COLLINGSWOOD, N.J.--(BUSINESS WIRE)--Gerard M. Banmiller, President and Chief Executive Officer of 1st Colonial Bancorp, Inc. (FCOB) and its subsidiary, 1st Colonial Community Bank, has announced his plan to retire in the fourth quarter of 2020. The Board of Directors has commenced a succession planning process and has engaged Kaplan Partners, a regional consulting firm specializing in executive search and management succession planning, to assist the Board.
Mr. Banmiller commented, “I wanted to provide our Board, employees, customers and shareholders with sufficient notice of my planned retirement so that we can adequately plan for a smooth transition. I have thoroughly enjoyed my 50 years in banking and plan to keep doing so through the end of next year. I believe our current management team is excellent, and that when I do retire the bank will be in very capable hands. We may also add to that management team if the Board locates an exceptional candidate.” Chairman Linda Rohrer added, “We have had an excellent 20 years under Gerry’s leadership, and sincerely appreciate him providing us with sufficient time to plan for this transition. We are pleased that Kaplan Partners has agreed to assist us with this endeavor.”
1st Colonial Community Bank, the subsidiary of 1st Colonial Bancorp, provides a range of business and consumer financial services, placing emphasis on customer service and access to decision makers. Headquartered in Collingswood, New Jersey, the Bank also has a branch in the New Jersey community of Westville and administrative offices in Cherry Hill, New Jersey. To learn more, call (856) 858-8402 or visit www.1stcolonial.com.
This release contains forward-looking statements that are not historical facts and include statements about management’s strategies and expectations about our business. There are risks and uncertainties that may cause our actual results and performance to be materially different from results indicated by these forward-looking statements. Factors that might cause a difference include economic conditions; unanticipated loan losses, inability to close loans in our pipeline, lack of liquidity; varying and unanticipated costs of collection with respect to nonperforming loans; an inability to dispose of real estate owned; changes in interest rates, changes in FDIC assessments, deposit flows, loan demand, and real estate values; changes in relationships with major customers; operational risks, including the risk of fraud or theft by employees, customers or outsiders, and the risk of interruptions in and breaches in security of our information systems; competition; changes in accounting principles, policies or guidelines; changes in laws or regulations and in the manner in which the regulators enforce same; new technology and other factors affecting our operations, pricing, products and services.