Retirement of Founding Director Thomas N. Griffin
Appointment of Wayne Doiguchi as Director
SANTA CRUZ, Calif., Oct. 16, 2024 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp" OTCQX: SCZC), parent company of Santa Cruz County Bank ("the Bank"), today announced that Thomas N. Griffin, a founding director of the Bank, has retired from the Board of Directors of Bancorp and Bank, effective September 30, 2024, and Wayne Doiguchi has been appointed to the Board of Directors of Bancorp and Bank.
Mr. Griffin was instrumental in the pre-organization phase (de novo) of the Bank, which included the formation and submission of the application and business plan to regulators, initial public capital offering and business development. During Mr. Griffin's board tenure, assets grew, from $13.2 million on February 3, 2004, to $1.8 billion as of September 30, 2024. Several milestones for Bancorp and Bank took place under Mr. Griffin's service as board member, including the successful merger with Lighthouse Bank in 2019, expansion into Monterey County and Silicon Valley, continued top performance rankings as well as continual dividend growth and the most recent merger with 1st Capital Bancorp, which closed on October 1, 2024.
Mr. Doiguchi has more than 40 years of experience in the Bay Area banking industry, most recently as director of California Bank of Commerce. Previously, he was a founding board member and later Chairman and CEO of Pan Pacific Bank. He holds a master of business administration degree from Santa Clara University and a bachelor of arts degree from the University of California, Los Angeles. He is also a graduate of Pacific Coast Banking School at the University of Washington.
"On behalf of the entire board, I applaud Tom's more than 20 years of service to Santa Cruz County Bank, his legacy as one of the of the last original directors and being responsible for the great institution it has become; and offer a hearty welcome to Wayne, whose decades of high level commercial banking throughout the Bay Area will assist in further developing our organization into one of the premier banking franchises in California," said Stephen Pahl, Chairman of West Coast Community Bancorp and Santa Cruz County Bank.
"It has been a wonderful experience to have been part of Santa Cruz County Bank's over 20-year history. I have been privileged to serve with three excellent board chairmen - George Gallucci, William J. Hansen and Stephen Pahl - and equally exceptional CEOs - David Heald and Krista Snelling. The Bank has an incredibly strong management team who are capable of continuing the financial success of the Bank for the foreseeable future. I give my best regards to all of the employees and entire team in the future," stated Thomas N. Griffin.
"It is an honor to join the boards of an institution that I have long followed and admired for its exceptional industry standings, outstanding leadership and strong reputation as a well-run banking institution. I look forward to contributing to the next level of growth and identifying opportunities to build new business and partnerships throughout our recently expanded territory along the Central Coast," said Wayne Doiguchi.
ABOUT SANTA CRUZ COUNTY BANK AND WEST COAST COMMUNITY BANCORP
Founded in 2004, Santa Cruz County Bank is the wholly owned subsidiary of West Coast Community Bancorp, a bank holding company. The Bank is a top-rated, locally operated and full-service community bank headquartered in Santa Cruz, California with branches in Aptos, Capitola, Cupertino, King City, Monterey, Salinas, San Luis Obispo, Santa Cruz, Scotts Valley and Watsonville. Santa Cruz County Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus, and direct access to decision makers. The Bank is a leading SBA lender in Santa Cruz County and Silicon Valley. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, asset-based lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment and treasury management. True to its community roots, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local nonprofit organizations.
Forward-Looking Statements
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates (including but not limited to changes in depositor behavior in relation thereto), inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, health of the real estate market in California, Bancorp's ability to effectively execute its business plans, and other factors beyond Bancorp and the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Bancorp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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SOURCE West Coast Community Bancorp
