[caption id="attachment_66034" align="alignright" width="240"] Kimberly Kaselionis served as chairwoman and CEO of Circle Bank before its acquisition by Umpqua Holdings Corp.[/caption]
NOVATO -- Kimberly Kaselionis, chairwoman and chief executive officer of the former Circle Bank since 1996, announced today that she has left the institution after the completion of its acquisition by Portland, Ore.-based Umpqua Bank.
Umpqua Holdings Corp. (Nasdaq: UMPQ), the parent company of Umpqua Bank, announced the completion of the acquisition on Nov. 15. Circle Bank's six North Bay branches and one San Francisco branch now operate under the Umpqua name.
Ms. Kaselionis remained with Circle Bank during the transition, which was first announced as a definitive agreement in August. While discussions had occurred concerning a regional role for Ms. Kaselionis within Umpqua, the former CEO said that her exit represented a joint decision that would ease the combined institution's change in leadership.
"While I am grateful to Umpqua for expressing a desire to find a meaningful role for me, I decided that I would prefer to look for an opportunity that best utilizes my entrepreneurial skills," said Ms. Kaselionis, in the announcement.
Umpqua acquired Circle Bank for $24.9 million, which includes a cash consideration for common shareholders of $20.4 million -- $17.75 per share -- and a planned cash redemption of $3.5 million in preferred stock and outstanding options.
Circle Bank had grown to be the second-largest financial institution based in Marin County, with more than $300 million in assets. The bank was launched in 2003, born from a group of investors that embarked on a $3 million recapitalization effort of the ailing Novato Community Bank in 1996.
The investor group was lead by Kit Cole, who shares a history of entrepreneurship with her daughter, Ms. Kaselionis. The pair had previously founded two other North Bay institutions: New Horizon Savings in 1981 and Tamalpais Bank in 1991. Luther Burbank Savings acquired New Horizon 10 years later. Tamalpais Bank was closed by regulators in 2010, three years after the departure of Ms. Cole as chairman and 14 years after Ms. Kaselionis was named as CEO of the institution that would become Circle Bank.
Umpqua's acquisition of Circle Bank is part of a major push by the bank across the Bay Area. The long-planned headquarters for Circle Bank at 999 Grant Ave. in Novato will now serve as Umpqua's North Bay flagship, along with other high-profile branches in San Francisco and Silicon Valley.