Santa Cruz County Bank Announces Future Retirement of Chief Financial Officer, Vic Davis

Rhea-AI Summary

Santa Cruz County Bank (OTCQX: SCZC) announced the future retirement of Executive VP and CFO Vic Davis, who has been with the bank for 14 years. Under Davis's leadership, bank assets and liabilities grew tenfold. He previously served as CFO at San Benito Bank and has extensive community banking experience. The transition to a new CFO is expected to maintain the bank's growth trajectory and complexity in operations. As of now, the bank has over $1.7 billion in assets and operates seven branches in California.

Positive

• Bank assets and liabilities grew tenfold under Davis's leadership.
• Davis's extensive experience will aid in a smooth CFO transition.

Negative

• None.

 

SANTA CRUZ, Calif.

,

Sept. 27, 2022

/PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC) www.sccountybank.com with assets over $1.7 billion, is a top-rated community bank headquartered in Santa Cruz County. Today the bank announced the future retirement of Executive Vice President and Chief Financial Officer, Vic Davis. Mr. Davis will continue to serve in his current role with the bank to support a successful transition to his successor.

Mr. Davis' 43+ year career in community banking began at County Bank and Trust in Santa Cruz, where he served as Branch Operations Supervisor and Budget Manager. For ten years he was Chief Financial Officer of San Benito Bank in Hollister California.  In his career, he also served as a senior level Auditor and Consultant for Bank Vision, Inc. He is a graduate of Pacific Coast Banking School in Washington and is an accredited ACH Professional and has held certifications as a professional in human resources and as a community bank internal auditor.

In his 14-year career at Santa Cruz County Bank, Mr. Davis has managed the bank's assets and liabilities, securities portfolio and Finance Department, all of which have grown in size 10-fold during his leadership. In addition, Mr. Davis led the department during the recession, through systems conversions and the merger with Lighthouse Bank and multiple, complex stock-related transactions.   

Krista Snelling, President and CEO commented, "Vic has been a valued member of the bank and our executive team for over 14 years. Under his leadership, the bank has grown significantly and our accounting has also grown in complexity, which necessitates ongoing education, regulatory monitoring and evolving financial acumen. Vic's vast experience and auditing background have been instrumental to his role. He will be greatly missed by our entire team."    

ABOUT SANTA CRUZ COUNTY BANK
Santa Cruz County Bank was founded in 2004. It is a top-rated, locally-owned and operated, full-service community bank headquartered in Santa Cruz, California. The bank has seven branches–Aptos, Capitola, Cupertino, Monterey, Santa Cruz, Scotts Valley and Watsonville. Santa Cruz County Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus and direct access to decision makers. The bank is a leading SBA lender in Santa Cruz County and Silicon Valley and a top USDA lender in the state of California. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, asset-based lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment and treasury management. True to its community roots, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local not-for-profit organizations.

Santa Cruz County Bank stock is publicly traded on the OTC marketplace under the symbol SCZC. Stock purchase orders may be placed online, through a brokerage firm, or through Market Makers listed in the Investor Relations section of the bank's website. For more information about Santa Cruz County Bank, visit www.sccountybank.com.

This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

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SOURCE Santa Cruz County Bank

FAQ

What changes are being made in Santa Cruz County Bank's executive team?

Vic Davis, the Executive VP and CFO, is set to retire, marking a significant change in the bank's leadership.

What is Vic Davis's contribution to Santa Cruz County Bank?

Davis's leadership has led to a tenfold increase in the bank's assets and liabilities over 14 years.

How will the CFO transition impact Santa Cruz County Bank?

The transition is critical as it ensures ongoing operational growth and complexity management.

What is Santa Cruz County Bank's current asset size?

The bank currently holds assets exceeding $1.7 billion.

How long has Vic Davis been with Santa Cruz County Bank?

Vic Davis has served at Santa Cruz County Bank for over 14 years.