Jack A. Sweeney, Chairman and director of First Regional Bancorp
(Nasdaq: FRGB) and its subsidiary, First Regional Bank, has announced
that, effective Jan. 2, 2009, he will retire from his dual roles as
Chairman and director of each of First Regional Bancorp and First
Regional Bank. In recognition of his 29 years of service as First
Regional’s Chairman and Chief Executive Officer, the company’s Board of
Directors has honored Mr. Sweeney, who next month celebrates his 79th
birthday, by designating him as First Regional’s “Founder and Chairman
Emeritus.”
H. Anthony Gartshore, President and Chief Executive Officer, commented:
“Honoring Jack Sweeney as Founder and Chairman Emeritus is a well-earned
recognition of his long and distinguished banking career. Among his many
achievements, Jack founded First Regional Bank in 1979, and served as
our Chairman and Chief Executive Officer from the company’s inception
through the present year.”
In connection with Mr. Sweeney’s retirement, the company also announced
that, effective Jan. 2, 2009, Gary M. Horgan will assume the post of
Chairman of the Board of First Regional Bancorp and First Regional Bank.
Mr. Gartshore noted: “Gary Horgan has been an independent member of our
board of directors since 1997. He has had a distinguished career serving
the banking industry, and is recognized as a premier attorney in the
banking and financial industries. This experience enables Mr. Horgan to
bring a unique and valuable perspective to his expanded role at First
Regional.”
The company further announced that Marilyn J. Sweeney will become a
member of the First Regional Bancorp board of directors on Jan. 2, 2009,
in addition to her present position on the board of First Regional Bank.
Mr. Gartshore added: “As a member of the board since 2001, Marilyn
Sweeney also possesses a thorough understanding of the banking industry
and the challenges and opportunities it faces. We are delighted to add
Marilyn’s many talents to the board of First Regional Bancorp.”
Mr. Gartshore concluded: “These changes in the composition of our board
of directors represent continuity of leadership in a difficult economy.
With extensive experience gathered in good times and bad, First Regional
is well prepared to address the challenges and opportunities ahead as we
pursue our primary goal of protecting and enhancing the company’s
financial strength and shareholder value over the long term. We thank
our shareholders for their continued support.”
First Regional Bancorp is a bank holding company headquartered in
Century City, California. Its subsidiary, First Regional Bank,
specializes in providing businesses and professionals with the
management expertise of a major bank and the personalized service of an
independent.
This report includes “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included herein
may constitute forward-looking statements. Although First
Regional believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that
such expectations will prove to be correct. Important factors
that could cause actual results to differ materially from First
Regional’s expectations include fluctuations in interest rates,
inflation, government regulations, and economic conditions and
competition in the geographic and business areas in which First Regional
conducts its operations.
First Regional Bancorp
Steve Sweeney, 310-552-1776
