SAN LUIS OBISPO, Calif., May 5 /PRNewswire-FirstCall/ -- American Principle Bank (BULLETIN BOARD: APBA) (the "Bank") today announced that David R. Booker, the Bank's founding President and Chief Executive Officer, has reconsidered his previously announced planned retirement. After the April 1, 2009 announcement of his planned retirement, many customers and shareholders of the Bank expressed their desire for Mr. Booker to stay engaged with the Bank as Senior Executive Vice President / Business Development and Retention; a desire shared by his fellow directors. Mr. Booker's strengths and enjoyment in banking revolve around business development. Operating a financial institution, especially a newly chartered bank, is a significant burden and took Mr. Booker away from his true passion. Rather than retiring, Mr. Booker will focus more time working with customers, developing new business, and continuing to grow the Bank. The Bank has had positive growth and recently reported its initial quarter of profitability. Additionally, Mr. Booker will use his business development and visionary skills to complement the operational strengths of the other executive team members. Mr. Booker has been credited with being integral in the Bank's formation, successful initial capital raise, and the Bank's success to date.
The new position for Mr. Booker is pending regulatory approval by the State of California Department of Financial Institutions and the Federal Deposit Insurance Corporation.
The Bank's target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents in San Luis Obispo County and northern Santa Barbara County. The Bank serves these markets through a customizable delivery platform that includes online deposit via scanners located at customers' facilities, advanced technology, and sophisticated cash management services. Clients are also served through the Bank's custom facility, which was designed to emphasize client convenience, confidentiality, and a concierge approach to conducting financial transactions.
The Bank is located at 4051 Broad Street, Suite 140, San Luis Obispo, California, near the intersection of Broad Street (Highway 227) and Tank Farm Road. The Bank's deposits are insured by the Federal Deposit Insurance Corporation to the maximum extent allowed by law.
Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words or phrases such as "believe", "expect", "anticipate", "intend", "estimate", "target", "plans", "may increase", "may fluctuate", "may result in", "are projected", and similar expressions. The Bank's actual results may differ materially from those included in the forward-looking statements. These forward-looking statements involve risks and uncertainties including, but not limited to, the economic, business, and real estate market conditions in the Bank's market areas, the interest rate environment, competition, regulatory and legislative actions, the possibility that the Bank will not be successful in achieving its strategic objectives, the performance and contributions of employees and directors, and other factors. The Bank does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
This news release is available at the http://www.americanprinciplebank.com/ Internet site for no charge.
For further information contact: Cole W. Minnick, Jr. or David R. Booker Interim Chief Executive Officer Senior Executive Vice President Business Development and Retention General communication: SERVICE@AMERICANPRINCIPLEBANK.COM http://www.americanprinciplebank.com/ Phone: (805) 547 - 2800 Facsimile: (805) 547 - 2801
American Principle Bank
CONTACT: Cole W. Minnick, Jr., Interim Chief Executive Officer, or David
R. Booker, Senior Executive Vice President Business Development and Retention,
both of American Principle Bank, +1-805-547-2800, fax, +1-805-547-2801,
SERVICE@AMERICANPRINCIPLEBANK.COM
Web Site: http://www.americanprinciplebank.com/
