First Coastal Bank appoints Don M. Griffith as chairman of the board and chief executive officer.EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif.--(BUSINESS WIRE)--Sept. 6, 1996--The board of directors of First Coastal Bank N.A. is pleased to announce that Don M. Griffith has been appointed chairman of the board and chief executive officer. Griffith, a South Bay resident for the last 23 years, brings a long and diverse banking background to First Coastal Bank. He was the founder and chairman of the Peninsula National Bank N.A. (Rolling Hills Rolling hills are like a mountain chain, only a "hill chain" of hills that roll on and on continually. You will often find them in between plains and mountains, near major rivers, or randomly anywhere. The only places without rolling hills are deserts and flood plains. Estates) which bought and merged with Bay Cities National Bank (Redondo Beach, Calif.) in late 1995 before being bought out by Community First Financial Group of Indiana. In the late 1980s, Griffith had been executive vice president and chief financial officer of First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles. The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the . Griffith is the chief executive officer of California Community LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , which recently received Federal Reserve Board approval to buy the large block of stock owned by the Pratt Group of Bakersfield, Calif., as well as make a new capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. into the bank. As a result, First Coastal Bank N.A. is now deemed to be a "Well Capitalized Bank" under regulatory definitions. In addition, the bank is no longer operating under a "formal agreement" with the Comptroller of the Currency Comptroller of the Currency A government official, appointed by the President of the United States, who keeps control over all national banks, and receives reports from the banks at least quarterly, to be published in newspapers. . Griffith will be working with Jim Davis, president, along with long-standing board members, Paul Deters, Cliff Einstein, Floyd Merritt and Stan Perisich. Griffith stated: "I'm excited about the opportunity to work with the management team and directors. This team has done an outstanding job of bringing the bank through some very tough times. "Now we're ready to grow in our local market of El Segundo, Manhattan Beach and the South Bay. That's where we will continue to focus our efforts, i.e., on the local retail customer as well as the small businessman, professional and entrepreneur. We're good at 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 and construction loans as well as small business and person loans. We look forward to being local and being the best." CONTACT: First Coastal Bank N.A. Don M. Griffith/Deborah Marsten, 310/322-2222 |
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