BofA Names Scott Vanderpool President of Phoenix

Rhea-AI Summary

Bank of America announced the retirement of Benito Almanza, who will step down as Phoenix and Arizona President on April 6 after 45 years with the company. He is succeeded by Scott Vanderpool, currently the Phoenix market executive who has been with Bank of America since 2007. Vanderpool will oversee the bank's resources in the region and focus on economic mobility and community development. During his tenure, Almanza directed nearly $125 million in philanthropic investments in Arizona. Both leaders expressed their commitment to continued growth and community improvement in Phoenix.

Positive

• Vanderpool's leadership role suggests continuity and stability in the Phoenix market.
• Almanza's tenure saw close to $125 million in philanthropic investments, positively impacting local communities.

Negative

• None.

Benito Almanza announces retirement after 45 years at Bank of America and more than two decades as Phoenix and Arizona President

PHOENIX, March 30, 2023 /PRNewswire/ -- Bank of America has named Scott Vanderpool president of Bank of America Phoenix. The company also announced that widely known business leader Benito Almanza plans to retire April 6 after 45 years of service with the company and 22 years as Phoenix and Arizona president.

As Phoenix president, Vanderpool assumes the responsibilities for connecting Bank of America's banking and investment resources offered through the company's eight lines of business to people and companies in the region. He also leads the effort to deploy the company's resources to help advance economic mobility and build strong communities.

Vanderpool joined Bank of America in 2007 and retains his role as Phoenix market executive, leading operations for Phoenix and working in partnership with the company's Phoenix leadership team to drive market share growth, employee engagement and the bank's brand locally.

Vanderpool previously held a leadership role as a Business Banking market executive with the company in Colorado. He holds a bachelor's degree from Arizona State University and received an MBA from the University of California at Riverside. Vanderpool also attended the Pacific Coast Banking School, a graduate school within the University of Washington, where he serves as a faculty member teaching their capstone leadership course.

Having deep ties to the Phoenix community, Vanderpool is engaged in local nonprofit organizations and serves as the board chair of the Arizona Banker's Association and is a board member of ICAN: Improving Chandler Area Neighborhoods and Education Forward Arizona. Vanderpool lives in Phoenix with his wife and two children.

During his distinguished career, Almanza delivered Bank of America's resources to clients and communities in Phoenix and across Arizona, helping direct close to $125 million in philanthropic investments that have led to better outcomes for tens of thousands of individuals and families.

Civically active, Almanza holds membership in the California State Bar Association and the U.S. District Court Northern District Association and serves on the board of Arizona Community Foundation and the Arizona Bankers Association. He also is a member of Greater Phoenix Leadership and Greater Phoenix Economic Council. Almanza has received numerous accolades for his contributions, most recently including the award of Emeritus Status with Teach for America and last fall he was named the inaugural recipient of Education Forward Arizona's Luminary Award.

"Benito has led with distinction and made a lasting impact on our employees, clients and nonprofit organizations," said Brian Moynihan, chief executive officer, Bank of America. "We thank him for breaking barriers and serving as a role model for so many and look forward to continued growth with Scott becoming the next Phoenix president."

In addition to his Phoenix president roles, Almanza held leadership positions in a variety of areas within Global Commercial Banking and Business Banking. As Business Banking vice chair, he deepened connections with the Hispanic-Latino community and business owners through his leadership of the Hispanic-Latino Business Councils and by driving key initiatives.

Born in the farming community of Hanford, CA, Almanza's parents, who themselves only had grade-school educations, encouraged their children to pursue their education. Almanza excelled in school, earning degrees from Stanford and Santa Clara University. For the past 10 years, Almanza served on Stanford's Graduate School of Business Alumni Interview team.

"The honor of representing Bank of America and creating meaningful change across so many sectors has been one of the privileges of my lifetime," said Almanza. "With the bank's resources, we have created positive, generational impacts, particularly in low- and moderate-income communities across Arizona. Having worked alongside Scott for many years now, our leadership team is in a great position to continue delivering what Phoenix's economy needs from us. None of this would have been possible without my family, so I wish to acknowledge my wife, Rosa, and our children and grandchildren for their unwavering support."

"I am looking forward to helping deliver on our continued commitment of Responsible Growth across Phoenix, a community I care deeply about," said Vanderpool. "We have much to be proud of here in the Valley of the Sun, but we also have more work to do to build a more inclusive economy. Together with our Bank of America team, I know we can continue improving people's financial lives."  

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATM and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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Reporters may contact:

Britney Sheehan, Bank of America
Phone: 1.425.467.9744
britney.w.sheehan@bofa.com  

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SOURCE Bank of America Corporation

FAQ

What leadership changes occurred at Bank of America on March 30, 2023?

Benito Almanza announced his retirement after 45 years, and Scott Vanderpool was named as the new president of Bank of America Phoenix.

When does Benito Almanza retire from Bank of America?

Benito Almanza is set to retire on April 6, 2023.

What experience does Scott Vanderpool bring to his new role at Bank of America?

Scott Vanderpool has been with Bank of America since 2007 and has served as the Phoenix market executive.

How much philanthropic investment did Benito Almanza direct during his tenure?

During his time, Almanza directed nearly $125 million in philanthropic investments in Arizona.

What are Scott Vanderpool's main responsibilities as the new president of Bank of America Phoenix?

Vanderpool will connect the bank's resources to local communities and focus on advancing economic mobility.