1st Capital Bancorp Announces Changes to Management Team

Rhea-AI Summary

1st Capital Bancorp (OTCQX: FISB) announced management changes, including the retirement of Executive Vice President and Chief Lending Officer Stuart Tripp effective June 30, 2022. President Jon Ditlevsen will take over Mr. Tripp's responsibilities. Additionally, Executive Vice President and Chief Credit Officer Marci Davis has resigned, with Deputy Chief Credit Officer Jeff Mercer appointed as Interim Chief Credit Officer. The bank, with assets of $1.01 billion, targets commercial enterprises and professionals in California's Central Coast region.

Positive

• None.

Negative

• Retirement of key executives may introduce uncertainty in leadership.
• Resignation of the Chief Credit Officer could impact credit strategy.

SALINAS, Calif., May 13, 2022 (GLOBE NEWSWIRE) -- 1st Capital Bancorp (the “Company”), (OTCQX: FISB), the $1.01 billion asset bank holding company and parent company of 1st Capital Bank (the “Bank”), today announced changes to the Executive Management Team. Executive Vice President and Chief Lending Officer, Stuart Tripp has notified the Company of his intention to retire on June 30th, 2022. President Jon Ditlevsen will assume Mr. Tripp’s duties. In addition, Executive Vice President and Chief Credit Officer, Marci Davis has submitted her resignation, effective May 24th. Deputy Chief Credit Officer, Jeff Mercer was named Interim Chief Credit Officer.

About 1st Capital Bancorp
1^st Capital Bancorp is the holding company for 1^st Capital Bank. The Bank’s primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration and the U.S. Department of Agriculture. A full suite of deposit accounts also is furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, San Luis Obispo and Santa Cruz. The Bank’s corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank’s website is www.1stCapital.bank.   831.264.4000. Member FDIC / Equal Opportunity Lender / SBA Preferred Lender

For further information, please contact:

Samuel D. Jimenez

Chief Executive Officer

831.264.4057 office

Sam.Jimenez@1stCapitalBank.com

FAQ

What changes were announced by 1st Capital Bancorp on May 13, 2022?

1st Capital Bancorp announced the retirement of Stuart Tripp and the resignation of Marci Davis, with new appointments to their positions.

Who will replace Stuart Tripp at 1st Capital Bancorp?

President Jon Ditlevsen will assume the duties of Stuart Tripp after his retirement.

What is the impact of the recent executive changes at 1st Capital Bancorp?

The executive changes may lead to uncertainty in the bank’s strategic direction and credit management.

What is the stock symbol for 1st Capital Bancorp?

The stock symbol for 1st Capital Bancorp is FISB.