LOS ANGELES, CA -- (Marketwired) -- 03/06/15 -- ProAmérica Bank (OTCQB: PMRA): L. Bruce Mills, who has served as the President and CEO of ProAmérica Bank, has announced his resignation, effective March 31, 2015, to pursue other interests.
"Bruce helped bring the Bank to profitability, significantly improve asset quality and eliminate lingering regulatory matters," said ProAmérica Bank Chairwoman Maria S. Salinas. "We are hopeful that his successor will build off this strong foundation to grow our assets and net income in a prudent and sustainable manner."
ProAmérica Bank Director Sal Varela was named acting President and CEO, and will serve in that position until a permanent replacement is found.
Mr. Varela is a founding shareholder of ProAmérica Bank and has served on its Board of Directors and chaired the Board's Loan Committee since the Bank's founding. He previously served as the Director and Vice Chairman of the Board of another Los Angeles-based community bank for more than 10 years and led one of the country's largest insurance financial services agencies for Equitable-AXA Advisors.
"We're confident that we will have a smooth transition and excited that we can leverage the talent on the Board by having Mr. Varela step in," Salinas said. "We know that his knowledge and expertise of ProAmérica Bank will allow us to further execute the Bank's mission."
Ms. Salinas said the Board has formed a Search Committee to identify a permanent Chief Executive Officer and intends to move quickly.
ProAmérica Bank provides a full range of financial services, including credit and deposit products, SBA loan products, cash management, and internet banking for businesses, professionals, nonprofits and high net worth individuals from its headquarters office at 888 West Sixth Street, Second Floor, Los Angeles, CA 90017-2728. Information on products and services may be obtained by calling (213) 613-5000 or visiting the Bank's website at www.PROAMERICABANK.com.
NOTE:
This news release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about ProAmérica Bank's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: ProAmérica Bank's timely implementation of new products and services, technological changes, changes in consumer spending and savings habits and other risks discussed from time to time in ProAmérica Bank's reports and filings with banking regulatory agencies. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and ProAmérica Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
Contact:
ProAmerica Bank
Frank E. Smith
CFO
213.787.2804
