1st Pacific Bank of California Announces Promotion of Larry Prosi to Executive Vice President and Chief Operating Officer; Position expands leadership role for rapidly-growing bank.SAN DIEGO -- The Board of Directors of 1st Pacific Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. (1st Pacific Bank) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FPBS) today announces the promotion of Larry Prosi to executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Prosi has been the bank's executive vice president and chief banking officer for the past 11 months, during which time he has been responsible for overseeing branch lending and operations functions, responsibilities he will retain in his expanded role. "Larry has been instrumental in helping 1st Pacific Bank rise to the next level, smoothing our transition from a smaller-sized bank to where we are today, with close to $300 million in assets," said A. Vincent Siciliano, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Thanks to Larry, we have grown profitably while still retaining a personalized, service-oriented culture intent on enhancing the value-added experience of each and every customer of the bank." Prosi joined 1st Pacific Bank on October 1, 2004 as director of sales and marketing and also senior vice president and regional manager for the Inland North County office. In these positions, he helped manage and develop the bank's commercial loan portfolio and provided services that included treasury management, deposits and other commercial banking services to business professionals. A banking veteran, Prosi has previously held positions at Washington Mutual, Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. and Wells Fargo Bank. He graduated from Dartmouth College's graduate school of credit and financial management and has a bachelor of science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies degree in finance from San Diego State University San Diego State University (SDSU), founded in 1897 as San Diego Normal School, is the largest and oldest higher education facility in the greater San Diego area (generally the City and County of San Diego), and is part of the California State University system. . About 1st Pacific Bank of California 1st Pacific Bank is a San Diego-based, locally owned and operated financial institution. The bank offers a full complement of business, personal and online banking products and services. Offices are located on Regents Road in the Golden Triangle area of La Jolla, on College Boulevard in the Tri-Cities area of Oceanside, on Rio San Diego Drive in Mission Valley, on Evening Creek Drive North in Inland North County, and its newest office on East Main Street in El Cajon. The bank also operates a loan production office serving the Inland Empire on Jefferson Avenue in Murrieta. The bank opened Nov. 17, 2000, after raising $11.5 million in an initial public offering. 1st Pacific Bank has steadily grown its assets to more than $277 million. Safe Harbor Certain statements in this press release, including statements regarding the anticipated development and expansion of the Company's business, and the intent, belief or current expectations of the Company, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. |
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