David Misch, CEO of The Private Bank of California, has agreed to serve as First PacTrust’s Chief Risk Officer following the closing of the Transaction. Mr. Misch stated, “This transaction is great news for The Private Bank of California’s shareholders, customers, employees and the communities we serve. Joining forces will allow us to combine our talented management teams. The combination of First PacTrust’s existing business and our strong commercial and industrial, entertainment and business banking will result in a strong bank with the capital and scale to offer attractive products to customers and enhance shareholder value.”As part of the transaction, Richard Pachulski, David Misch, Richard Smith, and Nick Zappia have each entered into agreements to continue working with First PacTrust following the closing. Mr. Pachulski, who will serve as the Chairman of First PacTrust’s newly formed Advisory Board, said: “As a founder, depositor and Board member of The Private Bank of California, I am excited by this opportunity and look forward to serving as part of First PacTrust’s Advisory Board. As an investor, I am thrilled to have the opportunity to become a shareholder of First PacTrust and to participate in the numerous benefits created by this strategic combination.”
- Director Steven Sugarman has been named co-Chief Executive Officer of First PacTrust, focusing on corporate initiatives and non-depository operations. Mr. Sugarman has served on the Board of Directors since November 2010, including as the Chairman of the Strategic Planning Committee. Greg Mitchell will continue to serve with Mr. Sugarman as co-Chief Executive Officer of First PacTrust’s banking operations, and will remain CEO and President of PacTrust Bank;
- John Grosvenor has been named First PacTrust’s General Counsel. Mr. Grosvenor previously represented First PacTrust as outside corporate counsel while he was a Partner at Manatt, Phelps & Phillips LLP.
- Director Jeff Seabold has been named to the Board of Directors of PacTrust Bank. Mr. Seabold has served on the Board of Directors at First PacTrust since February 2011 and previously served as a Director of PacTrust Bank.