Richard H. Taketa Joins Board of Directors of Farmers & Merchants Bank of Long Beach

Rhea-AI Summary

Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) has announced the election of Richard H. Taketa to its board of directors. Taketa, 52, is the President of Taketa Capital and brings extensive experience in finance, operations, and risk management. He previously served as CEO of York Risk Services Group and Southern California Risk Management Associates.

Daniel K. Walker, F&M's executive chairman, welcomed Taketa, highlighting his expertise in regulated markets and corporate advisory. Taketa also serves on the boards of Palomar Holdings, Inc. and Veritone, Inc., and is active in the Orange County community. He holds a bachelor's degree from Colgate University and a Juris Doctor from Stanford Law School.

Positive

• Addition of experienced board member with expertise in finance, risk management, and regulated markets
• Taketa's background in high-growth companies and collaborative consulting may bring fresh perspectives
• Expanded network through Taketa's connections in other public companies and community organizations

Negative

• None.

LONG BEACH, Calif.--(BUSINESS WIRE)-- Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) today announced that Richard H. Taketa has been elected to its board of directors.

Richard H. Taketa, a new board member of Farmers & Merchants Bank of Long Beach (Photo: Business Wire)

Taketa, 52, currently serves as President of Taketa Capital Corporation, a private investment and consulting company based in Newport Beach, Calif., that focuses on supporting high growth, entrepreneurial companies and their leaders through active investing and collaborative consulting and advising. His election fills a vacancy on the Bank’s seven-person board.

Taketa previously was Chief Executive Officer and President of York Risk Services Group, Inc., a provider of insurance, risk management, alternative risk, pool administration and claims management, based in Parsippany, New Jersey. He also served as Chief Executive Officer of Southern California Risk Management Associates, and he began his career as a corporate securities lawyer with the global law firm DLA Piper.

“Rick Taketa is a respected community leader and a highly experienced corporate advisor, with extensive expertise in finance and operations, risk management and operating in regulated markets,” said Daniel K. Walker, executive chairman of F&M’s board. “We welcome him to the F&M family and look forward to the guidance and influence he will bring to our organization in the years ahead.”

In addition to his F&M board seat, Taketa serves as lead independent director of Palomar Holdings, Inc., a La Jolla, Calif.-based publicly traded provider of specialty insurance products, and he is a director of Denver-based Veritone, Inc., also publicly traded, which develops artificial intelligence solutions. Active in the Orange County community, he also serves on the board of directors of the Hoag Hospital Foundation.

Taketa earned a bachelor’s degree from Colgate University and his Juris Doctor degree from Stanford Law School. He is a past guest lecturer at the Stanford Graduate School of Business and was a national finalist for the 2017 Ernst & Young’s Entrepreneur of the Year in Financial Services division.

About Farmers & Merchants Bank of Long Beach

Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank provides white-glove service to clients at 27 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/20240722372393/en/

Kevin Tiber

President

562-499-4829

Roger Pondel

PondelWilkinson Inc.

Investor Relations

310-279-5980

investor@pondel.com

Source: Farmers & Merchants Bank of Long Beach

FAQ

Who is Richard H. Taketa and why was he elected to FMBL's board?

Richard H. Taketa is the President of Taketa Capital and former CEO of York Risk Services Group. He was elected to FMBL's board for his extensive experience in finance, operations, and risk management, filling a vacancy on the seven-person board.

What is Richard H. Taketa's background and experience relevant to FMBL?

Taketa has experience as CEO of risk management companies, a background in corporate securities law, and serves on boards of public companies. His expertise in finance, regulated markets, and risk management is seen as valuable for FMBL's board.

How might Richard H. Taketa's appointment impact FMBL's operations?

Taketa's appointment may bring fresh perspectives to FMBL's operations, particularly in areas of risk management, finance, and growth strategies. His experience with high-growth companies and regulated markets could influence the bank's strategic decisions.

What other roles does Richard H. Taketa currently hold besides joining FMBL's board?

Taketa is President of Taketa Capital , lead independent director of Palomar Holdings, Inc., a director of Veritone, Inc., and serves on the board of directors of the Hoag Hospital Foundation.