Community Bancorp Inc. Announces Retirement of Director.ESCONDIDO, Calif. -- The board of directors of Community Bancorp Inc. (the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMBC CMBC Coast Mountain Bus Company (Surrey, BC, Canada) CMBC Canadian Mennonite Bible College CMBC Camp Memorial Blood Center (US Army) CMBC Castle Morpeth Bridge Club (UK) ), parent company of Community National Bank, announced today the retirement of Director Granger Haugh haugh n. Scots A low-lying meadow in a river valley. [Middle English hawch, from Old English healh, secret place, small hollow; see kel-1 from the board of Community Bancorp Inc. and the bank subsidiary Community National Bank. The retirement was due to reaching the mandatory retirement A mandatory retirement age is the age at which persons who hold certain jobs or offices are required by statute to step down, or retire. Typically, mandatory retirement ages are justified by the argument that certain occupations are either too dangerous (military personnel) age for membership on the board. "We want to thank Granger for all the hard work and contributions made to the Company since becoming a member of the Board and wish him well in retirement," stated Gary Deems, Chairman of the Board of the Company. "His past service as a Director, including several years serving as Chairman, contributed to our success and our position as one of the premier banking companies in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and Riverside counties." Mr. Haugh joined the Board of Directors of Community National Bank (then Fallbrook National Bank) in 1987 and held the role of Chairman from May 1997 through December 2001. Mr. Haugh's retirement was effective January 4, 2006. The Company does not plan on replacing Mr. Haugh by adding a new Director. ABOUT COMMUNITY BANCORP INC. Community Bancorp is a bank holding company with $882 million in assets as of September 30, 2005, with a wholly owned banking subsidiary, Community National Bank, headquartered in Escondido, California. The bank's primary focus is community banking, providing commercial banking services including commercial, real estate and SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loans to small and medium sized businesses. The bank serves San Diego County and southwest Riverside County with eleven community banking offices in Bonsall, El Cajon El Cajon (ĕl kähōn`), city (1990 pop. 88,693), San Diego co., S Calif.; inc. 1912. Electronic equipment, aircraft parts, irrigation equipment, furniture, and men's suits are among its manufactures. , Encinitas, Escondido, Fallbrook, La Mesa La Mesa (lə mā`sə), city (1990 pop. 52,931), San Diego co., S Calif., a suburb of San Diego; inc. 1912. It is a retail center and a popular residence for upper- and middle-income professionals in the San Diego area. , Murrieta, Rancho Bernardo, Santee, Temecula and Vista, and has additional SBA loan production offices that originate loans in California, Arizona, Nevada and Oregon. Information regarding Community Bancorp Inc. and Community National Bank is also available on the Internet at www.comnb.com. FORWARD LOOKING STATEMENTS Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. government (including the Small Business Administration), and general economic conditions. Additional information on these and other factors that could affect financial results are included in its Securities and Exchange Commission filings. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion