Bank of Marin CEO Russell Colombo to retire once a replacement is found
Novato-based Bank of Marin Bancorp (Nasdaq: BMRC) and its subsidiary, Bank of Marin, disclosed in a U.S. Securities and Exchange Commission filing Thursday that its longtime CEO Russell Colombo would step down once the bank could find a suitable replacement.
The bank in the filing said an executive search firm, Korn Ferry, is working on finding the next CEO from "diverse pool of internal and external candidates." Colombo said his retirement is contingent on finding a replacement and that that process is in the beginning stages.
Colombo said in an interview Friday that there was nothing at the bank that had caused him to retire and highlighted his desire to spend more time with his family and working on other interests. He said it is unclear how long a search might take for a replacement and the length of the transition will depend on the candidate.
“I have a lot invested in the organization, and I have every reason to make sure this is a successful and smooth transition with as little disruption as possible,” he said.
Colombo, 67, joined Bank of Marin in 2004 as executive vice president and branch administrator. He has been president and CEO since 2006.
A press release Friday about his departure highlighted three acquisitions completed under Colombo’s tenure: Charter Oak Bank in Napa, Norcal Community Bancorp and its subsidiary Bank of Alameda, and Bank of Napa.
Noted growth was loan portfolio by 145%, non-interest-bearing deposits by 412% and total assets by 181%. Earnings per share have grown from 29 cents in the final quarter of 2006 to 60 cents for the second quarter of 2019, according to the institution.
In June, Bank of Marin reported the resignation of Jim Kimball as executive vice president and chief operating officer. The change was effective June 19, according to a regulatory filing.
During a previous interview with the Business Journal, Colombo said Kimball’s departure “wasn’t really part of a long-term plan,” adding the departure “does not affect our long-term business planning or strategy.”
“We are confident we are going to continue on the same course as we’ve been and will achieve the same goals that we’ve established,” Colombo said.