Communities First Financial Corporation Announces the Upcoming Retirement of its Chief Financial Officer
Communities First Financial Corporation (OTCQX: CFST) announced the retirement of Executive Vice President and CFO Steve Canfield, effective January 3, 2023. Canfield will assist in finding his successor to ensure a smooth transition. Over his 15-year tenure, he significantly contributed to the company's growth and shareholder returns. Communities First Financial, parent of Fresno First Bank, ranks high in community banking performance and is noted for its efficiency and strategic growth initiatives.
- Significant growth in shareholder returns attributed to Canfield's leadership.
- Ranked third nationally among community banks under $5 billion in assets.
- Potential uncertainty during the leadership transition period.
FRESNO, Calif., April 26, 2022 (GLOBE NEWSWIRE) -- Communities First Financial Corporation (the “Company”) (OTCQX: CFST), the parent company of Fresno First Bank (the “Bank”), today announced that Steve Canfield will retire from his position as Executive Vice President and Chief Financial Officer, effective January 3, 2023. The Board of Directors has retained executive search firm Chrisman and Company to assist in the process of identifying his successor. Canfield will participate in the recruitment process and has committed to remain with the Company until a replacement is found to ensure a smooth transition of this critical role.
“On behalf of the Board of the Directors and Management team, we are extremely grateful for the leadership, strategic influence, courageous decision making and sweat equity Steve has given over the last fifteen years,” said Steve Miller, President and Chief Financial Officer. “Steve’s dedicated leadership and direction to the Company and the Bank during his tenure has been exceptional. He helped the Bank evolve from de novo status, navigated us through the financial crisis, and most recently through the pandemic. At the same time, the Bank realized significant growth and best in class shareholder returns due to Steve’s focus on quality earnings, effective capital planning and efficiency ratios. Steve has been the architect of much of our success, but more importantly, he is a great teammate and friend to many people at the Bank. We wish Steve the best in his well-deserved retirement and greatly appreciate him remaining on to help identify his successor and facilitate a successful leadership changeover.”
“We have built an exceptional team of professionals and continue to invest in our people to ensure the long-term success of our franchise,” said Canfield. “It has been a privilege to serve with the entire Communities First banking team. I am leaving with the confidence that Communities First will continue to be a vibrant and growing part of our community, and deliver continued high financial performance for our shareholders.”
About Communities First Financial Corporation
Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of Fresno First Bank, founded in 2005 in Fresno, California. Fresno First Bank is a leading SBA Lender in California’s Central Valley and has expanded into Southern California. The Bank is also a direct acquiring bank with VISA and MasterCard and processes payments for merchants across the country directly and through partners. Communities First Financial Corp. ranked third in the nation against its peers in the Best Community Banks Category (below
Forward Looking Statements
This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, our borrowers’ actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, the Company’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
| Contact: | Steve Miller – President & CEO | |
| Steve Canfield – Executive Vice President & CFO | ||
| (559) 439-0200 |
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