City Bank has appointed Martin Heimbigner as president and CEO. The bank has also elected James Carroll, the current executive vice president, as chief credit officer. He will succeed Conrad Hanson, who served as chairman, president and CEO of City Bank in Lynnwood. Mr Hanson will retire as president and CEO at the end of 2009. However, he will continue to serve as chairman of the board of directors.
Conrad Hanson said: “Marty has worked closely with me on a full time basis over the past year as we have dealt with the bank’s challenges. Marty brings a unique skill set that has been essential in helping the bank work through the recovery process.
“The bank has been very successful in meeting our 2009 goals to aggressively sell non-performing assets, increase liquidity and repay maturing brokered deposits. As the bank’s largest shareholder, I am fully supportive of their ability to profitably lead the bank in the future. As a part of that we are working on a capital raise and I have committed to invest an additional $3mn into that effort.”
Mr Heimbigner said: “The bank has been successful in building liquidity during 2009 and the bank will have repaid over $450mn of brokered deposits, FHLB advances and public deposits. The bank’s efforts to improve liquidity and repay maturing liabilities have successfully restructured the bank’s balance sheet.”
