Mag Wangsuwana Named CFO of CalPrivate Bank and Private Bancorp of America

Rhea-AI Summary

Private Bancorp of America, Inc. (OTCQX: PBAM) has appointed Mag Wangsuwana as Executive Vice President and Chief Financial Officer effective August 23, 2021. Wangsuwana, who has over 25 years of financial services experience, was formerly CFO at First Choice Bank. Rick Sowers, CEO, expressed confidence in Wangsuwana's ability to enhance the company's growth trajectory. The press release also thanked former CFO Richard Pimentel for his contributions. The company, which operates CalPrivate Bank, provides tailored banking solutions for high-net-worth individuals and businesses across several locations in California.

Positive

• Appointment of Mag Wangsuwana as CFO may strengthen financial leadership.
• Wangsuwana brings over 25 years of experience in financial services.
• CalPrivate Bank is an SBA Preferred Lender, enhancing credibility.

Negative

• None.

LA JOLLA, Calif., Aug. 25, 2021 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX: PBAM) (“Company”) and CalPrivate Bank (“Bank”) President & CEO Rick Sowers announced today that Mag Wangsuwana was appointed Executive Vice President and Chief Financial Officer of both the Company and Bank effective August 23, 2021. “Mag is a proven finance and accounting professional with strong strategic acumen. He is a proven leader who possesses the skills to help us get to the next level and continue our growth trajectory. We are excited to have him join the team.” Sowers continued, “We would also like to thank Richard Pimentel for his many contributions over the past years, and wish him all the best.”

Mag Wangsuwana brings with him over 25 years of financial services experience. Prior to joining the Company and Bank, Mag most recently served as Chief Financial Officer of First Choice Bank. During his career, Mr. Wangsuwana has held various management positions at commercial banks and investment banks. “I am very excited about the opportunities for CalPrivate and am confident in the strategic vision for the Company,” said Mr. Wangsuwana. “The Bank’s leadership team is strong and I am excited to work with them to help achieve that shared vision.”

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. is the holding company for CalPrivate Bank. CalPrivate Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned businesses and real estate entrepreneurs. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach, South Bay LA and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. CalPrivate Bank is an SBA Preferred Lender and a Bauer Financial 5 star rated bank.

Investor Relations Contact

Rick Sowers
President and CEO
Private Bancorp of America, Inc.
(424) 303-4894

Safe Harbor Paragraph

This press release includes forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include the effects of the COVID-19 pandemic and related government actions on the Bank and its customers, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.

FAQ

Who was appointed as the new CFO of Private Bancorp of America on August 23, 2021?

Mag Wangsuwana was appointed as the new CFO of Private Bancorp of America on August 23, 2021.

What experience does Mag Wangsuwana have prior to joining Private Bancorp of America?

Mag Wangsuwana has over 25 years of financial services experience and was previously the CFO of First Choice Bank.

What position did Richard Pimentel hold before the new appointment?

Richard Pimentel was the former Chief Financial Officer of Private Bancorp of America.

What services does CalPrivate Bank offer?

CalPrivate Bank provides banking services for high-net-worth individuals, professionals, and businesses, including various portfolio and government guaranteed lending programs.

What is the stock symbol for Private Bancorp of America?

The stock symbol for Private Bancorp of America is PBAM.