California BanCorp Appoints Theodore A. Wilm to Board of Directors
California BanCorp (Nasdaq: CALB) announced the appointment of Theodore A. Wilm to its Board of Directors on March 21, 2023. Wilm brings 38 years of experience from PricewaterhouseCoopers, specializing in audit management and strategic growth within financial services. His background includes advising on enterprise risk management, information technology, and structural reorganizations. Chairman Stephen Cortese expressed confidence that Wilm’s expertise will significantly benefit the bank, particularly in financial oversight and risk management. This leadership change aims to enhance the company’s strategic positioning in commercial banking services across Northern California.
- Appointment of Theodore A. Wilm, bringing extensive financial and audit expertise.
- Wilm's experience in strategic growth initiatives could lead to improved performance.
- Potential concerns regarding continuity in management experience.
- Transition period may pose risks during adjustment to new board dynamics.
OAKLAND, Calif., March 21, 2023 (GLOBE NEWSWIRE) -- California BanCorp (the “Company”) (Nasdaq: CALB), the parent company of California Bank of Commerce (the “Bank”), today announced that Theodore A. Wilm has been appointed to the Board of Directors of the Company and the Bank.
Mr. Wilm is an accomplished and experienced advisor and certified public accountant with extensive strategic expertise and in-depth knowledge of board and audit committee best practices. Mr. Wilm had a 38 year career with the public accounting firm PricewaterhouseCoopers. In addition to serving many of the firm’s larger financial services clients as an audit partner, Mr. Wilm advised mutual funds, investment management, private equity, real estate and venture capital firms with sales, marketing and distribution channel strategies, enterprise risk management solutions, information technology systems, acquisitions and divestitures, and structural reorganizations.
“We are pleased to have Ted join us,” said Stephen Cortese, Chairman of the Board of Directors. “His financial services-specific expertise with audit management, strategic growth initiatives, and risk management will be a tremendous asset to our team.”
“I am excited to be joining this great bank and working with the bank’s executive team and board members,” said Mr. Wilm. “I look forward to bringing my long-time experience in financial analysis and oversight to the board.”
About California BanCorp
California BanCorp, the parent company for California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout Northern California. The Company’s common stock trades on the Nasdaq Global Select marketplace under the symbol CALB. For more information on California BanCorp, call us at (510) 457-3751, or visit us at www.californiabankofcommerce.com.
California BanCorp
Steven E. Shelton, (510) 457-3751
Chief Executive Officer
seshelton@bankcbc.com
Thomas A. Sa, (510) 457-3775
President, Chief Financial Officer and Chief Operating Officer
tsa@bankcbc.com
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