San Francisco community bank taps next CEO
Beacon Business Bank in San Francisco has a new CEO.
The $137 million-asset unit of Trans Pacific Bancorp. said in a press release Monday that John Delaney would also serve as its president.
Delaney previously was a regional executive and deposit sales manager for Northern California at Boston Private Bank. Earlier in his career, he held senior posts at Citigroup and Wells Fargo.
Delaney succeeded Dennis Jang, who had been interim CEO since Robert Lussier’s retirement late last year. Jang will return to his prior post, chief financial officer.
Delaney “has decades of experience in all aspects of financial services as well having been a Bay Area banker for most of his career,” Denis Daley, Beacon’s chairman, said in the release.
Beacon in December entered into a formal agreement with the Office of the Comptroller of the Currency to address concerns over the bank’s practices tied to enterprise governance, credit concentrations and credit risk management.
As part of the agreement, Beacon was ordered to form a compliance committee to oversee and ensure corrective actions, including the creation of a three-year strategic plan.
Beacon said in its release that it is making “steady progress under terms of a regulatory order, meeting all of its deadlines.”
Delaney said he plans to expand Beacon’s commercial lending and real estate financing operations.
“Over the past decade, many small businesses have felt abandoned as community banks have been acquired by larger regional and national corporations,” Delaney said in the release.
“Calling an 800-number and talking with someone you don’t know about your financial needs is not an optimum experience for small and [midsize] businesses,” Delaney added. “That is a void we can fill.”