Mr. Franko added, “I am excited to expand my role of CEO to both of First PacTrust’s bank subsidiaries. This will enable me to accelerate the process of integrating the institutions and enhancing our commercial banking capabilities. I have enjoyed working with Greg, Steve and the incredibly talented team at PacTrust Bank over the past year and am eager to continue to execute our strategic plan.”
Mr. Mitchell stated, “Having worked with Steven Sugarman and Bob Franko for the last couple of years, it is clear to me that they possess the knowledge and vision needed to lead First PacTrust Bancorp into the future.”
Mr. Mitchell continued, “By every metric – capital, asset quality, management, earnings and liquidity – the company is strong and well positioned, both financially and strategically. As a result of the Company’s strong current position, it became clear to me that this was the perfect time for me to step away and pursue personal goals. I want to express my gratitude and personal thanks to all the employees who have entrusted me with the responsibility to lead First PacTrust’s reorganization over the past two years. I am proud of the work they have done and continue to do for all our shareholders.”
Mr. Sugarman, an attorney with degrees from Dartmouth College and Yale Law School, is the founder and Chief Executive Officer of COR Capital LLC, a Southern California-based investment firm. Previously, he co-founded a $2 billion investment advisory firm focused on public equities and worked as a management consultant at McKinsey & Company and an investment advisor at Lehman Brothers.Mr. Franko is Chief Executive Officer of Beach Business Bank, which he founded in 2003. During a 30-year career, he has headed the $10 billion Personal Trust and Investments Division of City National Bank; served as Executive Vice President and Chief Financial Officer of Imperial Bancorp (NYSE: IMP), a $4-billion-plus bank holding company and Chairman and Chief Executive Officer of Imperial Trust Company; and was Chief Financial Officer of Canary Wharf Development Co., which built the world’s largest real-estate development, a 12-million-square-foot office and retail complex.