Bank of Marin Bancorp CEO Russell Columbo plans to step down on Oct. 31.
Columbo, who has served as the Novato, California-based company’s chief executive since 2006, will be succeeded by Tim Myers, currently Bank of Marin’s president and chief operating officer, it announced Friday.
“Russ Colombo provided exceptional leadership throughout his 15 years as CEO,” Chairman Brian Sobel said in a press release. “With Russ at the helm, we benefited from both organic growth and four strategic acquisitions, expanding our footprint from two counties to 10, and increasing our branch network from nine locations in 2006 to 31 this year.”
Assets at the 31-year-old Bank of Marin grew from $877 million in 2006 to $4 billion in August, following the close of its
Net income for the first six months of 2021 totaled $18.2 million, up 25% from the first half of 2020.
Myers, 51, joined Bank of Marin in 2007 and was named head of commercial banking in 2013, COO in June 2020, and president in May.
“I couldn’t be more delighted that Tim has been named my successor,” Colombo said in the press release. “Consistent leadership is more important than ever, and Tim has been an indispensable member of the management team at Bank of Marin for many years.”
Columbo was 68 in June, when Bank of Marin filed its most recent proxy with the Securities and Exchange Commission. He had planned to retire earlier but agreed to stay longer after the onset of the coronavirus pandemic “to ensure management stability,” according to Sobel.
“The Board would also like to extend our sincere appreciation for his selflessness in delaying his retirement,” Sobel said.
