Farmers & Merchants Bank of Long Beach Names Stephen Cooke to Board of Directors

Rhea-AI Summary

Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) has announced the election of Stephen Cooke to its board of directors, taking over from Richard Darling, who retired after 40 years. Cooke, an experienced corporate advisor and law practitioner, will serve on the Risk and Compliance Committee and the Nominations and Corporate Governance Committee. With a rich background in law and community service, his addition is seen as a positive step for the bank. Lawrence McLaughlin succeeds Darling as the Lead Independent Director.

Positive

• Stephen Cooke brings over 30 years of legal experience to the board.
• Cooke's community leadership and corporate advisory experience may strengthen governance.
• Lawrence McLaughlin's continuity as Lead Independent Director supports stability.

Negative

• Retirement of Richard Darling may create a leadership experience gap.

LONG BEACH, Calif.--(BUSINESS WIRE)-- Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) today announced that Stephen Cooke has been elected to its board of directors. Cooke fills the vacancy created by the retirement from the board of Richard Darling, after a distinguished tenure spanning four decades.

Cooke is currently Of Counsel in the securities and capital markets practice group of Paul Hastings LLP in Orange County, California, where he has been advising clients in a wide variety of complex matters for more than 30 years and was a partner in the firm for 27 years. He will join the Bank’s Risk and Compliance Committee and the Nominations and Corporate Governance Committee.

In addition to practicing law, Cooke teaches graduate level courses at the University of California, Irvine’s Paul Merage School of Business and currently serves on the dean’s advisory board. He has served for many years on the board of directors of the Orange County Chapter of the American Red Cross and on the chapter’s audit committee. Cooke earned his Master of Business and Juris Doctorate degrees from the University of California, Los Angeles.

Darling has been a director of the Bank since March 2008 and also served as a director from 1994 to April 2007. Until March 2009, he was the president, majority shareholder and a director of Bremco Construction, Inc., a general contractor specializing in projects for major industrial and commercial corporations. Darling will be succeeded as the Bank’s Lead Independent Director by Lawrence McLaughlin, who has been a member of F&M’s Board since 1990.

“Steve Cooke is an active, respected community leader and an experienced corporate advisor. We welcome him to our board and look forward to the guidance and influence he will bring to F&M in the years ahead,” said Daniel Walker, chief executive officer and chairman of the board. “On behalf of our entire board and management team, I also extend gratitude to Rich Darling for his many years of valued service to the Bank and wish him well in his future endeavors.”

About Farmers & Merchants Bank

Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank provides white-glove service to clients at 25 branches from San Clemente to Santa Barbara, as well as through its Online and Mobile Banking platforms. The Bank offers commercial and small business banking, business loan programs, home loans, and a robust offering of consumer retail banking products, including checking, savings and youth accounts. Farmers & Merchants Bank is a California state-chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit the website, www.fmb.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005889/en/

John Hinrichs

Executive Vice President

562-437-0011, ext. 5035

Roger Pondel

PondelWilkinson Inc.

310-279-5980

Source: Farmers & Merchants Bank of Long Beach

FAQ

Who is Stephen Cooke and what will be his role at Farmers & Merchants Bank?

Stephen Cooke is a newly elected board member who will serve on the Risk and Compliance Committee and the Nominations and Corporate Governance Committee.

Why did Richard Darling retire from the board of Farmers & Merchants Bank?

Richard Darling retired after a distinguished tenure spanning four decades, contributing significantly to the bank's growth.

What impact could Stephen Cooke's election have on Farmers & Merchants Bank?

Cooke's extensive legal and corporate advisory experience is expected to enhance the bank's governance and decision-making.

Who will replace Richard Darling as Lead Independent Director at Farmers & Merchants Bank?

Lawrence McLaughlin will succeed Richard Darling as the Lead Independent Director.