Michael E. Perry to Succeed Larry Willette as Chairman of San Diego Trust Bank
Willette to Continue with Organization as Chairman Emeritus
SAN DIEGO - San Diego Trust Bank (OTC BB: SDBK) announced today that as part of their succession plan, its Board of Directors has elected Founder, President and CEO, Michael Perry to succeed Larry Willette as Chairman of the Board effective January 2, 2007. Perry will retain the title of President and CEO. Willette, who agreed to come out of retirement in 2003 to Chair the new bank through its de-novo period, will remain active with the organization as Chairman Emeritus. Brian Gowland, Vice Chairman since inception, will continue in the same role.
"I'm very thankful that Mike (Perry) asked me to join his team as these past three years have been some of the most rewarding of my entire career," Willette exclaimed. "I'm excited about the opportunity to continue to work with Mike and represent such an incredible organization as Chairman Emeritus," he further commented. "I'm also looking forward to spending some quality time with our children and grandchildren all of whom reside in Colorado and traveling with my wife Kathy as she fulfills her duties with the USTA (United States Tennis Association)," he concluded. Willette will maintain his office at the Company's headquarters located at 2550 Fifth Ave., San Diego, CA 92103.
San Diego Trust Bank recently completed its three year de-novo status as one of the most profitable community banks throughout California that commenced operations during 2003. The company's performance in regards to Return on Average Assets (ROAA) and Return on Average Equity (ROAE), the two most widely recognized measures of profitability, were virtually unmatched by any of the other banks. More impressive, the Company's level of profitability ranks near tops in the nation when compared to the other 102 banks that commenced operations in 2003 according to FDIC data.
Perry, the founding organizer of the Bank, has led the Company during the past three years to unrivaled performance on the earnings front. The Bank, which now boasts approximately $90 million in total assets as of October 31, 2006 has successfully recovered all of its initial operating losses prior to the completion of its de-novo status, an accomplishment very few banks ever realize. Asset quality has remained impeccable at the Bank with not a single loan reported as past due or delinquent since inception. The company reports capital figures significantly above those required to be considered "well-capitalized" by regulatory definition and has more than sufficient liquidity to fund future growth.
"The entire team has executed brilliantly over the past three years and we have successfully built a very sound and profitable enterprise that is positioned to prosper for years to come," explained Perry. "We move on to the next phase of our development with a solid balance sheet, strong, consistent earnings, and the same 'passion for excellence' in everything we do," he concluded.
Founded by several of San Diego's most respected banking veterans and business leaders, San Diego Trust Bank is dedicated to the timeless principles of superior local market knowledge, unparalleled service, and building exceptional shareholder value. With over three hundred years of experience in banking San Diegans, timely local decision making, and one of the most comprehensive product lines found in the market today, San Diego Trust Bank delivers "Performance You Can Trust."
For more information on the Bank please visit www.sandiegotrust.com or call (619) 525-1700.
CONTACT: Michael Perry
FORWARD LOOKING STATEMENTS
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.