Private Bancorp of America, Inc. Announces Thomas V. Wornham’s Retirement on September 30, 2020

LA JOLLA, Calif., Jan. 21, 2020 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced that CEO Thomas V. Wornham is retiring from the Company and the Bank at the end of the third quarter of this year. Wornham will remain a Director of the Bank and the Company. Wornham joined the Bank in February 2015 as a Director and then became President and CEO of the Bank on May 1, 2015.

Under Wornham’s leadership, the Bank’s assets have increased from $430 million to over $1 billion. The Bank’s Coastal Southern California footprint now includes offices from Coronado in the South to Beverly Hills in the North. Annual revenues have increased over 200%, and shareholders’ equity and market cap have doubled.  Private Bancorp of America, Inc. (PBAM) was formed in late 2015 and became the Bank’s holding company. PBAM then moved from the OTCQB to the OTCQX in 2016. PBAM completed a stock buyback, two successful subordinated debt placements and two successful common stock offerings during Wornham’s tenure as President and CEO. The number of team members grew from 55 in 2015 to 135 currently.

Rick L. Sowers, President of the Bank since February 15, 2018, will succeed Wornham as CEO of the Bank and the Company upon his retirement, and will become President of the Company and a member of its Board of Directors effective February 1, 2020. Wornham and Sowers have had a remarkable partnership over the past two years. Both are committed to implementing the succession plan they have put in place, to ensure a smooth transition.

Wornham said, “I have thoroughly enjoyed being President and CEO of PBAM and the Bank. We have accomplished everything I had hoped we would when I began the job in 2015. I could not be more proud of our team members and the management team that made all of this success possible. I will always be grateful to the Board of Directors and shareholders for the opportunity to serve. Finally, to our clients, thank you for your trust and loyalty. I look forward to finishing out my time as CEO with the same passion and commitment I have felt the last five years. Then it will be my honor to continue serving PBAM and the Bank as a Director, knowing with Rick Sowers at the helm we are in good hands.”