Commencement Bancorp, Inc. (CBWA) Appoints Nigel L. English to Board of Directors

Rhea-AI Summary

Commencement Bancorp, Inc. (OTCQX:CBWA) has appointed Nigel L. English, the Bank's President and COO, to its board of directors. This strategic move aims to enhance the bank's management team amid current CEO John Manolides' succession planning. Hal Russell, Chairman of the Board, emphasized English's critical role in the bank's growth strategy. Commencement Bank, established in 2006, is dedicated to providing reliable banking services in Washington state, focusing on customer relationships and leveraging modern technology.

Positive

• Appointment of Nigel L. English to the board is expected to strengthen leadership.
• English's involvement is seen as essential for the bank’s growth strategy.

Negative

• Succession of the current CEO may raise concerns about continuity.
• Potential experience gaps in leadership during the transition.

TACOMA, WA / ACCESSWIRE / June 8, 2022 / Commencement Bancorp, Inc. (OTCQX:CBWA) is pleased to announce that Commencement Bank President and Chief Operating Officer, Nigel L. English, has been appointed to both the Commencement Bank and Commencement Bancorp, Inc.'s, board of directors. English is an instrumental part of the Bank's management team and will play a pivotal role in Commencement's growth and succession for current Chief Executive Officer, John Manolides.

"Selecting Nigel as the Bank's new president earlier this year was a calculated move in the overall growth strategy for Commencement. His input on both the bank and holding company boards is essential for achieving our initiatives and we are looking forward to his contribution," said Hal Russell, Chairman of the Board.

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About Commencement Bancorp, Inc.

Commencement Bancorp, Inc. is the holding company for Commencement Bank, headquartered in Tacoma, Washington. Commencement Bank was formed in 2006 to provide traditional, reliable, and sustainable banking in Pierce, King, and Thurston counties and the surrounding areas. Their team of experienced banking experts focuses on personal attention, flexible service, and building strong relationships with customers through state-of-the-art technology as well as traditional delivery systems. As a local bank, Commencement Bank is deeply committed to the community. For more information, please visit www.commencementbank.com. For information related to the trading of CBWA, please visit www.otcmarkets.com.

For further discussion, please contact the following:

John E. Manolides, Chief Executive Officer | 253-284-1802
Nigel L. English, President & Chief Operating Officer | 253-284-1801
Thomas L. Dhamers, Executive Vice President & Chief Financial Officer | 253-284-1803

Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe Commencement Bancorp, Inc.'s projections, estimates, plans and expectations of future results and can be identified by words such as "believe," "intend," "estimate," "likely," "anticipate," "expect," "looking forward," and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement, and should consider factors that might cause differences including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment or sustained high levels of unemployment; changes in interest rates; greater than expected costs to integrate acquisitions, adverse changes in local, national and international economies; changes in the Federal Reserve's actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the impact of technological advances; changes in tax laws; and other risk factors. Commencement Bancorp, Inc. undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.

SOURCE: Commencement Bancorp, Inc. (WA)

View source version on accesswire.com:
https://www.accesswire.com/704368/Commencement-Bancorp-Inc-CBWA-Appoints-Nigel-L-English-to-Board-of-Directors

FAQ

What recent management change occurred at Commencement Bancorp, Inc. (CBWA)?

Nigel L. English has been appointed to the board of directors at Commencement Bancorp, Inc.

What is the reason behind Nigel L. English's appointment to the board?

His appointment is part of Commencement's growth strategy and succession planning for the CEO.

How does Nigel L. English's role impact Commencement Bancorp, Inc. (CBWA)?

His leadership is expected to contribute to the company's growth and strategic initiatives.

Who is the current CEO of Commencement Bancorp, Inc. (CBWA)?

John Manolides is the current CEO, overseeing the transition and growth strategies.