This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First PacTrust Bancorp, Inc. Names Steven A. Sugarman Chief Executive Officer; Robert M. Franko Named Chief Executive Officer Of PacTrust Bank

First PacTrust Bancorp, Inc. (NASDAQ: BANC) (“First PacTrust”), the holding company for PacTrust Bank and Beach Business Bank, today announced the appointment of Steven A. Sugarman as Chief Executive Officer. Mr. Sugarman, who joined First PacTrust as a Director in November 2010, had been co-CEO since mid-August.

The company also announced the appointment of Robert M. Franko as Chief Executive Officer of Pacific Trust Bank. Mr. Franko continues to also serve as President of First PacTrust and CEO of Beach Business Bank.

The new appointments, effective today, occurred concurrently with the resignation of Gregory A. Mitchell as an officer and director of First PacTrust and its subsidiaries and affiliates. Mr. Mitchell, who joined First PacTrust in November 2010, had been co-CEO with Mr. Sugarman for the last month.

First PacTrust Chairman Timothy R. Chrisman stated, “We are thrilled to have Steven Sugarman and Bob Franko lead our organization forward. Steve has been key to setting and executing our strategic plan over the past two years and has the full support of the Board to lead the next phase of our growth. Bob’s deep commercial banking experience and strong operational excellence has convinced the Board that he is the ideal leader for our banks. He will be focusing on integrating our banking assets into a single commercial bank, thereby realizing numerous financial and strategic synergies. We thank Greg for all his efforts on behalf of First PacTrust.”

Mr. Sugarman, who serves as Chairman of the Board’s Strategic Planning Committee, said, “Since November 2010, First PacTrust has successfully built and acquired the strategic assets and scale necessary to be Southern California’s bank of choice for entrepreneurs, small business owners and their families. The banks are now approaching $2.2 billion in assets, including our announced acquisition of The Private Bank of California. With the clarity that comes with today’s board actions, First PacTrust will begin the next phase of its strategic plan. This will center on the integration of our assets and operations across our banks into a single, full-service commercial bank with increased profitability, increased capabilities and enhanced systems.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs