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Bank of Marin Bancorp (BMRC) reported third-quarter 2021 earnings of $5.3 million, down from $9.3 million in Q2 2021 and $7.5 million in Q3 2020. Diluted EPS fell to $0.35 from $0.71 in the previous quarter. The decrease was attributed to merger-related costs from the American River Bankshares acquisition, completed on August 6, 2021. Total assets increased to $4.261 billion, with loans growing to $2.317 billion thanks to the merger. The bank declared a cash dividend of $0.24 per share and increased its share repurchase program authorization from $25 million to $57 million.
Bank of Marin Bancorp (BMRC) will hold its third quarter earnings call via webcast on October 25, 2021, at 8:30 a.m. PT. CEO Russell A. Colombo, along with COO Tim Myers and CFO Tani Girton, will discuss fiscal highlights from the third quarter, which ended on September 30, 2021. The public can access the webcast through Bank of Marin’s website. Founded in 1990, Bank of Marin is based in Novato, California, and offers commercial and personal banking services, with total pro-forma assets of approximately $4.0 billion following a recent merger.
Bank of Marin Bancorp has announced the retirement of CEO Russell A. Colombo, effective October 31, 2021. Tim Myers, currently President and COO, will succeed him starting November 1, 2021. Colombo led the bank for 15 years, growing assets from $877 million to over $4 billion. Under his leadership, the bank expanded its footprint from 2 to 10 counties and increased branch locations from 9 to 31. Myers has been with the bank since 2007 and is considered well-suited to maintain its growth and culture.
Bank of Marin announced the retirement of Beth Reizman, Executive Vice President and Chief Credit Officer, effective January 3, 2022. Ms. Reizman will step down from her Chief Credit Officer role on September 30, 2021 but will remain to ensure a smooth transition. Misako Stewart will succeed her as Executive Vice President and Chief Credit Officer. Stewart has been with the bank since 2013 and brings over 30 years of experience in credit administration. The bank is recognized for its strong credit culture and community focus.