[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.
"My immediate departure will allow the transition to a new leadership at Umpqua in Marin and Sonoma counties to proceed smoothly," said Ms. Kaselionis. "At the same time, I will be able to continue my work with the North Bay nonprofit community and to weigh the opportunities that have presented themselves to me in the last several months."
Ms. Kaselionis highlighted Circle Bank's support of nonprofits through the years, including the Women's Initiative, and Homeward Bound of Marin, as well as community initiatives like Heroes of Marin and the Marin Women's Hall of Fame. Circle Bank was also a six-time winner of the North Bay Business Journal's "Best Places to Work" award, as well as numerous financial and entrepreneurial awards and recognitions.
"Leaving was a bittersweet moment for me," said Ms. Kaselionis. "I have nothing but admiration for the staff that supported me over the years. And I have a special place in my heart for the community and our customers. In my next position, I hope to continue to contribute to the economic and social vitality of the community."