Bank of Marin suspends search for new CEO
Bank of Marin in Novato, Calif., has suspended its search for a new CEO.
The $3.2 billion-asset company announced in September that it had hired the executive search firm Korn Ferry to find a successor for Russell Colombo.
Those plans are now on hold and Colombo “is committed to remaining in the job as long as needed,” the bank said Monday in an earnings press release.
Colombo, who was 67 when Bank of Marin filed its proxy statement earlier this year, joined the company in 2004 as its branch administrator. He became chief operating officer in July 2005. His career includes stints at Comerica and Union Bank of California.
Bank of Marin announced last month that it had tapped Timothy Myers as chief operating officer. Myers, who had overseen commercial banking, added responsibility for retail banking, wealth management and marketing.
Separately, Bank of Marin said its second-quarter earnings fell by 10% from a year earlier to $7.4 million. Its second quarter included a $2 million loan-loss provision; it set no money aside a year earlier.