- Push-out Score determined
- After 15 years in the position
- Accolades and praise for Colombo
- Tim Myers taking over
- Colombo said 98 words
(exechange) — Novato, California, September 24, 2021 — Russ Colombo, chief executive of Bank of Marin Bancorp, leaves. As announced by Bank of Marin Bancorp in a news release and in a regulatory filing published on Friday, September 24, 2021, Russell A. (Russ) Colombo leaves his post as chief executive officer at the parent company of Bank of Marin, after 15 years in the role, effective October 31, 2021.
It is the end of an era.
Russ Colombo’s duties as CEO will be taken over by Timothy D. (Tim) Myers, currently President and Chief Operating Officer at Bank of Marin Bancorp.
“Our sincere appreciation for his selflessness in delaying his retirement to ensure management stability during the pandemic”
Russ Colombo’s departure from the CEO post is explained as follows. Brian Sobel, Chairman of the Board of Bank of Marin Bancorp, said: “With Russ at the helm, we benefited from both organic growth and 4 strategic acquisitions, expanding our footprint from 2 counties to 10, and increasing our branch network from 9 locations in 2006 to 31 this year. The Board would also like to extend our sincere appreciation for his selflessness in delaying his retirement to ensure management stability during the pandemic.”
Precise information regarding Russ Colombo’s future plans was not immediately available.
“Retirement”
Bank of Marin Bancorp said: “Russell A. Colombo, Chief Executive Officer of Bank of Marin and Bank of Marin Bancorp, has formally announced his retirement, effective October 31, 2021.”
Share price increase since September 2016
The announcement follows an increase in Bank of Marin Bancorp’s share price of 46% since September 2016.
In the position of CEO since 2006
Russ Colombo became CEO of the Company in 2006.
Colombo will remain on the Boards of Bancorp and the Bank; Myers will join both Boards.
Colombo has been President, CEO and Director from 2006 through May 2021, at which point Colombo stepped down from the President role but will continue as CEO and Director.
He has been a member of the Executive Committee and the Bank’s Asset/Liability Management Committee since 2006, and a member of the Bank’s Wealth Management and Trust Services (“WMTS”) Committee since 2007.
Colombo joined Bank of Marin in March 2004 as Executive Vice President and Branch Administrator and was appointed Executive Vice President and Chief Operating Officer in July 2005.
As of July 1, 2006 he assumed the position of President and Chief Executive Officer.
Colombo has over forty-five years of banking experience including positions as Senior Vice President and Group Manager of the San Francisco office of Comerica Bank and as Senior Vice President and Regional Manager during his nineteen year career with Union Bank of California.
He received a Bachelor of Science degree in Agricultural Economics & Business Management from University of California, Davis and a Master of Business Administration in Banking & Finance from Golden Gate University.
Colombo is a Board member of Western Bankers Association, past Chairman of Western Independent Bankers Association and former member of its Executive Committee.
He has also served on the Community Depository Institutions Advisory Council since 2019. Colombo was a Regent of Hanna Boys Center for fifteen years until leaving the Board in 2017 and is currently Chairman of the Citizens Oversight Committee of Sonoma-Marin Area Rail Transit (SMART).
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Russ Colombo’s move on a scale of 0 to 10.
exechange reached out to Bank of Marin Bancorp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 39.2021 ($).