IRVINE, CA--(Marketwired - Jan 12, 2017) - Plaza Bancorp (OTCBB: PLZZ) (the "Company"), the holding company of Plaza Bank (the "Bank"), is pleased to announce it has named Rick Sowers as President of both the Company and Bank, effective January 1, 2017. Gene Galloway, who has served as President and CEO since 2009, will remain CEO of the Company and Bank.
As President, Mr. Sowers is responsible for Plaza Bank's day-to-day operations, business strategy, and executive team leadership, focusing on continued growth in the best interest of the Bank's shareholders, clients, employees, and communities. All Executive Vice Presidents within the company will report to Mr. Sowers.
"I look forward to seeing Rick continue to build upon Plaza's strong past performance. He brings a sound and diversified background in banking which can only bring us greater success in the future," Tom Rogers, Chairman said.
"As someone with a diverse background in the banking industry with proven success, Rick is perfectly positioned to help lead Plaza Bank," Mr. Galloway said. "In his short time here, he has demonstrated strong management skills, delivering increased results for Plaza Bank and our clients. We will benefit immensely from his leadership as we embark on our next phase of growth."
Mr. Sowers joined Plaza Bank in 2015 through the merger with Bank of Manhattan, where he served as President and Chief Operating Officer. He was Executive Vice President and Chief Strategy Officer at Plaza Bank before being appointed Chief Operating Officer in July 2016. During his tenure, Mr. Sowers has helped build Plaza Bank's long-term strategy and brand, while leading expansion across key markets and services.
"I am extremely proud to serve as President for Plaza Bank and look forward to extending our reputation as a premier community business bank throughout Southern California and Southern Nevada," Mr. Sowers said. "We will continue to focus on client growth and retention through exceptional, personal relationships, while sustaining our financial strength, operational excellence, and community impact. Working with highly energetic, passionate professionals at all levels of our organization, I am excited to help shape the vision and future of Plaza Bank."
About Plaza Bank
Plaza Bank is a full service community bank serving the business and professional communities in Southern California and Las Vegas, Nevada. The Bank is committed to meeting the financial needs of small to middle market businesses and professional firms with loans for working capital, equipment and owner-occupied commercial real estate financing and a full array of cash management services. Our bankers are experienced, professional and knowledgeable. For more information, visit www.plazabank.com.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about the Bank, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that might cause such differences include, but are not limited to: the Bank's ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which the Bank conducts its operations; changes in interest rates; new litigation or claims or changes in existing litigation or claims; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Bank's operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control.