FIRST COMMERCE BANK APPOINTS DONALD MINDIAK CHIEF EXECUTIVE OFFICER GREGORY GARCIA AS CHIEF OPERATING OFFICER

Rhea-AI Summary

First Commerce Bank (OTC 'CMRB') has appointed Donald Mindiak as its new Chief Executive Officer, alongside his current role as President. Mindiak has been with the bank since 2019. Gregory Garcia has been named Chief Operating Officer, following his role as Chief Risk Officer. This leadership transition comes after the retirement of Ira Hoberman, the former CEO. As of December 31, 2021, the bank reported total assets of $1.13 Billion, with total loans of $909.3 Million and total deposits of $941.9 Million.

Positive

• Appointment of Donald Mindiak as CEO indicates stability and continuity in leadership.
• Donald Mindiak's experience since 2019 may support ongoing growth.
• New COO Gregory Garcia brings relevant experience from prior role as COO at William Penn Bank.

Negative

• Retirement of former CEO Ira Hoberman may cause concerns over leadership continuity.

LAKEWOOD, N.J., March 16, 2022 /PRNewswire/ -- First Commerce Bank (OTC "CMRB") announced today that Mr. Donald Mindiak has been appointed Chief Executive Officer of the Bank. Mr. Mindiak, who joined the Bank in 2019, had been serving as President and Chief Operating Officer of the Bank, and he will continue as President, in addition to serving as Chief Executive Officer.

Mr. Benedict Romeo, Chairman of the Board, stated: "Through his past service with the Bank, the Board felt very comfortable that Donald was the right person to lead the Bank through its next stage of growth and development."

The Bank also announced the appointment of Mr. Gregory Garcia as Chief Operating Officer. Mr. Garcia, who joined the Bank in 2021, had been serving as Chief Risk Officer. Mr. Garcia previously served as Chief Operating Officer for William Penn Bank in Bristol, Pennsylvania. The Bank intends to undertake a search to identify a new Chief Risk Officer.

Mr. Ira Hoberman, who had been serving as Chief Executive Officer, has retired from employment with the Bank and as a member of the Bank's Board of Directors.

First Commerce Bank is a New Jersey chartered commercial bank based in Lakewood, New Jersey with ten banking offices in Bergen, Burlington, Essex, Mercer, Monmouth and Ocean Counties, New Jersey. At December 31, 2021, the Bank had total assets of $1.13 Billion, total loans, net of $909.3 Million, total deposits of $941.9 Million and total equity of $172.3 Million. 

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SOURCE First Commerce Bank

FAQ

Who is the new CEO of First Commerce Bank?

Donald Mindiak has been appointed as the new CEO of First Commerce Bank.

What is the role of Gregory Garcia at First Commerce Bank?

Gregory Garcia has been appointed Chief Operating Officer of First Commerce Bank.

What were the total assets of First Commerce Bank as of December 31, 2021?

The total assets of First Commerce Bank were $1.13 Billion as of December 31, 2021.

What position did Ira Hoberman hold at First Commerce Bank before retiring?

Ira Hoberman served as Chief Executive Officer before his retirement from First Commerce Bank.