with Section 409A of the Internal Revenue Code; (ii) continuation of health insurance benefits for twenty-four (24) months following the COO Separation Date on the same terms as if she had remained employed; and (iii) immediate vesting of 12,548 shares of unvested restricted stock of the Company upon the COO Separation Date and payment of vested benefits under other benefit plans and agreements in accordance with their terms.
In connection with Ms. King’s departure from the Company and the Bank, Ms. King has also tendered her resignation from the Board, effective as of April 10, 2026. Ms. King is not a member of the Bank’s Board of Directors.
Chief Financial Officer. Keary L. Colwell has served as the Company’s and the Bank’s Sr. EVP, CFO and Corporate Secretary since formation in 2017 and 2004, respectively. On April 7, 2026, the Board approved the involuntary termination of Ms. Colwell’s employment without cause and delivered written notice of termination to Ms. Colwell in accordance with the 90-day notice requirement under her employment agreement. Effective April 10, 2026, Ms. Colwell will cease serving as Sr. EVP, CFO, Chief Administrative Officer and Corporate Secretary of the Company and the Bank and will no longer hold those titles or any other executive officer position. From April 10, 2026 through July 6, 2026 (the “CFO Separation Date”), Ms. Colwell will continue as a full-time, non-executive employee of the Company and the Bank, during which time she will continue to receive her base salary and benefits in accordance with his employment agreement and will provide transition assistance to the incoming executive team as reasonably requested.
Ms. Colwell’s compensation and benefits to which she is entitled under her existing employment agreement with the Company and the Bank upon a termination without cause are identical to those of the Chief Operating Officer described above.
In connection with Ms. Colwell’s departure from the Company and the Bank, Ms. Colwell has also tendered her resignation from the Board, effective as of April 10, 2026. Ms. Colwell is not a member of the Bank’s Board of Directors.
Newly Appointed Officers
New Executive Vice Chair. Effective as of April 13, 2026, the Board appointed William J. Black, Jr., age 50, as Executive Vice Chair of the Company and the Bank. Since July 2024, Mr. Black has focused on managing his personal investments. From 2020 to 2024, Mr. Black served as Executive Vice President of Strategy and Corporate Development at PacWest Bancorp and Banc of California, reporting directly to the Chief Executive Officer, where he led M&A activity, corporate strategy, and crisis management, including securing $1.4 billion in emergency financing during the 2023 banking crisis and overseeing the sale of PacWest to Banc of California. Prior to that, Mr. Black was the Founder and Managing Partner of Consector Capital, LP, a long/short financial services sector hedge fund, from 2007 to 2020. Earlier in his career, he held roles at Castle Creek Capital, Second Curve Capital, Putnam Lovell Securities, and Salomon Smith Barney. Mr. Black holds a B.A. in Economics from The Johns Hopkins University.
New Chief Executive Officer. Effective as of April 13, 2026, the Board appointed Christopher F. Baron, age 56, President and CEO of the Company and the Bank. Mr. Baron has served as President, Commercial & Community Bank of Banc of California since 2023, where he leads the commercial and community banking platform across central and southern California and Colorado, overseeing deposit and loan portfolios in excess of $10 billion and a network of 68 branches. Prior to that role, Mr. Baron served as President of the Los Angeles Region at Pacific Western Bank from 2020 to 2023, and as Managing Director of Tax-Exempt Lending at that institution from 2017 to 2020, where he led the bank's financing activities for municipalities, nonprofits, and affordable housing. Earlier in his career, Mr. Baron served as Managing Director of Public Finance for the Western U.S. at MUFG Union Bank / BTMU Securities (2013–2017), and held two Managing Director roles at U.S. Bank (2009–2014), including Head of the Education & Nonprofits Division, where he oversaw a national team and a portfolio of approximately $4 billion. He has also held senior positions at Bank of New York Mellon, Allied Irish Bank, Union Bank of California, Sumitomo Bank, and National Westminster Bank. Mr. Baron holds a B.A. in Economics from the University of California, Los Angeles.
New Chief Financial Officer. Effective as of April 13, 2026, the Board appointed Kevin L. Thompson, age 52, Executive Vice President and CFO of the Company and the Bank. Since 2025, Mr. Thompson has worked as an independent consultant providing consulting services to various banks and technology companies. From 2023 to 2025, Mr. Thompson served as CFO and Treasurer of Heartland Financial USA, Inc. (subsequently acquired by UMB Bank), a $20 billion asset banking institution headquartered in Denver, Colorado, where he oversaw financial reporting, liquidity
