BayCom Corp. Announces Strategic Shift with New Leadership
BayCom Corp., the holding company for United Business Bank based in Walnut Creek, California, has recently made a significant leadership transition to drive growth through acquisitions. The company has brought on board three experienced professionals from PacWest to lead this strategic shift.
Leadership Changes at BayCom Corp.
William Black Jr. has assumed the role of executive vice chair at BayCom and United Business Bank, effective immediately. Christopher Baron has been appointed as the CEO, while Kevin Thompson has taken on the role of CFO.
The announcement of this leadership transition, made by BayCom’s board, marks the departure of United Business Bank’s founders – CEO George Guarini, COO Janet King, and CFO Keary Colwell. However, Guarini will continue to serve on the bank’s board.
Focus on Growth Through Acquisitions
BayCom highlighted its history of completing 10 mergers over 22 years but noted a quiet acquisition pipeline in recent years. The company attributed this to market turbulence and the board’s cautious approach to pursuing transactions that align with their standards on price, quality, and strategic fit.
Despite maintaining a strong balance sheet and credit quality, BayCom acknowledged that the lack of dealmaking has resulted in an organic growth gap and undervaluation of the company’s worth in the market.
New Growth Strategy
Lloyd Kendall Jr., the board’s chair, emphasized the company’s vision of building a premier Western Regional Bank with a significant presence in key growth markets across the Western U.S. The board’s assessment led to a shift in tactics and the recruitment of a new leadership team to drive the company towards its goals.
BayCom aims to pursue larger, more transformative transactions under its new leadership, leveraging the expertise and experience of the recently appointed executives.
Experienced Leadership Team
William Black Jr., with his background in strategy and corporate development at PacWest, brings valuable experience in managing significant asset sales and securing emergency liquidity. Christopher Baron’s tenure at PacWest and Banc of California positions him well to lead United Business Bank’s commercial and community banking platforms. Kevin Thompson’s track record of balance sheet restructuring and successful mergers adds to the leadership team’s capabilities.
Despite the changes in leadership, BayCom acknowledged the contributions of the outgoing executives in shaping the company into its current state. The company’s assets of $2.6 billion and presence across five states reflect the founders’ efforts over the years.
Market Response
Following the leadership transition announcement, BayCom’s stock experienced a decline, signaling investor sentiment towards the company’s strategic shift from a focus on acquisitions to organic growth. Analysts have noted the shift in investor expectations and the challenges of convincing the market of the company’s new direction.
Overall, the new leadership team at BayCom is focused on driving growth through a targeted model, emphasizing high performance and execution to deliver value to shareholders and stakeholders.
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