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People';s Bank Announces the Retirement of Ken Trautman, Chief Executive Officer and Co-Founder
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
PBCO Financial Corporation (OTC PINK: PBCO) announced the retirement of CEO and Co-Founder Ken Trautman, effective July 1, 2023. Trautman, who co-founded People’s Bank of Commerce in 1998, will remain on the Board of Directors. Under his leadership, the bank grew from seven employees to over 140 and achieved assets exceeding $800 million. Julia Beattie, the current president, will succeed Trautman as CEO and join the Board. Beattie has over 30 years in the financial services industry, with close ties to the bank’s recent growth. This leadership transition is part of a longstanding succession plan.
Positive
The bank experienced significant growth under Ken Trautman's leadership, expanding from 7 employees to over 140 and reaching assets over $800 million.
Julia Beattie has been with the bank since 2013 and has over 30 years of experience, signaling a strong internal succession.
Negative
None.
MEDFORD, Ore.--(BUSINESS WIRE)--
PBCO Financial Corporation (OTC PINK: PBCO), the holding company (“Company”) of People’s Bank of Commerce (“Bank”), today announced the upcoming retirement of Ken Trautman, CEO and Co-Founder, effective July 1, 2023. Mr. Trautman will remain on the Board of Directors for the Company and the Bank.
Mr. Trautman started the Bank with Co-Founder Mike Sickels in 1998 in response to the numerous mergers that took place in the southern Oregon market that had notably reduced a local community banking presence. Under Mr. Trautman’s leadership, the Bank has grown from seven employees in one Medford location to over 140 employees in eleven offices serving ten communities with assets of over $800 million.
“It has been very gratifying to see the positive impact the Bank has had for our customers, employees and shareholders over the past 25 years,” said Mr. Trautman.
“We are indebted to Ken for his dedicated service and leadership over the past 25 years,” said PBCO Board Chairman Roy Vinyard. “He navigated the bank through difficult economic challenges and has led the bank to continued growth and success. The board of PBCO extends our heartfelt gratitude to Ken for his outstanding leadership. We welcome the opportunity to continue to benefit from his industry knowledge and expertise as a board member.”
The Company has named Julia Beattie, who currently serves as president, to succeed Ken Trautman as CEO. Ms. Beattie will also join the Board of Directors for the Company and the Bank. Ms. Beattie has been with the Bank since 2013 and has more than 30 years of experience in the financial services industry, including the last three years as the Bank’s president.
“Today’s announcement is a continuation of our succession plan as developed many years ago, which included the retirement of three other executives over the last three years. I have worked very closely with Julia to ensure a smooth leadership transition,” commented Mr. Trautman. “Julia not only has the talent and experience, but also the leadership traits and quality of character that fit well within our organization.”
Mr. Trautman continued, “Julia’s breadth of experience, knowledge of local markets and high energy are an exciting combination for the Company. Her leadership has been an integral part of the Bank’s growth over the last few years as we entered new markets, hired teams, raised capital, and successfully completed a merger.”
“We are pleased that Julia Beattie will be succeeding Ken as PBCO’s next CEO. Her institutional knowledge, reputation in the industry, and commitment to the mission, vision and values of the Bank will ensure a smooth and successful transition,” said Mr. Vinyard.
Ms. Beattie received her Business Administration degree from Baylor University and her MBA from the University of Texas. She is an honors graduate of Pacific Coast Banking School, Seattle and currently serves on the board of the Community Bankers of Oregon.
About PBCO Financial Corporation
PBCO Financial Corporation’s stock trades on the over-the-counter market under the symbol PBCO. Additional information about the Company is available in the investor section of the Company’s website at: www.peoplesbank.bank.
Founded in 1998, People’s Bank of Commerce is a full-service, commercial bank headquartered in Medford, Oregon with branches in Albany, Ashland, Central Point, Grants Pass, Jacksonville, Klamath Falls, Lebanon, Medford, and Salem, with a loan production office in Eugene.
