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The Private Bank of California Announces Important Management and Board Leadership Changes

^{Published on 2010-01-04 09:25:05 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--The Board of Directors of The Private Bank of California (the "Bank") (OTCBB: PBCA) announced today that David R. Misch has been named Chief Executive Officer. Also, R. Todd Neilson, a founding director of the Bank, has been named non-executive Chairman of the Board and Steven D. Broidy, current Chairman and Interim CEO, is to retire. Mr. Misch's appointment is effective January 4, 2010, and Mr. Neilson's appointment and Mr. Broidy's retirement as Chairman and a member of the Board are effective January 15, 2010.

"I am honored that the Board selected me for this important role. I look forward to working with Dave and building on the foundation that Steve, the Board, Executive Management, and our staff have put in place."

Dave Misch's background includes over twenty-five years of banking experience primarily supporting middle market businesses and their owners, high net worth individuals and professional service firms who advise both groups. He served as Chairman and CEO of Mellon 1st Business Bank from 2006 to 2008 which was at the time the seventh largest bank headquartered in Los Angeles and, subsequently, oversaw BNY Mellon's boutique private bank headquartered in Florida. In addition to his extensive line banking and executive management experience, Dave was also the Chief Credit Officer and the head of Corporate Strategy and Development for Mellon Bank NA prior to its merger with Bank of New York (BNY).

Dave said, "I am delighted to be joining The Private Bank of California since it has a strong service-oriented attitude and I am most comfortable operating in this environment. I look forward to working with our outstanding Board and staff in enhancing the Bank's fine client service reputation. At the end of the day, providing unsurpassed personal service will pay dividends to our clients, employees and shareholders as well as the communities we serve."

Todd Neilson is a CPA and has served as the Chairman of the Bank's Audit Committee from its very first day of business. He has extensive experience in the accounting field and has a wide range of experience in various industries and business. Todd commented, "I am honored that the Board selected me for this important role. I look forward to working with Dave and building on the foundation that Steve, the Board, Executive Management, and our staff have put in place."

Steve noted, "We are very pleased that someone of Dave's outstanding background has joined our Bank and we are convinced that he can lead us to the next level. Also, we know that Todd is well qualified to fill the important new role of non-executive Chairman. I am proud of my contributions to the development of the Bank from its very first day of business but particularly so over these last 20 months when I served as Interim CEO. With these leadership changes, I believe it is an appropriate time to retire from the Bank. I am pleased that I will continue to consult with Dave to assist during this transition."

About The Private Bank of California: The Bank is a California-chartered commercial bank providing a wide range of financial services, including credit and deposit products as well as cash management services, from its headquarters office at 10100 Santa Monica Boulevard, Suite 2500, Los Angeles, California 90067. The Bank's target clients include high net worth and high income individuals, business professionals and their professional service firms, business owners, entertainment service businesses, local businesses, and non-profit organizations. Additional information is available at [ www.tpboc.com ] or by calling 310.286.0710.

Forward-Looking Statements: Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to The Private Bank of California's current expectations regarding deposit and loan growth and operating results. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, (2) a decline in economic conditions, (3) an increase in competition among financial service providers impacting on the Bank's operating results and ability to attract deposit and loan customers and the quality of the Bank's earning assets and (4) an increase in government regulation. The Bank does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.