Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) today announced key changes to its executive management team, including the retirement after 60 years of its chief financial officer, John W.H. Hinrichs.
Chairman and Chief Executive Daniel K. Walker takes on a new role as executive chairman while his brother, W. Henry Walker, has been promoted from president to CEO. Kevin M. Tiber was promoted from chief investment officer to president. The changes are effective immediately.
“The realignment of our executive management roles signifies a natural progression, as the bank enters its 117th year,” Daniel Walker said in a statement. “Providing rewarding career paths and promoting from within have always been hallmarks of F&M.”
As of Jan. 1, Taylor L. Hoang will be promoted to chief financial officer, replacing Hinrichs, who is retiring from the bank after joining it in 1964 and serving in various categories, including as CFO since 2000.
“I also want to express gratitude to John Hinrichs for his many achievements during six decades of serving the Bank and for his contributions toward making F&M the solid Bank it is today,” Walker said. “We will miss John’s wisdom and camaraderie.”
Hinrichs is the recipient of awards from both the Orange County Business Journal and California Society of Certified Accountants in recognition of the CFO who has made outstanding contributions to their company’s performance and to the Orange County business community.
F&M was founded in Long Beach in 1907 by C.J. Walker, the great-grandfather of the current Walkers. Daniel Walker, who joined F&M in 1974, became CEO in 2012; he’s also been on the board since 1996, including starting as chairman in 2003. Henry Walker began his career with F&M in 1983 as a teller.
Shares of the lightly traded company were unchanged at $4,499.99 and $554 million market cap.
