OAKLAND, CA--(Marketwire - Feb 29, 2012) - Community Bank of the Bay (OTCBB: CBYAA) -- The Bank also announced its board of directors appointed Mr. Frank Tsai to the position of chairman. Frank Tsai replaces Dick Kahler, who retired as chairman, after eight years of service. Mr. Tsai served as board chair prior to Dick Kahler, and has been a Director of Community Bank of the Bay since its inception in 1994. Tsai also chairs the Bank's audit committee. His 20 plus years of experience in emerging growth and medium sized companies as both chief financial officer and chief executive officer compliments the position of board chair. He is a partner at FLG Partners, a premier CFO firm serving public and private companies.
Additionally, Mr. William Purcell has been appointed to serve as the new vice chairman of the board of directors. Mr. Purcell chairs the Bank's nominating and compensation committees. William 'Bill' Purcell is president of Purcell International, a privately held 57 year old food import company, headquartered in Walnut Creek, CA. The company sells nationally in the United States to major grocery chains, manufacturers, national and regional distributors with representation of primary producers in Thailand, Scotland, China, Malaysia, Ecuador, Indonesia, and Peru.
Also, president and COO Keller has agreed to assume the additional responsibilities of acting Chief Executive Officer on an interim basis concurrent with the departure of former Chief Executive Officer, Brian Garrett, who remains a member of the Bank's Board of Directors. Mr. Keller has been the Bank's President and COO since April of 2009. Applications for approval of Mr. Keller as the Bank's Chief Executive Officer will be filed with the Federal Deposit Insurance Corporation ("FDIC") and the California Department of Financial Institutions ("DFI") and his continued service as the Bank's Chief Executive Officer is conditioned upon receipt of such approvals or non-objections from the FDIC and the DFI.
The Bank reported a net loss of $5,536 for the year ended Dec. 31, 2011 compared to a net loss of $890,765 in the prior year. Bill Keller stated, "2011's operating performance was a significant improvement over recent years. Our steps forward reflect both the modest improvement in the economy and the progress we have made in implementing the board and management's long-term goals. Community Bank of the Bay is committed to continuing this progress; as our entire team remains focused on providing the highest quality banking services to the communities we serve."
Year over Year Financial Highlights at December 31, 2011 include:
- Total Assets: $128 million, increase of 10.8%
- Total Loans: $97.9 million, increase of 16.3%
- Non-Performing Assets (exclusive of U.S. Government guaranteed) and OREO: $3.4 million -- decrease of 25.3%
- Total Deposits: $105.3 million, increase of 15.9%
- Total Capital: $15.1 million, increase of 2.5%
- 15.03% tier 1 capital ratio exceeds regulatory definition of Well Capitalized
- 16.29% risk-based capital ratio exceeds regulatory definition of Well Capitalized
- Total Interest Income: $5.8 MM, increase of 28.3%
- Net interest margin: 4.52%, increase of 0.44%
- Received $500,000 Bank Enterprise Award from the Community Development Financial Institutions Fund.
- Received Regulatory approval to convert the Danville office to a full-service location.
Community Bank of the Bay COMMUNITY BANK OF THE BAY, (OTCBB: CBYAA) serves the financial needs of a variety of commercial customers including businesses and professional service firms. Information on the bank is available online at www.communitybankbay.com. Community Bank of the Bay is a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution, headquartered in Oakland, with offices in San Jose, and Danville, CA. Community Bank of the Bay is recognized for establishing the Bay Area Green Fund. The fund provides financing to local green businesses or for green purposes, and supports environmentally responsible values.