American River Bankshares in Sacramento, Calif., has hired a new CEO to replace its retiring leader.
The $642 million-asset company said in a press release that David Ritchie will succeed David Tabor, who has been CEO since 2004, in early November. Ritchie, who will also become American River’s president, previously served as regional manager for U.S. Bank’s commercial banking office in Southern California.
“We are grateful to David for his longstanding tenure and service,” Charles Fite, American River’s chairman, said in Friday’s release. “David has demonstrated a strong commitment to the Bank, our employees, clients and shareholders."
Ritchie, 59, is taking over at a critical juncture for American River as one of its markets deals with the impact of the California wildfires, Tim O’Brien, an analyst at Sandler O’Neill, wrote in a note to clients.
Ritchie is joining “a franchise that has a solid foundation and excellent potential on which to build,” O’Brien added. “The markets it serves are for the most part healthy and vibrant and we think they should provide abundant opportunities for a community bank such as American River to win new business, grow market share and thrive.”
