Private Bancorp of America, Inc. Announces Thomas V. Wornham’s Retirement on September 30, 2020 - Seite 2

Selwyn Isakow, Chairman of PBAM and the Bank, said, “Under Tom’s leadership, the Bank has invested significantly in outstanding personnel, systems and processes that have resulted in substantial growth and geographic expansion. We appreciate Tom’s commitment to the organization and look forward to his further contributions as a board member.” Isakow continued, “We are excited by the drive and dynamism of Rick Sowers and are confident that he will take the organization to new heights. Rick’s successes at CalPrivate, as well as in prior leadership roles with other Southern California banks, make him the ideal CEO to fulfil our vision as Coastal Southern California’s premier relationship-focused private and business bank.”

“I am grateful for the opportunity that Tom and the Board have provided me in becoming the next CEO of CalPrivate Bank and Private Bancorp of America. This is a great company with wonderful team members, shareholders and clients. I look forward to continuing to work with Tom in ensuring a smooth transition as the Company embarks on its next chapter,” Sowers noted.

About Private Bancorp of America, Inc.

Private Bancorp of America, Inc. (OTCQX: PBAM), is the holding company for CalPrivate Bank. CalPrivate Bank provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned businesses and real estate entrepreneurs. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo and Beverly Hills as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. CalPrivate Bank is an SBA Preferred Lender.

Investor Relations Contact

Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc.
[phone]

Safe Harbor Paragraph

This press release includes forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate and develop business through the addition of new personnel and facilities and merged banks, whether our efforts to expand loan, product and service offerings will prove profitable, the effects of the bank mergers and acquisitions in our markets, system failures and internet security, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.