A founding director of CU Bancorp (CUNB) in Encino, Calif., has announced plans to retire.

Stephen Carpenter will step down as CU Bancorp's vice chairman and become a director emeritus at the end of the year, the $1.3 billion-asset company said Thursday. The company did not name a successor.

Carpenter, 73, and has been in the banking industry for 51 years, the company said. He was a founding organizer of CU Bancorp, serving as its chairman and chief executive from 1992 to 1999 and from 2005 to 2009.

"We have taken this company from de novo status through two successful capital offerings, two acquisitions and to more than $1.3 billion in total assets in just eight years," Carpenter said in a press release. "I have complete confidence in the company's board and management and in [CEO] David Rainer's leadership, in particular."

CU Bancorp became the holding company for California United Bank in July 31, when the company bought Premier Commercial Bancorp in Anaheim, Calif.

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