Los Angeles’ 1st Century Bank is in the market for a new president and chief executive.
The $170 million-asset company said late Friday that its founding president and CEO, Richard Cupp, plans to retire and that the board has created a search committee and hired a search firm to find his replacement. The bank is setting no timetable “because we want to hire the very best possible successor,” its chairman Alan I. Rothenberg said in a news release.
In his more than 40 years in banking, Mr. Cupp has been a top executive at the former First Interstate Bank and the former California Federal Bank, and the CEO of two community banks. He and a group of business leaders began organizing 1st Century in 2003 and it opened for business in March 2004.
This year’s first quarter was the company’s first profitable one; it earned $274,000, according to the Federal Deposit Insurance Corp.
