Chief Audit Executive Garcia to Retire; Newman Hired as Replacement

Rhea-AI Summary

Banner Bank announced the retirement of Jim Garcia, Executive Vice President and Chief Audit Executive, effective July 15, 2024. To ensure a smooth transition, Scott Newman will take over the role starting today. Garcia has been praised for his dedication to transparency and accountability, earning the respect of colleagues and the Board of Directors.

Newman comes with 30 years of audit experience, including roles in banking, investment management, and insurance. He holds multiple professional certifications and has been actively involved in the Tacoma community. Banner Bank's CEO, Mark J. Grescovich, expressed confidence in Newman's ability to fit into the company's culture and his strong reputation among industry peers and regulators.

Positive

• Scott Newman's extensive 30 years of audit experience, including leadership roles.
• Newman's multiple professional certifications, including Certified Internal Auditor and Certified Information Systems Auditor.
• Smooth transition facilitated by Newman's immediate start.

Negative

• Retirement of highly respected and experienced Chief Audit Executive Jim Garcia.

WALLA WALLA, Wash.--(BUSINESS WIRE)-- The Banner Bank executive leadership team today announced Jim Garcia, Executive Vice President and Chief Audit Executive, will retire July 15, 2024. Scott Newman has been hired as the next Chief Audit Executive and to ensure a smooth transition his first day is today.

Jim Garcia, Banner Bank (Photo: Business Wire)

“Jim has been an invaluable member of our executive team and we have benefited in many ways from his time at Banner,” said Mark J. Grescovich, President and Chief Executive Officer. “Jim fostered a culture of transparency and accountability through his consistent, proactive reporting of all audit matters. His commitment to excellence and meticulous attention to detail have earned him the respect and admiration of our Board of Directors as well as his colleagues and industry peers.”

Scott Newman has been hired as the Bank’s next Executive Vice President and Chief Audit Executive. Newman has 30 years of audit experience, more than 20 of those in leadership positions. His experience includes banking, trust, investment management, securities and insurance. Most recently, Newman was the Director of Risk Management and Internal Audit for a large regional insurance company, which included leading their enterprise risk and internal audit. He previously held similar audit executive roles at a large regional bank as well as a global investment management firm.

Newman earned his bachelor’s degree in economics as well as his bachelor’s degree in business administration-finance from Central Washington University. He holds several professional certifications including Certified Internal Auditor, Certified Information Systems Auditor, Certification in Risk Management Assurance, Certified Financial Services Auditor, and Certified Information Systems Security Professional. He is active in the Tacoma community and serves on several professional boards, including the Washington State Board of Accountancy, which is an appointment by the governor.

“I’m confident Scott is an excellent fit for our Banner culture,” Grescovich said. “Additionally, he is well-regarded among industry peers as well as with regulators. He holds a deep commitment to developing relationships with business partners to find optimal solutions for all parties while never compromising ethics and objectivity.”

About Banner Bank

Banner Bank is a Washington-chartered commercial bank that conducts business in Washington, Oregon, California and Idaho. Banner offers a wide variety of commercial banking services and financial products to individuals and small and medium-sized businesses and their employees. Banner Bank is part of Banner Corporation (NASDAQ GSM: BANR), a $15.7 billion bank holding company headquartered in Walla Walla, Washington. Visit Banner Bank at www.bannerbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240624474916/en/

Kelly McPhee

Senior Vice President, Communications

(509) 991-0575

kelly.mcphee@bannerbank.com

Source: Banner Bank

FAQ

When is Jim Garcia retiring from Banner Bank?

Jim Garcia will retire on July 15, 2024.

Who will replace Jim Garcia as Banner Bank's Chief Audit Executive?

Scott Newman will replace Jim Garcia as Banner Bank's Chief Audit Executive.

What is Scott Newman's background in audit experience?

Scott Newman has 30 years of audit experience, including positions in banking, investment management, and insurance.

What certifications does Scott Newman hold?

Scott Newman holds several certifications, including Certified Internal Auditor, Certified Information Systems Auditor, and Certified Information Systems Security Professional.

What is the stock symbol for Banner Bank?

The stock symbol for Banner Bank is BANR.