CEO of Santa Rosa's Exchange Bank plans to retire at year-end
Come next year, Exchange Bank will usher in new leadership.
On Thursday, the bank announced President and CEO Gary Hartwick will retire Dec. 31. He is set to be replaced by current Executive Vice President and Chief Banking Officer Troy Sanderson.
Hartwick has a long history with the Santa Rosa-based bank. He joined in January 2009 as chief credit officer and chief operating officer. He became president and CEO in March 2014, upon which he joined the bank’s board of directors. Hartwick has pledged to be active in Sonoma County where he lives.
“It has been an honor to serve this remarkable organization,” Hartwick said in the announcement, acknowledging his employees. “I am proud of the achievements we have accomplished together during my tenure.”
In turn, board Chairman Bill Schrader tipped his hat to Hartwick, who thrived while facing severe adversity.
“He has faced and successfully battled through a set of unprecedented challenges, beginning with the collapse of the real estate market in 2008, followed by the heartbreak and widespread impact from two major wildfires and today’s virus pandemic,” Schrader said.
Exchange Bank experienced a 5% year-over-year drop in net income for the first quarter, when the coronavirus outbreak was starting to take hold.
Sanderson is a Sonoma County native. He has worked in bank management for over three decades.
“I am honored to have the opportunity to lead this important local institution going forward, continuing our legacy of investing in people, business and community to build a strong future,” Sanderson said.
Exchange Bank had $2.8 billion in assets at the end of the first quarter. The 130-year-old institution has 18 branches in Sonoma County and a commercial outlet in Roseville.