Santa Cruz County Bank Announces New Chief Financial Officer, Cecilia Situ

Rhea-AI Summary

Santa Cruz County Bank (OTCQX: SCZC) announced the appointment of Cecilia Situ as the new Executive Vice President and Chief Financial Officer on November 1, 2022. With over 20 years of experience, Situ previously held significant roles, including Senior Vice President at Bank of Marin, managing a $1.8 billion investment portfolio. Her expertise encompasses financial accounting, SEC reporting, and strategic financial planning. Situ's appointment follows the planned retirement of former CFO Vic Davis, who will assist with the transition until November 23, 2022.

Positive

• Cecilia Situ brings over 20 years of financial management experience.
• Her previous role included managing a $1.8 billion investment portfolio at Bank of Marin.
• The appointment aligns with the Bank's growth trajectory and focus on strategic financial planning.

Negative

• None.

SANTA CRUZ, Calif., Nov. 1, 2022 /PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC) www.sccountybank.com with assets of $1.86 billion, today announced Cecilia Situ has joined the Bank as Executive Vice President and Chief Financial Officer.

Ms. Situ brings more than 20 years of well-rounded financial management experience, including financial accounting and SEC reporting, interest rate risk and investment portfolio management, business combination, financial planning, Sarbanes-Oxley internal control and procedures, and team development.

Most recently, she was Senior Vice President and Treasurer at Bank of Marin, a publicly traded bank with $4.3 billion in assets, where she was influential in strategizing and managing more than $1.8 billion of investment portfolio, funding and liquidity management, with an appreciation of the capital markets and economic outlook. During her 14-year tenure at Bank of Marin, she played a critical role in their four successful bank acquisitions, with strong project management skills and experience in due diligence and cross-functional collaboration. She was also previously Controller and Principal Accounting Officer at Bank of Marin and had been instrumental in directing and overseeing essential financial accounting activities, including financial book closing, SEC reporting, budgeting, tax planning and regulatory compliance. She started her career in public accounting at Deloitte & Touche with a specialty in auditing community banks, real estate firms, not-for-profit organizations and other financial service companies. During her career, Ms. Situ has obtained well-regarded professional designations such as Chartered Financial Analyst (CFA) and California Certified Public Accountant (CPA).

Ms. Situ obtained her Master of Accounting degree from the University of Florida, Fisher School of Accounting, and her Bachelor of Business Administration, Accounting degree from University of Macau, where she graduated with honors. In her career, she has completed leadership development programs at Dominican University, Bank of Marin, and Deloitte and is known for her commitment to coaching and developing her teams. She also served on the Diversity and Inclusion Committee for Deloitte Sacramento Office and participated in the Deloitte Focus Forward program aimed at developing high-achieving women leaders.

Commenting on her new appointment, Ms. Situ stated, "It is an honor to join the Santa Cruz County Bank team. I was attracted to the Bank's superb performance, growth trajectory, community-focused banking and a diverse and seasoned leadership team. I look forward to working with the team on strategic financial planning to carry forward the Bank's success in the years ahead."

Krista Snelling, President and CEO, commented, "We are excited to welcome Cecilia as Chief Financial Officer and look forward to her contributions as a valued member of our executive team. Cecilia's proven financial acumen, demonstrated leadership, and level of experience in financial accounting for a NASDAQ-listed, over $4 billion in asset sized financial institution are an excellent fit for the growth and future of Santa Cruz County Bank."

The Bank previously announced the planned retirement of its Chief Financial Officer, Vic Davis, who will help support the transition of the Finance Department to Ms. Situ through November 23, 2022.

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 branches in 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, agricultural loans, SBA and USDA government guaranteed loans, asset-based lending, 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 OTCQX U.S. Premier 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

Who is the new Chief Financial Officer of Santa Cruz County Bank?

Cecilia Situ has been appointed as the new Chief Financial Officer.

What is Cecilia Situ's previous experience before joining Santa Cruz County Bank?

Cecilia Situ was previously Senior Vice President and Treasurer at Bank of Marin, managing a $1.8 billion investment portfolio.

When did Cecilia Situ start her role as CFO at Santa Cruz County Bank?

Cecilia Situ started as CFO on November 1, 2022.

What position did Vic Davis hold at Santa Cruz County Bank?

Vic Davis was the Chief Financial Officer prior to Cecilia Situ's appointment.

What will Vic Davis do after his retirement?

Vic Davis will assist with the transition of the Finance Department until November 23, 2022.