West Coast Community Bancorp and Santa Cruz County Bank Announce Board of Directors Changes
Rhea-AI Summary
West Coast Community Bancorp (OTCQX: SCZC), parent company of Santa Cruz County Bank, announced significant changes to its Board of Directors. Thomas N. Griffin, a founding director, retired effective September 30, 2024, after over 20 years of service. During his tenure, the bank's assets grew from $13.2 million to $1.8 billion. Wayne Doiguchi, with over 40 years of Bay Area banking experience, has been appointed as a new director.
Key milestones during Griffin's service included the merger with Lighthouse Bank in 2019, expansion into Monterey County and Silicon Valley, and the recent merger with 1st Capital Bancorp. Doiguchi, formerly a director at California Bank of Commerce and CEO of Pan Pacific Bank, brings extensive commercial banking expertise to assist in developing the organization into a premier California banking franchise.
Positive
- Assets grew from $13.2 million to $1.8 billion during Griffin's tenure
- Successful merger with Lighthouse Bank in 2019
- Recent merger with 1st Capital Bancorp closed on October 1, 2024
- Appointment of Wayne Doiguchi brings 40+ years of Bay Area banking experience to the board
Negative
- Retirement of founding director Thomas N. Griffin may result in loss of institutional knowledge
News Market Reaction
On the day this news was published, SCZC gained 0.67%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Retirement of Founding Director Thomas N. Griffin
Appointment of Wayne Doiguchi as Director
Mr. Griffin was instrumental in the pre-organization phase (de novo) of the Bank, which included the formation and submission of the application and business plan to regulators, initial public capital offering and business development. During Mr. Griffin's board tenure, assets grew, from
Mr. Doiguchi has more than 40 years of experience in the Bay Area banking industry, most recently as director of California Bank of Commerce. Previously, he was a founding board member and later Chairman and CEO of Pan Pacific Bank. He holds a master of business administration degree from
"On behalf of the entire board, I applaud Tom's more than 20 years of service to Santa Cruz County Bank, his legacy as one of the of the last original directors and being responsible for the great institution it has become; and offer a hearty welcome to Wayne, whose decades of high level commercial banking throughout the Bay Area will assist in further developing our organization into one of the premier banking franchises in
"It has been a wonderful experience to have been part of Santa Cruz County Bank's over 20-year history. I have been privileged to serve with three excellent board chairmen - George Gallucci, William J. Hansen and Stephen Pahl - and equally exceptional CEOs - David Heald and Krista Snelling. The Bank has an incredibly strong management team who are capable of continuing the financial success of the Bank for the foreseeable future. I give my best regards to all of the employees and entire team in the future," stated Thomas N. Griffin.
"It is an honor to join the boards of an institution that I have long followed and admired for its exceptional industry standings, outstanding leadership and strong reputation as a well-run banking institution. I look forward to contributing to the next level of growth and identifying opportunities to build new business and partnerships throughout our recently expanded territory along the Central Coast," said Wayne Doiguchi.
ABOUT
Founded in 2004, Santa Cruz County Bank is the wholly owned subsidiary of West Coast Community Bancorp, a bank holding company. The Bank is a top-rated, locally operated and full-service community bank headquartered in
Forward-Looking Statements
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates (including but not limited to changes in depositor behavior in relation thereto), inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, health of the real estate market in California, Bancorp's ability to effectively execute its business plans, and other factors beyond Bancorp and 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. Bancorp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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SOURCE West Coast Community Bancorp
FAQ
Who retired from West Coast Community Bancorp's Board of Directors?
Who was appointed to the Board of Directors of West Coast Community Bancorp (SCZC)?
What was the asset growth of Santa Cruz County Bank during Thomas N. Griffin's tenure?
What recent merger did West Coast Community Bancorp (SCZC) complete?
