Banking company, First PacTrust Bancorp, Inc. (BANC) the holding company for PacTrust Bank and Beach Business Bank, Friday announced the appointment of Steven Sugarman as chief executive officer.
Sugarman, who joined the company as a director in november 2010, had been co- chief executive officer since mid-August.
The company also announced the appointment of Robert Franko as chief executive officer of Pacific Trust Bank. Franko continues to also serve as president of First PacTrust and chief executive officer of Beach Business Bank.
The new appointments are effective immediately followed the resignation of Gregory Mitchell as an officer and director of First PacTrust and its subsidiaries and affiliates. Mitchell, who joined First PacTrust in november 2010, had been co- chief executive officer with Sugarman for the last month.Mitchell will continue to serve First PacTrust as a consultant for a period of up to six months.
Sugarman has previously worked as a management consultant at McKinsey & Company and an investment advisor at Lehman Brothers.
Franko is Chief Executive Officer of Beach Business Bank, which he founded in 2003. In a career spanning three decades he has been chief financial officer of organisations like Imperial Bancorp and Canary Wharf Development Co.
Shares of First PacTrust Bancorp closed at $12.53, down 1 cent or 0.04% on the Nasdaq.
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