SAN DIEGO, CA – Having completed the transformation of First Business Bank, formerly Ramona National Bank, from a retail community bank headquartered in Ramona to a focused business and professional organization centered in Del Mar, the company has announced that Chief Operating Officer Nathan Rogge has been appointed by the Board of Directors to the role of President and Chief Executive Officer.
John F. McGrath, the bank’s outgoing President and CEO, said, “Two years ago, under a regulatory cloud, a plan was put forth to reengineer the bank and lay a foundation that will serve the company and its customers well in the future. During this time, the Board of Directors was reorganized and the entire senior bank management was changed; the vision was redirected to the business and professional market; and the bank was recapitalized by the injection of an additional $18 million by the bank’s principal shareholder, the Auerbach Trust. Further, the name was changed to First Business Bank from Ramona National Bank, and the headquarters was moved to Del Mar close to the I-5 corridor, the hub of the bank’s target market. Also, substantial progress was made in our earnings picture, moving from an operating loss in 2006 of $1.6 million to a breakeven position in 2007, before non-recurring personnel and relocation expenses. The last step in our set of objectives was to turn over the future of First Business Bank to Nathan.”
McGrath will remain on the bank’s Board of Directors and will work directly with the Auerbach Trust. Rogge has functioned as the bank’s Chief Operating Officer since 2006 and has been a Board member since June 2007. “The past two years have given me an opportunity to grow as a leader under John,” Rogge said. “Our substantial progress and vision shift has positioned First Business Bank to be a great option for small and middle market companies. I’m excited and ready for the challenge to lead and develop First Business Bank’s presence in San Diego.”
