Avidbank in California Shuffles Management Team

Avidbank in Palo Alto, Calif., has replaced its president among a series of management changes.

The $432 milllion-asset company said Thursday that Kenneth Brenner will step down as president to become head of strategic relationships. He will remain on the company's board. Brenner has been president of Avidbank since 2007, according to his LinkedIn page.

Ronald Oliveria, Abidbank's chief credit officer, will succeed Brenner. Oliveira will remain chief credit officer, a post he has held since October 2012, according to his LinkedIn page.

Avidbank also promoted Dori Hamilton, division manager of corporate banking, to the added role of chief banking officer.

"These strategic changes have been in the works for some time," Mark Mordell, Avidbank's chairman and chief executive, said in a press release. "The board has been focused on building the right platform for our bank to grow in our marketplace. This involved hiring proven executives to give us 'bench strength' for proper succession planning, as well as successfully completing our institutional capital raise in June. It has been a very busy year for us, and we are excited to have these three professionals in key influential roles to advance the bank's mission."

"I am proud of what we have accomplished over the years and am excited to pass the torch to someone as qualified as" Oliveira], Brenner said in the release.

Avidbank exited the Troubled Asset Relief Program in August. The redemption was funded through a $16 million private offering to institutional investors in June.