities") announced today the founding executive management team, the receipt of regulatory approval to organize and establish Beach Cities from the California Department of Financial Protection and Innovation (the "DFPI") on March 29, 2022, and from the Federal Deposit Insurance Corporation (the "FDIC") on August 24, 2022, subject to conditions relating to the establishment of de novo banks. The application to organize Beach Cities was filed with the DFPI on September 24, 2021, and the application for deposit insurance was filed with the FDIC on September 27, 2021. Beach Cities is also announcing the anticipated completion of its Irvine headquarters office on August 26, 2022, the anticipated completion of its Encinitas office before September 15, 2022, and the extension of its Offering for common stock to the close of business on Monday, October 31, 2022. 

Mr. Falk and Mr. Redeker stated, "We are proud to announce the executive management team for Beach Cities Commercial Bank (In Organization). Each member of our team has extensive experience in his or her area of specialty and has developed strong skills and expertise over many years of working in our market areas. They are dedicated to our success in building a strong, community-oriented bank. Many of us have worked together at other local banks and are excited to be a team again."

Following are the current members of the founding executive management team of Beach Cities, which will be a California state-chartered commercial bank:

• H. Kent Falk, Chief Executive Officer (with over 46 years of banking experience)
• Jeffrey S. Redeker, President (with over 27 years of banking experience)
• Nasrin Rostami, Executive Vice President ("EVP")/Chief Operating Officer and Corporate Secretary (with over 30 years of experience in the banking, risk management and financial services industries)
• Joseph A. Simmons, EVP/Chief Credit Officer (with over 35 years of banking experience)
• Najam Saiduddin, EVP/Chief Financial Officer (with over 28 years of banking experience)
• Debora J. Edson, EVP/Chief Risk Officer (with over 35 years of banking experience)
• Matthew E. Blackmer, EVP/Chief Banking Officer (with over 30 years of banking experience)

Mr. Falk added, "In addition to the officers named above, certain non-executive officers are an important part of the management team, including Michael Berault, the Bank's Regional Manager for Orange County, Maryann T. Purviance, the Regional Manager for San Diego County, and Bri Alvarez, AVP/Executive Assistant. Other members of our team will be announced in future press releases."

Mr. Redeker stated, "Ryan B. Harlow-Nakano, who was an organizer of Beach Cities and proposed in the Offering Circular as EVP/Chief Information Officer ("CIO"), resigned on August 15, 2022 due to his decision to accept a retention offer from his current employer. Ryan was very helpful to Beach Cities in the organization process and his contributions are appreciated; however, Ryan determined that it was in his best interest and the best interest of his family to accept the generous retention offer from his current employer. All the directors and executive officers of Beach Cities wish Ryan well. Due to his contributions to date, the Board has decided that a new CIO is not needed. Instead, the Board may seek a replacement at a Senior Vice President level, with responsibilities more focused on vendor management. The Board may also decide that the executive management team has sufficient experience and expertise to cover that vendor management function without hiring an additional officer. If a new technology officer is hired, that candidate will be submitted to the DFPI and the FDIC for review."

Mr. Redeker further announced, "We are pleased that our headquarters office will be completed for our occupancy on August 26, 2022. Our headquarters is located at 100 Progress, Suite 150, Irvine, California 92618. We will occupy approximately 6,096 square feet of space in Suite 150 on the ground floor of a recently constructed 2-story building. The office is located in Innovation Office Park, with easy access to the 5, 405 and 133 freeways and only minutes to the Irvine Spectrum Shopping and Business Center, Hoag Hospital Irvine, Kaiser Permanente Orange County, University of California at Irvine and John Wayne Airport."

Mr. Falk added, "We anticipate completion of our Encinitas office by mid-September. The office is located at 171 Saxony Road, Suite 105, Encinitas, California 92024. The space consists of 2,950 rentable square feet on the ground floor of a 2-story building in Encinitas West, located in the Encinitas Corporate Center in Encinitas, California. The building is located just off Interstate-5 at Encinitas Boulevard. Located in North Coastal San Diego County, Encinitas is an affluent beach community that is in near proximity to the residential areas of Rancho Santa Fe, La Costa, Solana Beach, and Del Mar. The building is designed in a modern Mediterranean style and has an elaborate central courtyard that features a large waterscape and seating area. The building is high-tech friendly and easily accommodates tenants with high-speed broadband requirements."

The current stock offering (the "Offering") for the sale of 2,500,000 to 2,700,000 shares of common stock for total proceeds of $25,000,000 to $27,000,000, subject to the possible increase in the number of shares by up to an additional 10 percent in the event the Offering is oversubscribed, was originally scheduled to expire on August 31, 2022. The Board of Directors of Beach Cities has extended the Offering until the close of business on Monday, October 31, 2022. 

H. Kent Falk, Chief Executive Officer or Jeffrey S. Redeker, President
Beach Cities Commercial Bank (In Organization)
100 Progress, Suite 150
Irvine, California 92618
(949) 715-7161
[email protected]
[email protected]

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the applications submitted to the DFPI and the FDIC and the nature of the conditions of approval thereof, the proposed members of the executive team of Beach Cities Commercial Bank (In Organization), and expectations of performance of Beach Cities Commercial Bank (In Organization) or its management team. The use of any of the words "achieve," "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "plans", "should", "believe" and similar expressions are intended to identify forward-looking statements. All statements included herein, other than statements of historical fact, involve various risks and uncertainties. There can be no assurance that such statements or information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements or information. Beach Cities Commercial Bank (In Organization) 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 and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Beach Cities Commercial Bank (In Organization)