NOVATO, Calif.--(BUSINESS WIRE)--Bank of Marin Bancorp (Nasdaq: BMRC) and its subsidiary, Bank of Marin, announced today that executive search firm Korn Ferry has been engaged to commence the search for President and Chief Executive Officer, Russell A. Colombo’s successor. Korn Ferry will work with the Board of Directors to evaluate a diverse pool of internal and external candidates. Mr. Colombo will continue to serve as President and CEO until a successor is appointed. No timeline has been set for Mr. Colombo’s retirement.
“While I am looking forward to my retirement, a date has not been set and I will continue in my role as CEO until a successor is named and successfully transitioned,” said Colombo. “I work with an exceptional team and, together, we will continue to execute on our strategic growth plan while adhering to our guiding principles – relationship banking, disciplined fundamentals and community commitment.”
Under Mr. Colombo’s leadership, Bank of Marin delivered strong organic growth and successfully completed three acquisitions – Charter Oak Bank, Norcal Community Bancorp and its subsidiary Bank of Alameda, and Bank of Napa. These three acquisitions contributed significantly to the aggregate growth of the Bank. During Mr. Colombo’s tenure, the Bank’s loan portfolio grew by 145%, its non-interest-bearing deposits by 412% and its total assets by 181%. Earnings per share have grown from $0.29 in the final quarter of 2006 to $0.60 for the second quarter of 2019.
“We greatly appreciate Russ’ years of dedicated service and his continued leadership as we begin the search for his successor,” said Brian Sobel, Chairman of the Board. “The Board is committed to finding the best possible candidate and shares Russ’ commitment to a smooth and successful transition.”
Mr. Colombo, age 67, joined Bank of Marin in 2004 as Executive Vice President and Branch Administrator and has been President and CEO since 2006.
About Bank of Marin Bancorp
Founded in 1990 and headquartered in Novato, Bank of Marin is the wholly owned subsidiary of Bank of Marin Bancorp (Nasdaq: BMRC). A leading business and community bank in the San Francisco Bay Area, with assets of nearly $2.5 billion, Bank of Marin has 22 branches, 5 commercial banking offices and 1 loan production office located across the North Bay, San Francisco and East Bay regions. Bank of Marin provides commercial banking, personal banking, and wealth management and trust services. Specializing in providing legendary service to its customers and investing in its local communities, Bank of Marin has consistently been ranked one of the “Top Corporate Philanthropists” by the San Francisco Business Times and one of the “Best Places to Work” by the North Bay Business Journal. Bank of Marin Bancorp is included in the Russell 2000 Small-Cap Index and Nasdaq ABA Community Bank Index. For more information, go to www.bankofmarin.com.