PORTLAND, Ore., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Albina Community Bancorp (OTCBB:ACBC), the holding company of Portland's only certified community development bank, today announced that Robert L. McKean, President and Chief Executive Officer, has decided to retire effective August 1, 2011. He will also step down from the Company's Board of Directors at that time.
McKean resigned as Chief Executive Officer of Albina Community Bank effective February 1, 2011. The Board had anticipated Mr. McKean's decision to retire and is executing its succession plan. Ms. Cheryl Cebula, currently the Bank's President and Chief Operating Officer, was named Chief Executive Officer of the Bank effective February 1, 2011, subject to regulatory approval. Ms. Cebula has also been named a director of the Company and the Bank.
"Bob McKean has held the position of President and CEO since April 1, 1999. He has fostered an institution with principles and values that speak directly to Bob's leadership," said Graham C. Bryce, Chairman of Albina Community Bancorp. "The Board of Directors joins me in thanking Bob for his contributions and we wish him the best for whatever he may choose to do next."
"With the strong financial results we achieved in our fourth quarter, we believe we have reached a turning point in terms of credit quality and operating performance," said Robert McKean, President and Chief Executive Officer. "While I had long planned to retire from Albina last year to explore other interests, I remained to assist in the company's efforts to improve credit quality and recapitalize itself. With Cheryl assuming the leadership of the bank immediately, I know I am leaving the bank in good hands."
About Albina Community Bancorp
Albina Community Bank is a locally owned, full-service, independent commercial bank committed to investing in individuals, families, businesses and local neighborhoods. The Bank promotes community development by providing products and services and banking solutions that are directed towards improving the social or economic conditions of underserved peoples or residents of distressed communities. Albina offers a wide range of competitive banking solutions, while also maintaining its mission to promote jobs, growth of small businesses, and wealth in our local Portland neighborhoods.
Albina Community Bank opened in December 1995 as the sole subsidiary of Albina Community Bancorp. Albina is one of approximately 60 commercial banks across the United States certified by the U.S. Treasury Department's Community Development Financial Institutions Fund as a community development financial institution. Albina is the only CDFI-certified commercial bank headquartered in Oregon. Albina operates from five local Portland locations including offices at: 2002 Northeast Martin Luther King Jr. Boulevard; 8040 North Lombard in the St. Johns neighborhood of North Portland; 4020 Northeast Fremont Street in the Beaumont neighborhood; 5636 Northeast Sandy Boulevard in the Rose City Park neighborhood of the International District; and 430 Northwest 10th Avenue in Portland's Pearl District; and a remote ATM at New Columbia in North Portland. For more information about Albina Community Bank, please call 503-287-7537 or visit .
This release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995, including statements concerning the continued financial performance of the company and its plans and opportunities for future growth. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially than those expected. Specific risks include, but are not limited to, general business and economic conditions, competitive factors, pricing pressures, further interest rate changes, and other factors listed from time to time in Albina Community Bancorp's regulatory reports.
CONTACT: Robert L. McKean, President & CEO (503) 288-7280 Jim Schlotfeldt, Chief Financial Officer (503) 288-8495