Greater Sacramento Bancorp Announces New Board Assignments
SACRAMENTO, Calif., June 26 /PRNewswire-FirstCall/ -- At a meeting of the Board of Directors held on Thursday, June 25, 2009, the Directors of Greater Sacramento Bancorp/Bank of Sacramento (OTC Bulletin Board: GSCB) named William J. Martin as Chairman of the Boards of both Greater Sacramento Bancorp and Bank of Sacramento. Mr. Martin will also retain his positions as President and CEO of Bank of Sacramento and CEO of Greater Sacramento Bancorp. The Board also elected founding Director, Frank Vellutini, as Vice Chairman and Lead Outside Director of both entities. As Lead Outside Director it will be Mr. Vellutini's responsibility to act as the primary liaison between the Outside Directors and Management in order to ensure the continuation of active Board governance. Mr. Martin was one of the principal organizers of Bank of Sacramento and has served as its President and CEO since its founding in 1998. His elevation to the additional position of Chairman of the Board is testimony to both the Board's recognition of the outstanding performance of the management team in growing the Bank over the past 11 years and to the confidence it has in management's ability to guide the Bank through these difficult economic times. Mr. Vellutini, President of Royal Electric Company, a preeminent local commercial electrical contractor, has also been a Director of the Bank since 1998. Mr. Vellutini will bring a wealth of management expertise and experience to the new position of Vice Chairman. At the same Board meeting the Board accepted the resignation of former Chairman of the Board, Kip Skidmore. Mr. Skidmore decided to resign in order to concentrate his attention on personal business matters. Mr. Skidmore served with distinction as founding Chairman of the Board and the Directors thank him for his dedicated service and wish him well in his future endeavors. Following the meeting Board Director Cecil Wetsel noted: "Mr. Martin has been the face of the Bank to the community for eleven years. We are now pleased that he will also be the face of the Board to the Community." A copy of the company's information and disclosure statement pursuant to Securities and Exchange Commission Rule 15c2-11 can be found on the home page of the company's website at www.bankofsacramento.com under the title Investor Relations. Contact: William J. Martin, CEO, 916-648-2100 This report may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Company is conducting its operations, including the real estate market in California and other factors beyond the Company's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. SOURCE Bank of Sacramento William J. Martin, CEO of Greater Sacramento Bancorp/Bank of Sacramento, +1-916-648-2100
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