Community Bancorp Inc. Announces Resignation of Chief Financial Officer
March 16 2006 - 6:51PM
Business Wire
Community Bancorp Inc. (the "Company") (NASDAQ:CMBC), parent
company of Community National Bank, today announced that L. Bruce
Mills, Jr., Sr. Vice President and Chief Financial Officer, plans
to resign from the Company effective March 31, 2006. Mr. Mills, who
joined the Company in June of 1998, indicated that his decision to
leave was based on personal considerations and a desire to pursue
other opportunities. "Bruce has been an extremely valuable member
of the executive management team since his arrival in June of
1998," stated Michael J. Perdue, President and CEO of the Company.
"Under Bruce's financial leadership, the Company has grown from
approximately $125 million in total assets when he started to over
$900 million as of December 31, 2005. Community's current finance
and accounting staff will assume Bruce's duties while a search for
an internal or external CFO candidate is conducted." Community
Bancorp is a bank holding company with $908.6 million in assets as
of December 31, 2005, with a wholly owned banking subsidiary,
Community National Bank, headquartered in Escondido, California.
The bank's primary focus is community banking, providing commercial
banking services including commercial, real estate and SBA loans to
small and medium sized businesses. The bank serves San Diego County
and southwest Riverside County with eleven community banking
offices in Bonsall, El Cajon, Encinitas, Escondido, Fallbrook, La
Mesa, Murrieta, Rancho Bernardo, Santee, Temecula, and Vista, a
commercial loan production office in Corona, CA, and has additional
SBA loan production offices that originate loans in California,
Arizona, Nevada and Oregon. www.comnb.com Statements concerning
future performance, developments or events, expectations for growth
and income forecasts, and any other guidance on future periods,
constitute forward-looking statements that are subject to a number
of risks and uncertainties. Actual results may differ materially
from stated expectations. Specific factors include, but are not
limited to, loan production, balance sheet management, expanded net
interest margin, the ability to control costs and expenses,
interest rate changes and financial policies of the United States
government (including the Small Business Administration), and
general economic conditions. Additional information on these and
other factors that could affect financial results are included in
its Securities and Exchange Commission filings. The Company
disclaims any obligation to update any such factors or to publicly
announce the results of any revisions to any forward-looking
statements contained herein to reflect future events or
developments.
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