C.A. Bancorp Inc.

C.A. Bancorp Inc.

May 18, 2010 09:18 ET

C.A. Bancorp Inc. Announces Senior Management Changes

TORONTO, ONTARIO--(Marketwire - May 18, 2010) - C.A. Bancorp Inc. ("C.A. Bancorp" or the "Company") (TSX:BKP) today announced that Mark Gardhouse, its President, and Paolo De Luca, its Chief Financial Officer, have left the Company, and their respective positions with the Company's subsidiaries and investee companies to pursue other opportunities.

On May 13, 2010, C.A. Bancorp announced that the Company signed a pre-acquisition agreement with an affiliate of Century Services Inc. ("Century"), and further announced that if the Century offer is not successfully completed, C.A. Bancorp's interests would be best served through the realization of the Company's assets and the distribution of the proceeds to the Company's securityholders, and in that case the Board would intend to pursue that strategy.

Both scenarios represent a fundamental change in the direction of the Company. To manage the Company's affairs during the next phase pending the outcome of the Century offer, the Company announced that Paul Haggis, a director of the Company, has been appointed to serve as the interim Chief Executive Officer. 

Tim Unwin, the Chairman of the Special Committee of the Company's Board of Directors, said: "Mark and Paolo have played a fundamental, formative role in the development and management of the Company. Together they put the Company on sound footing, and we are very grateful to each of them for their contributions. The path forward does not require the depth of Mark and Paolo's business building and management skills, and we wish them the very best in their future endeavours."

Paul Haggis is currently Chairman of the Alberta Enterprise Corporation and sits on a number of other public and private boards including The Insurance Corporation of British Columbia, Advantage Energy, UBC Investment Management Trust and Canadian Tire Bank. He has held a number of senior executive positions, including CEO of OMERS, CEO of Alberta Treasury Branches (now ATB Financial) and CEO of MetLife's non insurance operations, where he led the Canadian downsizing and asset disposition programs

About C.A. Bancorp Inc.

C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp is focused on investments in small- and middle- capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors.

Contact Information

  • C.A. Bancorp Inc.
    Tim Unwin
    Chair of the Special Committee of the Board of Directors
    (416) 863-4156