City Bank Announces Change in Board of Directors and Notice from NASDAQ
January 15 2010 - 6:41PM
Business Wire
Martin Heimbigner, President and CEO of City Bank (NASDAQ:CTBK),
today announced that Scott Hutchison has stepped down from the
Board of Directors. This move was made in response to notification
from NASDAQ that, pursuant to its listing rule 5605(b)(1), City
Bank had until June 30, 2010, to satisfy its listing requirement
that a majority of its board members be independent.
Following the appointment of Mr. Heimbigner as President and CEO
effective January 1, 2010, the Board had only three independent
directors out of a seven-person board. With Mr. Hutchison’s
resignation and the previously announced retirement from the Board
by former President and CEO Conrad Hanson at the 2010 Annual
Meeting, the Board will reestablish compliance with NASDAQ’s
majority independent director rule.
About City Bank
City Bank is a state-chartered commercial bank founded in 1974
and headquartered in Lynnwood, Washington. The Bank is publicly
traded (NASDAQ:CTBK) and many of the stockholders are local
individuals. Eight banking offices serve both Snohomish and North
King counties. Three mortgage loan offices serve Snohomish, King,
Pierce and Clark counties. City Bank provides a wide range of
banking services for business and individuals, including loans for
residential construction, land development, mortgage, commercial,
Small Business Administration, consumer, and all types of deposits
as well as other general banking services.
Forward-Looking Statements
The discussion may contain certain forward-looking statements,
which are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those stated, including,
but not limited to, the Bank’s inability to generate increased
earning assets, sustain credit losses, maintain adequate net
interest margin, control fluctuations in operating results,
maintain liquidity to fund assets, retain key personnel, and comply
with the consent order with applicable bank regulators, and other
risks detailed from time to time in the Bank’s filings with the
Federal Deposit Insurance Corporation, including our Annual Report
on Form 10-K for the period ended December 31, 2008. Readers
are cautioned not to place undue reliance on these forward-looking
statements.
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