New CEO for FirstPacTrustFriday, September 21, 2012
Irvine-based First PacTrust Bancorp Inc. has appointed Steven Sugarman as chief executive officer following the resignation of Gregory Mitchell, who also was a director of the company and its subsidiaries.
Sugarman has been a member of the company's board for two years, and served for the past two months as co-CEO along with Mitchell.
Mitchell will continue as a consultant to First PacTrust for up to six months, according to the company.
First PacTrust also named Robert Franko as chief executive of its PacTrust Bank subsidiary.
Franko will continue to serve as president of First PacTrust, as well as chief executive of Beach Business Bank, which was acquired by First PacTrust earlier this year.
First PacTrust is in a deal to acquire Los Angeles-based Private Bank of California.
The buy is expected to bring the company’s assets to about $2.2 billion upon completion.