California’s First Choice Bancorp (FCBP) Announces Two Key Promotions
First Choice Bancorp is the registered bank holding company for First Choice Bank. First Choice Bank, headquartered in Cerritos, California is a community-focused financial institution, serving diverse consumers and commercial clients and specializing in loans to small businesses, private banking clients, commercial and industrial (C&I) loans, and commercial real estate loans with a niche in providing finance for the hospitality industry. First Choice Bank is a Preferred Small Business Administration (SBA) Lender. Founded in 2005, First Choice Bank has quickly become a leading provider of financial services that enable their customers to grow, maintain strength, and achieve their business objectives. First Choice Bancorp stock is traded on the Nasdaq Capital Market under the ticker symbol “FCBP”. First Choice Bank’s website is www.FirstChoiceBankCA.com.
First Choice Bancorp, the holding company for First Choice Bank (the “Bank” or “FCB”), announced today the appointment of Nicole Swain to Executive Vice President/Chief Banking Officer of First Choice Bank, reporting to President & CEO Robert Franko & the appointment of Michael Martin to Executive Vice President/Deputy Chief Credit Officer of First Choice Bank, reporting to Chief Credit Officer Gene May.
Ms. Swain has a long-standing career in the banking industry, over 25 years, and has served as Senior Vice President/Chief Banking Officer for First Choice Bank since 2016. Nicole has been an integral part of First Choice Bank’s success, embracing the Bank’s motto to be First in Speed, Service and Solutions with all of her efforts.
Mr. Franko said, “Nicole has been a tremendous force for the Bank over the last several years in attracting new clients and growing the Bank’s deposit and credit products and services. I have worked with her for many years and have seen first-hand her commitment to her clients and the Bank as a whole. We are very pleased to recognize her hard work and dedication with this promotion.”
Ms. Swain was delighted to receive the promotion and stated, “I am deeply grateful for and enthusiastic about my new role. First Choice Bank has provided me the opportunity to grow professionally and become extensively involved in the Commercial and Private Banking Sector, and I am excited to continue to help expand the Bank. With our recent merger and enhanced products and services, there’s no better time to be a customer of First Choice Bank.”
Mr. Martin is a 40-year veteran of the financial services industry, focusing primarily on Commercial Real Estate and Credit Administration. He has served as Senior Vice President/Commercial Real Estate Manager for the Bank since 2014. In his expanded role, he will continue to oversee the Bank’s Commercial Real Estate portfolio, as well as support the Chief Credit Officer in managing, directing and controlling the loan activities of the Bank and providing guidance to the lending officers, portfolio managers, and underwriters.
“Over the past four years, Mike has demonstrated the expertise and value he brings to the Bank’s credit administration function. He has been an important contributor in building FCB’s loan portfolio with quality, diversified loans, while maintaining the conservative risk profile that is core to the Bank’s culture,” said Mr. May.
President & CEO Robert Franko said, “Mike brings extensive experience to the Deputy Chief Credit Officer position that will serve to enhance our strong position in the marketplace. We look forward to his contributions in this new position.”
Mr. Martin was honored to receive the promotion and said, “It is a privilege to be working for a dynamic and growing organization in First Choice Bank and supporting the efforts of its high-quality team of lending professionals. I look forward to making a greater impact to the success of the Bank and its clients in this new role.”
Recently, FCBP announced that its Board of Directors has adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 1.2 million shares of its common stock, or approximately 10% of its outstanding shares. The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Commission. Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable requirements. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.
To follow FCBP’s progress please visit the Vista Partners’ FCBP dedicated page which is updated daily.