LAKE HAVASU CITY, Ariz., April 1, 2009 (GLOBE NEWSWIRE) -- Mohave State Bank, subsidiary of State Bank Corp. (OTCBB:SBAZ), today announced the appointment of Brian M. Riley as Chief Executive Officer and Brad D. Payne as President.
Mr. Riley joined the Bank in April 2008 as Executive Vice President and Chief Financial Officer. During his twenty-five year banking career, Mr. Riley has served as Vice Chairman and CEO of Harbor Bank and Trust (in organization) in Southport, CT; President and CEO of PriVest Bank in Santa Ana, CA; Senior Vice President and Chief Financial Officer of Provident Savings Bank in Riverside, CA; and Executive Vice President & Chief Financial Officer of Metro Commerce Bank in San Rafael, CA. Mr. Riley began his banking career at Citizens Business Bank in Ontario, CA where he last served as Vice President of Finance & Accounting. Mr. Riley holds a Bachelor of Science degree in Finance from California State Polytechnic University and a Masters of Business Administration from California Baptist University. Mr. Riley is also a graduate of both the Southeastern Commercial Lending and Advanced Commercial Lending Schools at Vanderbilt University.
Mr. Payne joined the Bank in March 2008 as Executive Vice President and Chief Credit Officer. During his twenty-three year banking career, Mr. Payne has served as the Division President for Bank of the Ozarks in Russellville, AR; Market President for Regions Bank in Russellville, AR; Vice President and Commercial Lending Officer at Chambers Bank in Danville, AR; and Assistant Vice President and Commercial Lending Officer at First Bank of Arkansas in Russellville, AR. Mr. Payne began his banking career as a Financial Examiner with the Arkansas State Bank Department. Mr. Payne holds a Bachelor of Science Degree in Economics and Finance from Arkansas Tech University. Mr. Payne is also a graduate of the Southwestern Graduate School of Banking at Southern Methodist University and The Commercial Lending School at the University of Oklahoma.
In his new role, Mr. Riley will continue to oversee all finance, accounting and information technology functions at the Bank. In addition, Mr. Riley will assume responsibility for investor relations, strategic planning, human resources, marketing as well as the operations of State Bank Corp.
"I am very pleased to lead Mohave State Bank with Brad Payne. He is a very experienced and knowledgeable banker. Both of us owe a great deal to our retiring CEO, Ralph Tapscott, for the legacy of thoughtful leadership within our organization and passionate involvement within our community," commented Brian Riley. "Mohave State Bank is a strong bank and will continue to grow stronger as the real estate market conditions improve. We rank in the top 30% of our peer group for capital stability and have remained profitable on an annual basis while taking steps to fortify our balance sheet. Last year, Mohave State Bank was the 4th most profitable Arizona bank at a time when 74% (42 out of 57) of the banks in our state reported losses."
In his new role, Mr. Payne will continue to oversee all credit and lending functions at the Bank. In addition, Mr. Payne will assume responsibility for the branch administration, retail banking and the mortgage lending functions.
"This is an amazing time to be a leader in the banking industry. Brian and I have committed that Mohave State Bank will remain an industry leader and will regain its performance edge in the near future. We have a very strong team of professionals that make Mohave State Bank successful," stated Brad Payne. "Industry results in the first quarter of 2009 are largely expected to mirror those of the fourth quarter of 2008. With signs of recovery around us, our outlook is that things will start to return to normal in 2010."
About the Company
State Bank Corp., headquartered in Lake Havasu City, Arizona, is the parent company of Mohave State Bank, the largest locally-owned bank in Mohave County, with $361 million in assets as of December 31, 2008. Mohave State Bank is a full-service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. The Bank was established in October 1991, and the holding company was formed in 2004. The Bank has six full-service branches: two in Lake Havasu City, two in Kingman, one in Bullhead City, and one in Yuma, Arizona. The Company is traded over-the-counter as SBAZ. For further information, please visit the web site: www.mohavestbank.com.
This press release may include forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the corporation's possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.