North Bay Bancorp (NASDAQ:NBAN)
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North Bay Bancorp (Nasdaq:NBAN) today announced the
hiring of Patrick E. Phelan as Executive Vice President and Chief
Financial Officer. As CFO, Phelan will oversee financial matters of
North Bay and its subsidiary bank, The Vintage Bank and its Solano
Bank division. Phelan's responsibilities include financial and
regulatory reporting, financial analysis & planning, general ledger
management, budgeting, capital management, asset/liability management,
fixed assets and accounts payable.
"We are extremely pleased to bring Patrick on board," stated Terry
Robinson, President and CEO of North Bay Bancorp. "His depth of
experience in financial consulting, securities, accounting and
budgeting will provide us a new level of expertise. We're confident
Patrick's presence will enable us to continue to grow North Bay
Bancorp and improve its financial performance."
Phelan holds a B.S. degree in Accounting from San Francisco State
University and an MBA in Finance from New York University. With almost
20 years' financial and banking experience, Phelan has held
senior-level positions with numerous banking and accounting
institutions. Prior to joining North Bay Bancorp, Phelan served as
Executive Vice President, CFO and member of the Board of Directors for
the $700+ million asset Business Bank of California. During his
tenure, Phelan supervised the Accounting and Finance functions and
assumed numerous other responsibilities.
Prior to his tenure with Business Bank, Phelan served as EVP and
CFO of Metro Commerce Bank in San Rafael, where he successfully
managed their merger into Business Bank of California.
Rounding out his experience, Phelan has held senior positions with
major accounting firms Deloitte & Touche and Ernst & Young and served
as Senior Operations Auditor for Paramount Pictures. He is a licensed
CPA in California.
About North Bay Bancorp
North Bay Bancorp is the holding company for The Vintage Bank in
Napa County and its Solano Bank division in Solano County. This full
service commercial bank offers a wide selection of deposit, loan and
investment services to local consumers and small business customers.
The Vintage Bank opened for business in 1985 and operates six banking
offices in Napa County, Northern California's number one tourist
destination and the nation's premier wine producing region. The main
office and two branch offices are located in the City of Napa. The
Vintage Bank also has branches in the cities of St. Helena and
American Canyon and on Airport Road in the Southern industrial area of
Napa County. Solano Bank, a division of The Vintage Bank launched in
July 2000, has offices in the primary cities along the I-80 corridor
of Solano County, including Vacaville, Fairfield, Vallejo and Benicia
and an off-site ATM facility in downtown Fairfield. Solano County is
projected to be the fastest growing county in Northern California
through year 2020 and is attracting people with a quality lifestyle,
affordable housing and business-friendly attitudes.
This news release contains forward-looking statements with respect
to the financial condition, results of operation and business of North
Bay Bancorp and its subsidiaries. These include, but are not limited
to, statements that relate to or are dependent on estimates or
assumptions relating to the prospects of loan growth, credit quality
and certain operating efficiencies resulting from the operations of
The Vintage Bank and its Solano Bank division. These forward-looking
statements involve certain risks and uncertainties. Factors that may
cause actual results to differ materially from those contemplated by
such forward-looking statements include, among others, the following
possibilities: (1) competitive pressure among financial services
companies increases significantly; (2) changes in the interest rate
environment reduce interest margins; (3) general economic conditions,
internationally, nationally or in the State of California are less
favorable than expected; (4) legislation or regulatory requirements or
changes adversely affect the business in which the combined
organization will be engaged; and (5) other risks detailed in the
North Bay Bancorp reports filed with the Securities and Exchange
Commission.