Exchange Bank Announces Change in Leadership; Gary Hartwick Announces Retirement with Troy Sanderson to Succeed as President and CEO

SANTA ROSA, Calif.--(BUSINESS WIRE)--Exchange Bank (OTC: EXSR) President and CEO Gary Hartwick announced his retirement as of December 31, 2020. Hartwick joined Exchange Bank in January of 2009 and served as the chief credit officer and chief operating officer before assuming the role of president and CEO in March of 2014. In his 12 years of distinguished service with Exchange Bank, Gary has provided positive leadership and a well‑executed strategic vision. He has served on the Bank’s Board of Directors since 2014 and will remain on the Board and continue to be active in Sonoma County, where he resides.

The Board has named current Executive Vice President and Chief Banking Officer Troy Sanderson in the succession plan to fill the role of president and chief executive officer, and looks forward to a long and productive relationship. Troy will assume the role of president and chief executive officer as of January 1, 2021.

“On behalf of the Board of Directors at Exchange Bank, I would like to offer my sincere thanks to Gary for his years of service. He has faced and successfully battled through a set of unprecedented challenges beginning with the collapse of the real estate market in 2008, followed by the heartbreak and widespread impact from two major wildfires and today’s virus pandemic. Through it all, with determination and professionalism, his steady leadership has been enormously influential in restoring our Bank’s performance back to the very elite, upper-quartile of community banks across the country. His wisdom and experience will be a positive influence and valuable resource to Troy Sanderson, our next president and chief executive officer,” said Bill Schrader, Chairman of the Board of Exchange Bank.

Troy Sanderson has been in banking since 1989. He joined Exchange Bank in October 2018 and has been instrumental in the strategic direction of our online and digital delivery channels. He holds a Bachelor's degree in Business Administration from California State University, Sacramento and graduated with honors from the Pacific Coast Banking School.

“I am excited for Troy and his promotion is certainly well deserved,” said Gary Hartwick, president and chief executive officer. “Troy is an experienced community banker and is the right fit for Exchange Bank and the community values that we hold.”

As a Sonoma County native with family roots in the County going back over 100 years and a leader in the Petaluma community, Troy will bring to his new position a set of impressive financial skills, an intimate insight of Sonoma County and community bank leadership experience acquired in his 31‑year career.

“Exchange Bank has been a cornerstone of this community for 130 years,” said Troy Sanderson, executive vice president and chief banking officer. “I am honored to have the opportunity to lead this important local institution going forward, continuing our legacy of investing in people, business and community to build a strong future.”

“It has been an honor to serve this remarkable organization. Having been only the eighth president in our history is something I will always hold in the highest esteem,” said Hartwick. “Exchange Bank is a fabulous company with dedicated employees who are committed to our mission and to serving our customers and our community. I am proud of the achievements we have accomplished together during my tenure. A very special thank you to all of our employees.”

About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.8 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 14-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2019 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2019 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer