David Greiner has resigned as president and chief executive of Tri-Valley Bank in San Ramon, Calif., and has been replaced by the bank's chairman, Arnold Grisham.
The $80 million-asset bank said in a news release Friday that Greiner, who joined Tri-Valley in 2008, told employees last week that he was stepping down to pursue other business opportunities. The bank said that Greiner felt comfortable leaving now because the bank has a strong board and management team in place.
Grisham, a longtime California community banker, was
Like many small California banks, Tri-Valley has been hurt by the state's real estate bust. The bank has lost nearly $10 million since the start of 2008 and has yet to turn a profit since it was founded in 2008.
The bank's capital levels have improved of late, however, thanks largely to a recent stock sale that netted $4 million. At Sept. 30, the bank had a Tier 1 leverage ratio of 9.7%, compared to 5.7% from three months earlier.
In all, the bank is looking to
