North Bay Bancorp Announces Appointment of New CFO
05 Juni 2006 - 10:44PM
Business Wire
North Bay Bancorp (Nasdaq:NBAN), parent of The Vintage Bank and its
division Solano Bank, today announced a planned transition in the
position of Executive Vice President and Chief Financial Officer
(CFO). Michael Wengel has been appointed Executive Vice President
& CFO effective June 19, 2006. Current CFO Patrick Phelan will
remain with the Company approximately 30 days following June 19 in
order to ensure an orderly transition. Mr. Wengel comes to the
Company from KPMG LLP where he most recently served as a Senior
Manager. He is a Certified Public Accountant and a graduate of
Oregon State University. North Bay President & CEO Terry L.
Robinson stated, "Although Mr. Phelan's tenure with the Company has
regrettably been short in duration, he joined us at a time when his
excellent financial skills were utilized to maximum advantage. We
are deeply appreciative of the commitment Pat has demonstrated in
his seven months here at North Bay and the significant
contributions he made during that time. Pat is leaving voluntarily
to be able to spend more time with his young family and we
certainly respect the motivation for his decision." In announcing
the appointment of Michael Wengel, Robinson stated, "We are
fortunate to have an outstanding candidate who is intimately
familiar with our financial operations and personnel. Mr. Wengel
was involved with both the year-end 2004 and 2005 independent
financial audits, including our first year of compliance with
Sarbanes Oxley Section 404, as the KPMG engagement manager."
Earlier today, North Bay Bancorp announced the resignation of KPMG
LLP as the Company's independent registered certified public
accountants. North Bay is actively seeking a new independent
registered certified public accounting firm, expecting to announce
a selection within ten days. About North Bay Bancorp North Bay
Bancorp was formed in 1999 and is the holding company for The
Vintage Bank and its division, Solano Bank. Its stock is publicly
traded on the NASDAQ National Market under the symbol NBAN. The
Vintage Bank is a full-service commercial bank that offers a wide
selection of deposit, loan and investment services. The Bank, which
opened in January of 1985, is proud to celebrate 21 years of
service and growth throughout the Napa Valley, Northern
California's number one tourist destination and the nation's
premier wine producing region, with six locations in Napa County,
including offices in American Canyon, Gateway Industrial Park and
St. Helena. The Solano Bank division, opened in 2000 as a
separately chartered bank, has offices in Vacaville, Fairfield,
Vallejo and Benicia. Solano County, projected to be the Bay Area's
fastest growing County through year 2030, provides excellent growth
opportunities for the Bank. This news release contains
forward-looking statements with respect to the financial condition,
results of operation and business of North Bay Bancorp and its
subsidiary. These include, but are not limited to, statements that
relate to or are dependent on estimates or assumptions relating to
the prospects of loan growth, credit quality and certain operating
efficiencies resulting from the operations of The Vintage Bank and
its Solano Bank Division. These forward-looking statements involve
certain risks and uncertainties. Factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements include, among others, the following
possibilities: (1) competitive pressure among financial services
companies increases significantly; (2) changes in the interest rate
environment on interest margins; (3) general economic conditions,
internationally, nationally or in the State of California are less
favorable than expected; (4) legislation or regulatory requirements
or changes adversely affect the business in which the combined
organization will be engaged; (5) finalization of the year-end
audit results; (6) the ability to satisfy the requirements of the
Sarbanes-Oxley Act and other regulations governing internal control
and (7) other risks detailed in the North Bay Bancorp reports filed
with the Securities and Exchange Commission.
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