Heritage Oaks Bank Announces Retirement of Rick Arredondo from the Position of President & Chief Banking Officer
28 Mars 2016 - 10:10PM
Heritage Oaks Bank (the “Bank”), the wholly owned subsidiary of
Heritage Oaks Bancorp (the "Company") (Nasdaq:HEOP) announced that
Rick Arredondo, its President and Chief Banking Officer would be
retiring from banking to pursue other interests. Simone
Lagomarsino, President and Chief Executive Officer of the Company
and CEO of the Bank will reassume the position of President of the
Bank immediately. It is anticipated that Mr. Arredondo will
remain an employee of the Bank until April 29, 2016 and assist in
the transition until his departure.
Simone Lagomarsino, President and Chief Executive Officer of the
Company said, “Since Rick joined us, he has worked tirelessly to
restructure and expand our commercial and retail banking functions,
with the goal of being able to support a larger volume of clients
and a bigger balance sheet. We are now well positioned to
leverage and grow our commercial banking business based on the
accomplishments of Rick and his team.”
“I am extremely proud of all that our team has accomplished to
help position Heritage Oaks Bank as the go-to community bank on the
Central Coast,” said Arredondo. “The decision to leave was
not an easy one, but as I begin the transition to the next chapter
of my life, I have great confidence in the Bank's continued growth
and prosperity and I am committed to supporting a seamless
transition."
About Heritage Oaks Bancorp and Heritage Oaks
Bank
With $1.9 billion in assets, Heritage Oaks Bancorp is
headquartered in Paso Robles, California and is the holding company
for Heritage Oaks Bank. Heritage Oaks Bank operates two
branch offices each in Paso Robles and San Luis Obispo; single
branch offices in Atascadero, Templeton, Cambria, Morro Bay, Arroyo
Grande, Santa Maria, Goleta and Santa Barbara; as well as a single
loan production office in Ventura/Oxnard. Heritage Oaks Bank
conducts commercial banking business in San Luis Obispo, Santa
Barbara, and Ventura counties. Visit Heritage Oaks Bank on the Web
at www.heritageoaksbank.com. By including the foregoing website
address, Heritage Oaks Bancorp does not intend to, and shall not be
deemed to incorporate by reference any material contained
therein.
Forward Looking Statements
Certain statements in this press release, including, without
limitation, statements containing the words “believes”,
“anticipates”, “intends”, “expects”, and words of similar impact,
constitute “forward looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include: the
continuing relative softness in the overall economy, including the
California real estate market; the effect of the current low
interest rate environment or changes in interest rates on our net
interest margin; our ability to attract and retain qualified
employees; a failure or breach of our operational security systems
or infrastructure or those of our customers, our third party
vendors or other service providers, including as a result of a
cyber-attack; any compromise in the secured transmission of
personal, financial and/or confidential information over
public networks, including theft of confidential information
followed by fraudulent or other illegal activity; environmental
conditions, including the prolonged drought in California, natural
disasters such as earthquakes, landslides, and wildfires that may
disrupt business, impede operations, or negatively impact the
ability of certain borrowers to repay their loans and/or the values
of collateral securing loans; the possibility of an unfavorable
ruling in a legal matter, and the potential impact that it may have
on earnings, reputation, or the Bank’s operations; and the
possibility that any expansionary activities will be impeded while
the FDIC’s and CA DBO’s joint BSA Consent Order remains
outstanding, and/or that we will be unable to comply with the
requirements set forth in the BSA Consent Order, which could result
in restrictions on our operations, and other risks descried in our
annual report on Form 10-K that is on file with the Securities and
Exchange Commission. (Please see the Company’s Risk Factors
included in the Company’s Annual Report most recent Form 10-K filed
on March 4, 2016). The Company disclaims any obligation to
update any such factors or to publicly announce the results of any
revisions to any of the forward-looking statements contained herein
to reflect future events or developments.
Contacts
Simone Lagomarsino, President & CEO
805.369.5200
Heritage Oaks Bancorp (NASDAQ:HEOP)
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