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To close on a $36.4 million injection from Priam Capital Fund I LP, 1st Mariner Bancorp must raise another $123.6 million — and part ways with Edwin Hale Sr., the company's founder, chairman and chief executive.
April 21
More than a year following its chief executive's departure, Pacific Commerce Bank in Los Angeles has found someone to take the helm.
The $162 million-asset bank announced Thursday it has hired Scott R. Andrews as its new CEO. Andrews was previously the head of the $292 million-asset Sunrise Bank in San Diego, which its owner, Capitol Bancorp, sold to AmericanWest Bank of Spokane, Wash., in 2011 for $18.5 million.
Andrews also served California regional president for Lansing, Mich.-based Capitol Bancorp and executive vice president for First National Bank in San Diego.
In a press release, Pacific Commerce Chairman Thomas Iino said Anderson will "move the bank to the next level."
"With a solid balance sheet and capital base we are now poised to grow both organically and strategically," Iino said.
The decade-old bank is overly capitalized; at the end of the first quarter, its total risk-based capital ratio was 19.08%.
In April 2011, the bank announced that Brian Kelly, who had served as CEO for five years, was leaving the bank to
