BELLEVUE, Wash., Nov. 16, 2012 (GLOBE NEWSWIRE) -- Foundation Bancorp, Inc. (OTCBB:FDNB), the holding company for Foundation Bank, today announced that Richard Deglman has joined the company and has been named Chief Credit Officer of Foundation Bancorp, effective November 19, 2012. In his new role, Deglman will be responsible for overseeing all credit functions at the Bank.
Deglman has over 30 years of experience in various credit-related positions with West Coast-based banks. Most recently, Deglman was Executive Vice President and Chief Credit Officer for Las Vegas based Service 1st Bank of Nevada, where he was responsible for all credit quality, loan approval, stress testing and loan collection decisions.
"As a member of the executive management team, I expect Richard's credit knowledge and experience to significantly benefit Foundation," said Diane Dewbrey, President and CEO. "His experience in sustaining credit quality and enhancing profitability will play a major role as we continue to grow."
Deglman has been in the banking industry serving in commercial real estate management and credit administrator roles both in Nevada and California before his role as Chief Credit Officer at Service 1st Bank in 2008. Service 1st was the subsidiary of Western Liberty Bancorporation, which was acquired by Western Alliance Bancorporation last month. Previously he was with Nevada State Bank, Silicon Valley Bank, Bank of America and Security Pacific Bank. He holds a Masters of Business Administration from St. Mary's College and a Bachelor of Arts in Business Administration from San Francisco State University.
Foundation Bancorp is a bank holding company based in Bellevue, Washington, that operates Foundation Bank, a locally-owned, full service, state chartered commercial bank. Foundation Bank has been serving the greater Puget Sound region since 2000.
Safe Harbor Statement. This release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.