GILROY, Calif., Dec. 16, 2016 /PRNewswire/ -- Pinnacle Bank (OTCQX:PBNK) announced today, Susan K. Black, President and Chief Executive Officer of the Bank, will be appointed to the newly created position of Executive Vice Chairman, serving as a senior advisor to management on strategic initiatives, client relations and board development matters, effective February 1, 2017. She will continue to serve as a member of the board of directors. Also, effective February 1, 2017, the Bank's Executive Vice President and Chief Banking Officer, Jeffrey D. Payne, will be appointed President and Chief Executive Officer, assuming responsibility for the daily management of the Bank, in addition to joining the board of directors.
Mr. Payne joined Pinnacle Bank in 2009 and has been Executive Vice President and Chief Banking Officer since 2010. Mr. Payne began his banking career in 1978 and held positions at County Bank of Santa Cruz, Pacific Western Bank and Comerica before joining Pinnacle Bank.
"I am excited about my new role and continuing to contribute to the success of the bank. We have accomplished everything I set out to achieve, including recently hitting the $300 million mark in total assets, stated Susan K. Black. "I am most pleased to congratulate Jeff Payne. He shares my community banking vision and I believe under his leadership Pinnacle Bank will continue to excel." Ms. Black added, "for the past 11 years I have had the opportunity and great privilege to be part of building Pinnacle Bank, first as an organizer/founding shareholder and then CEO since 2008. It has been an incredible journey. We faced the challenging years of the recession, but with our outstanding team of professional bankers, our committed board of directors and our loyal advisors and clients, we not only survived, we thrived. We have built a strong, healthy, profitable franchise, recently posting double digit growth and record earnings."
"It has been an honor and a privilege working with Susan," said David J. Scoffone, Pinnacle Bank's Chairman. "Susan's integrity, work ethic and knowledge of the financial institutional industry is second to none. We are very excited that Susan will continue with Pinnacle Bank as our executive of strategic planning and continue as a member of our board of directors. Susan has brought so much to Pinnacle as our President and CEO and now we are very fortunate to continue working together in this new important role." Mr. Scoffone added "we are also pleased to have Jeff Payne take his next step forward with Pinnacle Bank as our new President and CEO. Jeff has been a key member of our team working hand in hand with Susan and our staff. This has been a very successful internal succession plan which will keep Pinnacle Bank strong, congruent and steady in our philosophy and continued growth. We thank Susan and congratulate Jeff. We are all Pinnacle Proud and continue to look forward to our bright future."
"It is truly an honor to be selected as the next President and CEO of Pinnacle Bank," said Mr. Payne "This is a remarkable organization made up of the very best bankers in the industry. Susan has guided us with her strategic leadership, unquestionable integrity, and unwavering commitment to our communities and our staff. It has been a pleasure to work directly with Susan for the past 7 years, and I look forward to leading Pinnacle Bank into the future."
About Pinnacle Bank
Pinnacle Bank is a full-service business bank dedicated to providing quality depository and credit services in Santa Clara, San Benito and Monterey counties. The Bank focuses on commercial banking services for businesses and nonprofit organizations, offering a variety of products and services that combine the best of personal touch with convenient technology-based delivery. Pinnacle Bank has locations in Morgan Hill, Gilroy and Salinas. More information is available at www.pinnaclebankonline.com.
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in our primary service area and more generally in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Pinnacle Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.
Contact: Susan K. Black, President & CEO at 408-762-7140
SOURCE Pinnacle Bank