WESTLAKE VILLAGE, CA, Nov 06 (MARKET WIRE) --
First California Financial Group, Inc. (NASDAQ: FCAL) today announced the
appointment of Sung Won Sohn, Ph.D., to its board of directors, effective
immediately. This appointment fills a vacancy at the holding company and
returns the membership to ten directors.
Dr. Sohn is widely recognized for his past role as Executive Vice
President and Chief Economic Officer for Wells Fargo Banks. He has
received many honors for the accuracy of his economic forecasting. In
2006, The Wall Street Journal noted Dr. Sohn as the "most accurate
economist in the United States." In 2002, he was named to Time Magazine's
Board of Economists, and in 2001, Bloomberg News identified him as "one
of the five most accurate forecasters." Dr. Sohn served as a senior
economist on the President's Council of Economic Advisors during the
Nixon administration, where he was responsible for economic and
legislative matters pertaining to the Federal Reserve and financial
markets.
"We look forward to benefiting from Dr. Sohn's insightful economic
foresight," said C. G. Kum, President and Chief Executive Officer. "He
brings a wealth of knowledge and experience to our board as we navigate
through a most challenging economic environment. His combination of
professional and academic backgrounds will provide additional guidance as
we continue to strengthen First California's presence as the leading bank
of choice in the Southern California region."
Currently, Dr. Sohn is Martin V. Smith Professor at California State
University, Channel Islands. He also serves as Vice Chairman of the board
at Forever 21, a leading, multi-national apparel retailer, and sits on the
board of directors for Claremont Graduate University and the Music Center
in Los Angeles. He continues to provide up-to-date economic forecasting
and commentary through his website, www.drsohn.com.
Previously, Dr. Sohn was President and Chief Executive Officer of Hanmi
Financial Corporation from 2005 through 2007. He joined Norwest Bank
Minneapolis in 1974 and held various positions of increasing
responsibility focusing on macro-economic forecasting, monetary policy,
asset-liability management and regulatory matters in relation to
financial institutions. Dr. Sohn was later named senior vice president at
the parent company, Norwest Corporation. After the acquisition of Wells
Fargo by Norwest Corporation, Dr. Sohn was appointed Chief Economic
Officer of the combined entity now known as Wells Fargo & Company.
Dr. Sohn received his B.A. from the University of Florida, his M.A. from
Wayne State University, his Ph.D. from the University of Pittsburgh, and
his P.M.D. from Harvard Business School. He is the author of "Global
Financial Crisis and Exit Strategy," which discusses the recent financial
crisis and corrective measures.
About First California
First California Financial Group, Inc. (NASDAQ: FCAL) is the holding
company of First California Bank. Celebrating 30 years of business in
2009, First California is a regional force of strength and stability in
Southern California banking with assets of $1.45 billion and led by an
experienced team of bankers. The bank specializes in serving the
comprehensive financial needs of the commercial market, particularly
small- and middle-sized businesses, professional firms and commercial
real estate development and construction companies. Committed to
providing the best client service available in its markets, First
California offers a full line of quality commercial banking products
through 17 full-service branch offices in Los Angeles, Orange, Riverside,
San Bernardino, San Diego and Ventura counties. The holding company's Web
site can be accessed at www.fcalgroup.com. For additional information on
First California Bank's products and services, visit www.fcbank.com.
For further Information:
At the Company:
Ron Santarosa
805-322-9333
At PondelWilkinson:
Angie Yang
310-279-5980
Corporate Headquarters Address:
3027 Townsgate Road, Suite 300
Westlake Village, CA 91361
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