Heather Schwarm Joins Board of Directors of Communities First Financial Corporation and Fresno First Bank

Rhea-AI Summary

Communities First Financial Corporation (OTCQX: CFST) announced the appointment of Heather Schwarm to its Board of Directors, expanding the Board to 10 members. Schwarm brings over 27 years of financial and risk management experience, previously serving as CFO of American Savings Bank. The Chairman highlighted her expertise in developing financial strategies and optimizing operations, which could enhance the Company's growth. Communities First Financial Corporation operates Fresno First Bank, a leading SBA lender and a top-performing community bank.

Positive

• Heather Schwarm's extensive experience in financial and risk management may positively influence the company's strategic direction.
• The expansion of the Board to 10 directors could bring diverse perspectives and enhance decision-making.

Negative

• Potential concerns about continuity and experience gaps with new board members may arise.

FRESNO, Calif., Sept. 14, 2022 (GLOBE NEWSWIRE) -- Communities First Financial Corporation (the “Company”) (OTCQX: CFST), the holding company of Fresno First Bank (the “Bank”), today announced the appointment of Heather Schwarm to the Board of Directors of Communities First Financial Corporation, expanding the Company’s Board to 10 directors from 9. Ms. Schwarm was also appointed to the Fresno First Bank Board of Directors.

Schwarm is an executive-level business professional with 27+ years of financial and risk management experience, obtained in world-class companies. She has a proven track record of developing financial and business strategies to maximize financial performance, optimize operations, effect change management and drive innovation.

“We are delighted to welcome Heather to our Company’s Board of Directors, and look forward to working with her as we pursue our mission to grow our franchise,” said Mark Saleh, Chairman of the Boards. “She brings a wealth of experience and a broad depth of knowledge that will help propel us forward for future success. Her proven experience in developing and implementing financial strategies, while optimizing business planning and integrating best practices in budgeting, forecasting and cash management will be of immense value to our franchise.”

Heather Schwarm is the CEO of her own company, providing financial and strategic consulting to financial services businesses. From May 2012 through October 2016, she held the position of the Chief Financial Officer and Executive Vice President of American Savings Bank, which is Hawaii’s third largest financial institution. Formerly, she was the Senior Vice President and Treasurer from 2010 – 2012 and Senior Vice President, Director of Financial Planning and Analysis, also with American Savings Bank. Heather Schwarm has held increasingly progressively senior positions including, Vice President of Investor Relations with KWK Management, from 2005 through 2008.

Schwarm earned her Master of Business Administration, Corporate Finance and Strategic Management (Dean’s List) from the University of Southern California in 2002. She received her Bachelor of Science, Business Administration, Entrepreneur Program, from the University of Southern California in 1993. Her volunteer work included serving on the Boards of Big Brothers and Big Sisters of Hawaii; she was Chairman of the Board for 2 years. Schwarm was a Board Member and Treasurer of the Girls Scouts in Hawaii from 2014-2016.

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 $5 billion in assets) and third in the Best Growth Strategy selected from the top 50 banks in the study, reported by Bank Director. In March 2022, S&P Global ranked the Bank the #10 best performing community bank under $3 billion in assets for 2021, and #1 in California. Named to the 2019 OTCQX Best 50 and ranked one of the top performing OTCQX companies in the country, based on total return and growth in average daily dollar volume for 2018. The Bank was named to the Inc. 5000 Fastest Growing Companies list in 2017 and to Forbes Best 25 Small Businesses in America for 2016. Additional information is available from the Company’s website at www.fresnofirstbank.com or by calling 559-439-0200.

Forward Looking Statements

This press 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, the Company’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the Federal Reserve to try and control inflation; 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

FAQ

Who is Heather Schwarm and what experience does she bring to CFST?

Heather Schwarm is a financial expert with over 27 years of experience, including her role as CFO of American Savings Bank. Her expertise in financial strategies and risk management is expected to benefit CFST.

What impact could Heather Schwarm's appointment have on CFST?

Schwarm's appointment could positively affect CFST's growth strategy and financial performance due to her proven track record in the industry.

Why did Communities First Financial Corporation expand its Board of Directors?

The expansion to 10 directors aims to enhance governance and bring diverse expertise, which is crucial for navigating complex financial landscapes.

What is the significance of CFST's recent board appointment?

The appointment of an experienced board member like Heather Schwarm could strengthen CFST's leadership and strategic planning capabilities, potentially benefiting shareholders.