Seacoast Commerce Bank (OTCBB:SCCB) today announced that its Chairman,
Bruce A. Nunes, informed the Board of his decision to step down as
Chairman. With Mr. Nunes’ announcement, the
Board appointed Mr. Allan W. Arendsee to be the new Chairman effective
April 1, 2008.
Mr. Nunes commented, “Turning 70 in April made
me realize that this would be the appropriate time to step back from the
rigors required of the Chairmanship.” Mr.
Arendsee stated, “I’m
honored that the Board asked me to assume the Chairmanship, and I look
forward to the challenge.” Arendsee concluded, “Bruce
stepped in and acted as CEO not once, but twice, as the bank sorted
through various leadership changes. The Board and I are
very grateful for his dedication and contributions and we look forward
to his continued service as a Director.”
Mr. Arendsee is the President of A.W. Arendsee Real Estate and a private
investor. Arendsee was one of the founding directors of Southwest
Community Bank and served on the board of directors of Placer Sierra
Bancshares, a $2.5 billion bank holding company based in Sacramento,
until the sale of that company to Wells Fargo in 2007. In addition he
serves on the board of directors of the Burn Institute, a local
non-profit that specializes in fire and burn prevention, education and
survivor support.
Seacoast Commerce Bank was founded in June of 2003 and operates out of
its Main Office in Chula Vista. For more information on the bank please
visit our website at www.seacoastcommercebank.com
or contact Richard M. Sanborn, President and Chief Executive Officer at
619-409-5762.
Certain statements in this press release, including statements regarding
the anticipated development and expansion of the Bank’s
business, and the intent, belief or current expectations of the Bank,
its directors or its officers, are “forward-looking”
statements (as such term is defined in the Private Securities Litigation
Reform Act of 1995). Because such statements are subject to risks and
uncertainties, actual results may differ materially from those expressed
or implied by such “forward-looking”
statements. These risks and uncertainties include, but are not limited
to, risks related to the local and national economy, the Bank’s
performance and regulatory matters.
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