EUGENE, Ore., Feb. 26, 2015 /PRNewswire/ -- Pacific
Continental Corporation (Nasdaq: PCBK), the holding company of
Pacific Continental Bank, announced today that after 16 years,
Executive Vice president and Chief Financial Officer Michael (Mick) Reynolds will retire during the
late second quarter of 2015.
Reynolds, 63, has been with the company since 1998 and has held
the position of chief financial officer for 16 years. Prior to
joining Pacific Continental, Mr. Reynolds spent 17 years in the
corporate finance divisions of First Interstate Bank and U.S.
Bancorp. Mick holds a master's degree in business administration
and finance from the University of
Oregon as well as a bachelor's degree in business
administration and accounting.
"Mick has been an instrumental part of Pacific Continental's
success through both good times and challenging times, and his
financial expertise and management acumen are widely recognized in
our industry," said Roger Busse,
President and CEO. "Further, he has been a good friend and trusted
advisor to our entire leadership team and board of directors. I can
think of no one more deserving of retirement with his family and
grandchildren than Mick
Reynolds."
The company announced that a search for Reynold's replacement
among internal and external candidates will begin immediately. Mr.
Reynolds has also agreed to consult during the post transition and
retirement period for the selected incumbent if needed.
About Pacific Continental Bank
Pacific
Continental Bank, the operating subsidiary of Pacific Continental
Corporation, delivers highly personalized services through 14
banking offices in Oregon and
Washington. The Bank also operates
a loan production office in Tacoma,
Washington. With $1.5 billion
in assets, Pacific Continental has established one of the most
unique and attractive metropolitan branch networks in the Northwest
with offices in three of the region's largest markets including
Seattle, Portland and Eugene. Pacific Continental targets the
banking needs of community-based businesses, health care
professionals, professional service providers and nonprofit
organizations.
Since its founding in 1972, Pacific Continental Bank has
received numerous awards and recognitions from highly regarded
third-party organizations including The Seattle Times, the Portland Business Journal and
Oregon Business magazine. A complete list of the company's awards
and recognitions – as well as supplementary information about
Pacific Continental Bank – can be found online at therightbank.com.
Pacific Continental Corporation's shares, a component of the
Russell 2000 Index, are listed on the Nasdaq Global Select Market
under the symbol "PCBK."
Forward-Looking Statement Safe Harbor
This
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 ("PSLRA").
These statements can be identified by the fact that they do not
relate strictly to historical or current facts. Forward-looking
statements often use words such as "anticipates," "targets,"
"expects," "estimates," "intends," "plans," "goals," "believes,"
"anticipates" and other similar expressions or future or
conditional verbs such as "will," "should," "would" and "could."
The forward-looking statements made represent Pacific Continental's
current estimates, projections, expectations, plans or forecasts of
its future results and revenues, including but not limited to
statements about management succession and performance. These
statements are not guarantees of future results or performance and
involve certain risks, uncertainties and assumptions that are
difficult to predict and are often beyond Pacific Continental's
control. Actual outcomes and results may differ materially from
those expressed in, or implied by, any of these forward-looking
statements. You should not place undue reliance on any
forward-looking statement and should consider all of the following
uncertainties and risks, as well as those more fully discussed
under "Risk Factors," "Business," and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in
Pacific Continental's most recent Annual Report on Form 10-K,
Quarterly Report on Form 10-Q, and in any of Pacific Continental's
subsequent SEC filings, including the high concentration of loans
of the Company's banking subsidiary in commercial and residential
real estate lending and our significant concentration in loans to
dental professionals; adverse economic trends in the United States and the markets we serve
affecting the Bank's borrower base; a continued decline in the
housing and real estate market; a continued increase in
unemployment or sustained high levels of unemployment; continued
erosion or sustained low levels of consumer confidence; changes in
the Federal Reserve's monetary policies and the regulatory
environment and increases in associated costs, particularly ongoing
compliance expenses and resource allocation needs; vendor quality
and efficiency; the Company's ability to control risks associated
with rapidly changing technology both from an internal perspective
as well as for external providers operational systems or
infrastructure failures; increased competition; fluctuating
interest rates; a tightening of available credit; the potential
adverse impact of legal or regulatory proceedings; and risks
related to acquisitions, including integration, retention of key
personnel and business, anticipated cost savings and results and
performance of the acquired company or the combined entity. Pacific
Continental Corporation undertakes no obligation to publicly revise
or update any forward-looking statement to reflect the impact of
events or circumstances that arise after the date of this release.
This statement is included for the express purpose of invoking
PSLRA's safe harbor provisions.
FOR MORE
INFORMATION CONTACT:
|
Michael
Dunne
|
|
Public Information
Officer
|
|
541-338-1428
|
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Michael.dunne@therightbank.com
|
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SOURCE Pacific Continental Corporation