Page 2 – River City Bank

April 10, 2025

Meet Matt Cheeseman

Matt Cheeseman is a Senior Vice President and Business Development Officer at River City Bank. In this role, he focuses on generating new business opportunities for the Bank. He plays a significant part in the bank's commercial real estate lending activities and is a member of a team dedicated to fostering long-term relationships with commercial real estate investors throughout the region. We sat down with Matt to discuss his love for podcasts, his admiration for his parents, and the importance of spending time with family.

Hometown: Rancho Palos Verdes, CA

First job: Busboy/Food Service

First car: Nissan pickup truck.

Favorite movie: Cool Hand Luke. It’s before my time, but there’s something about it.

First concert: Ratt / Poison. I’m not proud. I was very young. My tastes have changed but I still appreciate the movement.

Favorite city to visit: I recently visited San Antonio with my teenage son. I was surprised how much I enjoyed it and would love to visit again. I have been trying to sell it to others.

Favorite place in California: Lake Tahoe. It never ceases to amaze.

First site or app you check in the morning: Probably Outlook, sadly. Then, I’ll check X for news.

What are you reading right now? I’m reading a couple books. Ever Wonder Why? by Thomas Sowell would be my noble answer. However, I’m usually reading a thriller written by a Navy Seal.

Morning ritual: I have a sweet old labrador retriever named Buddy, and I really enjoy our morning walks.

If you have an extra hour in the day, how would you spend it? With family. They’re everything.

Radio or podcasts? Podcasts. I love long-form interviews.

Which talent would you most like to have? I wish I could play the guitar. I’ve tried and it’s not happening.

What is your greatest fear? Easy, getting stuck in a cave or tunnel without being able to turn around.

Which person do you most admire? It’s a tie between my parents. Both are exceptional role models for different reasons.

What do you consider your greatest achievement? I can’t take credit, but I have two amazing sons.

What do you like best about working at River City Bank? The quality of our products. It’s easy to sell true value.

February 25, 2025

The Evolving Needs of Agribusiness Customers

Patrick Imbach manages River City Bank's Agribusiness Division. He knows firsthand how seasonality and unpredictable business cycles impact the financial outcomes for producers, processors, and distributors. Their expertise includes understanding streamlined operations, ensuring ready access to capital, and optimizing cash flow. These are just a few of the advantages of partnering with a bank familiar with agribusiness's intricacies. We spoke with him to gain his insight into the agribusiness landscape in the region.

What are the specific needs of our agribusiness customers, and how have they evolved over the years?

Essential funding for land, equipment, and operational expenses will always be necessary. Still, over the years, agribusinesses have evolved and become more intricate, requiring more sophisticated banking needs. The complexities and increased costs of agribusiness have forced customers to search for more advanced technologies to enhance productivity, complete sustainable practices to meet market demand and increase the longevity of their operations. There is a greater emphasis on risk management as market volatility, supply chain disruptions, and weather events may have a significant impact on specific operations.

The Bank recognizes the ever-changing agricultural environment and has adapted to meet customer needs. Our goal is to have agribusinesses look to us as a business partner and someone who has extensive knowledge of various agricultural operations and markets to help them make educated decisions related to their agribusiness.

How does unpredictability in the weather impact the needs of our agribusiness customers?

Agribusinesses need support to adapt to unpredictable weather patterns. At River City Bank, we understand that drought is often seen in California, as well as untimely rains and other uncontrollable weather factors that might hurt your crops and bottom line. Understanding the seasonal nature of agribusinesses gives River City Bank a competitive advantage that allows us to provide support to your agribusiness. Flexible financing and terms in times of distress can help farmers and ranchers “weather the storm.” Being by your side through these difficult situations helps strengthen our relationship and understand your agribusiness better.

What financial products or services do you think would best support the growth and sustainability of agribusinesses in our current economic climate?

River City Bank can offer financial products and services that are tailored to your agribusiness needs. We offer competitive lines of credit, real estate loans, and affordable cash management services. Along with our financing and cash management services, we provide robust fraud protection, which is essential in every business.

What strategies has River City Bank implemented to support its agribusiness clients?

In response to the growing needs of our agribusiness clients, we have taken significant steps to enhance our support services. Recognizing the unique challenges and opportunities within the agribusiness sector, we have increased our staff by bringing additional relationship managers and analysts on board.

What role does technology play in modernizing agribusiness operations, and how can banks support clients in adopting these technological advancements?

Technology is crucial in modernizing agribusiness by enhancing productivity, improving sustainability, and facilitating market access. River City Bank can support clients in adopting these technologies by providing financing, training, and partnering with tech providers. We work with agribusinesses with varying degrees of complexity and can help identify areas where your agribusiness might benefit from investing in new technologies and connecting you with the right resources.

February 25, 2025

How to Protect Yourself from Scammers Exploiting the California Wildfires

Devastating wildfires have destroyed neighborhoods in Southern California, leading to the loss of homes and the evacuation of thousands. While the damage appears overwhelming, disaster relief is accessible through nonprofit organizations and state and federal agencies. Sadly, criminals often take advantage of tragedies to defraud those who are most vulnerable. Individuals who want to help those affected or those in need of aid and resources may also become targets for cybercriminals looking to exploit the crisis.

Here are some key things to watch for in the aftermath of a natural disaster.

Stay Wary of Impostors

There are those who will impersonate representatives from FEMA, the American Red Cross, or other disaster relief organizations, offering financial aid in exchange for sensitive details like Social Security numbers or bank account information. Here are some key points about FEMA inspectors to remember:

FEMA inspectors always carry official government identification, which they must show you if you ask to see it.
FEMA never charges inspection fees
Housing inspectors will never ask for a 9-digit registration number

Others will claim to be utility workers or insurance representatives who can help you or need information from you. Often, these individuals will claim immediate payment to keep your coverage or service active. Take the time to independently verify any claims by contacting the company directly using a phone number from their official website or your account documents.

Verify the Legitimacy of Charities

Be cautious if you receive requests for wildfire support via social media, text, or email. It can be hard to tell which charities are legitimate, as scammers may use tactics like manipulating Caller ID and artificial intelligence to appear credible. They often pressure you to donate immediately using untraceable methods like gift cards or wire transfers. Remember, a legitimate charity will never use pressure tactics to solicit donations.

If you're uncertain about the legitimacy of a charity, the Federal Trade Commission provides a list of free tools that can help you decide if one is real. Legitimate crowdfunding platforms like GoFundMe have compiled a list of verified fundraisers, and the company states it has a team to monitor and update the page with legitimate fundraisers.

Contractor & Inspection Scams

For those who have suffered damages from a disaster, rebuilding as soon as possible becomes a top priority. Slow down and take a beat. Be cautious of contractors who may promise immediate repairs in exchange for an upfront payment, only to take your money and run. It's also a red flag if they won't provide you with a written contract, references, or a copy of their license. Be skeptical if a contractor tells you they "know the system" or will do immediate work.

Stay Vigilant and Informed

It's important to independently verify the identity of anyone claiming to offer assistance. Here are other tips to stay vigilant:

Do not trust caller ID—it can be spoofed to appear legitimate. Scammers often use "masking" technology to disguise their contact information, making calls or texts that seem to come from a legitimate organization.
Never share sensitive information such as usernames or passwords over the telephone, email, or text. For example, River City Bank will never contact you unsolicited and request this information.
Be wary of vague programs that don't clearly explain their mission. Research your charity on give.org or charitywatch.org to make sure it's trustworthy.

Together, we can navigate these challenging times while ensuring the safety of our communities and protecting against fraud. To learn more about the latest scam, visit River City Bank's Safety and Security page.

February 25, 2025

Navigating the Digital Frontier: Cybersecurity in a Connected World

Real-world narratives of cybersecurity, international hacking, and surveillance kept over 300 guests riveted at the 2025 Business Outlook at the Sacramento Convention Center early this February.

At this year's Business Outlook, noted journalist and senior writer at WIRED, Andy Greenberg, sat down with River City Bank's COO, Pat Lewis, and CEO of Foresight IT, Eric Johnson, to discuss the dangers of hacker attacks, the dark web, and the importance of being vigilant when it comes to cybersecurity.

After Ms. Lewis presented a review of River City Bank’s record-setting year, the discussion began with a focus on Greenberg's book, Tracers in the Dark, which details the pursuit of cryptocurrency criminals. Mr. Greenberg described how law enforcement uses crypto transactions to trace and identify individuals, often uncovering the criminals behind these transactions. In reference to his book, Sandworm, Mr. Greenberg also detailed how a cyberattack can transcend national borders, crippling the fleets of the world's largest shipping companies, paralyzing global shipping, and resulting in billions of dollars in damages worldwide.

The event highlighted how cyberattacks can disrupt operations, harm reputations, and lead to financial losses. Eric Johnson wrapped up the discussion by describing how businesses can establish a layered defense to protect their data and be prepared with adequate prevention and security measures.

All guests were treated to copies of Mr. Greenberg’s books which he graciously signed in the lobby. It was a memorable event for all!

View scenes from this year’s Business Outlook event.

January 30, 2025

River City Bank Reports 9th Consecutive Year with Record Net Income in 2024 and an Increase in the Quarterly Cash Dividend

SACRAMENTO, Calif. - River City Bank (the Bank) reported its 9th consecutive year of record net income with $73.4 million or $49.90 per diluted share for the year ended December 31, 2024; this was $13.1 million more than the $60.3 million or $40.49 per diluted share for the year ended December 31, 2023. The Bank also reported net income of $21.3 million, or $14.52 per diluted share, for the quarter ended December 31, 2024, which compares favorably to the $16.8 million, or $11.28 per diluted share, for the same period in 2023. The Bank’s earnings for the year ended December 31, 2024 represented a healthy 16.3% return on equity capital and 1.42% return on assets. The Bank’s book value per share rose to $336 as of December 31, 2024 from $287 per share as of December 31, 2023.

The improved net income versus the prior year was driven by the following factors:

Higher loan balances – Average loan outstandings in 2024 were $515 million higher than the prior year and yields on loans increased by 0.39% (including the impact of the fair value hedges), driving the increase in loan interest income.
Deposit growth – Average deposits grew by $734 million compared to the prior year, supporting growth in the Bank’s loans and liquid assets.
Increased investment securities balances and yields – Average investment securities and cash balances grew by $210 million while yields increased from 3.45% in 2023 to 4.76% in 2024.
Stable net interest margin (NIM) – Despite higher deposits costs in 2024, NIM decreased by only 0.08% to 2.66% in 2024 from 2.74% in the prior year. The stable NIM, supported by the Bank’s hedging program, combined with the significant loan growth, allowed the Bank to grow net interest income by $15.8 million in 2024.
The provision for credit losses was $7.5 million in 2024, which was $5.1 million less than the $12.6 million provision expense in 2023. The Bank did not experience any credit losses during the year and the Bank’s Allowance for Credit Losses for Loans was 2.39% of Gross Loans as of December 31, 2024.

The 2024 results and continued growth of the Bank to over $5.1 billion in total assets as of December 31, 2024, demonstrates the appreciation our customers have for the over 50 years of consistently exceptional service the Bank continues to deliver,” said Steve Fleming, president and chief executive officer. "Our loan quality remains pristine with virtually no delinquencies or non-performing loans. We believe we can continue to grow our commercial real estate loan portfolio focusing on loans secured by multi-family, retail, and industrial properties in the western United States, as well as growing loans and deposits with our commercial and agribusiness clients. We will remain diligent with our monitoring of potential impacts to the office segment of our commercial real estate loan portfolio from the reduction in demand as employers continue to provide work-from-home opportunities for their employees. The Bank’s balance sheet remains liquid with $149 million in cash and $701 million in high-quality short duration investments (investment portfolio effective duration of only one year)."

“Operational efficiency remains a core competency for the Bank, as evidenced by our 27 percent efficiency ratio for the year ended December 31, 2024.” said Brian Killeen, chief financial officer of River City Bank. “The Bank’s high-quality investment securities portfolio continues to perform well with relatively small unrealized losses of less than 1.5% and there are no investment securities categorized as held-to-maturity.”

Shareholders’ equity for River City Bank for the year ended December 31, 2024, increased $67 million to $485 million, when compared to the $418 million as of December 31, 2023. The increase was driven by current year retained earnings. The Bank’s capital ratios remain well above the regulatory definition for being Well Capitalized, with a Tier 1 Leverage Ratio of 9.1% as of December 31, 2024.

Additionally, Mr. Fleming announced that the Bank’s board of directors has approved a cash dividend of $0.40 per common share (increased from $0.37) to shareholders of record as of February 12, 2025, and payable on February 26, 2025.

January 13, 2025

River City Bank Announces the Formation of Public Sector Banking Division

The new division will be under the leadership of Rosa Hilmarsdottir Cucicea

SACRAMENTO, Calif. — River City Bank (the Bank) today announced the formation of the Public Sector Banking Division. The new division is under the leadership of Rosa Hilmarsdottir Cucicea, who since 2018 has been instrumental in establishing and growing the Bank’s Clean Energy Division. In the expanded role as Director of the Clean Energy and Public Sector Banking Division, Ms. Cucicea will spearhead the continued growth of the Clean Energy Division while leading a dedicated team focused on Public Sector Banking.

Clean energy and public sector banking share a common foundation in public finance. River City Bank’s Clean Energy Division was formed due to the successful partnership with Community Choice Aggregation (CCA) clients, paving the way for expanded clean energy opportunities. As CCAs serve as both government agencies and clean energy providers, Ms. Cucicea has gained extensive expertise in both sectors. As such, her dual expertise will be pivotal to the success of the new Public Sector Banking Division as the Bank continues to innovate and expand its services to a broader client base.

“Rosa’s decade-long tenure with the bank, proven track record, and deep understanding of public financing make her the ideal leader for this new division,” said Steve Fleming, CEO of River City Bank. “Creating the Public Sector Banking Division reflects our commitment to providing tailored financial solutions to address the unique needs of municipalities and government agencies.”

“I am honored to take on this new challenge and excited to build a team that will further enhance the Bank’s ability to support public sector initiatives. I believe that by combining our strengths in clean energy and public sector banking, we can drive meaningful impact for the communities we serve,” stated Rosa Hilmarsdottir Cucicea. “The establishment of the Public Sector Banking Division is a testament to River City Bank’s dedication to fostering sustainable growth and community development.”

December 3, 2024

12 Days of Holiday Scams

As you shop or donate this holiday season, be vigilant about schemes that may steal your money or personal information.

You can avoid most scams by following a few simple precautions. Always be cautious with social media ads that promote discounted items, holiday events, job opportunities, donation requests, and direct messages from strangers. If you are asked to donate or pay via wire transfer, through a third party, or using a prepaid debit or gift card, tread carefully.

According to the Better Business Bureau (BBB), be mindful of these scams that could cut into your holiday cheer:

1. Misleading Social Media Ads

Be cautious of product advertisements as you scroll through social media. Always research before buying. The Better Business Bureau regularly reports cases where people pay for items they never receive, are charged for unrequested free trials, or receive counterfeit products that differ from what was shown.

2. Social Media Gift Exchanges

This scheme pops back up each holiday season. Versions of this scam revolve around exchanging bottles of wine or bourbon; another suggests purchasing $10 gifts online. Another twist asks you to submit your email to a list where participants get to pick a name and send money to strangers to "pay it forward." Participants may unknowingly share personal information and tricked into sending gifts or money to strangers. This could be an illegal pyramid scheme, so buying gifts from trusted businesses is advisable.

3. Holiday Apps

Apple's App Store and Google Play list dozens of holiday-themed apps where children can video chat live with Santa, light the menorah, watch Santa feed live reindeer, track his sleigh on Christmas Eve, or relay their holiday wish lists. Review privacy policies to see what information will be collected. Be wary of free apps, as they sometimes contain more advertising than apps that require a nominal fee. Free apps can also contain malware. Be sure to read reviews.

4. Fake Toll Collection Texts

If you're driving long distances this holiday season, be wary of fake toll collection texts. Scammers may impersonate state toll services and claim you owe a toll fee, often providing a link for payment. Don't click any links. Verify any toll inquiries directly with the legitimate agency.

5. Free Gift Cards

Nothing brings good cheer like the word "FREE." Scammers are known to take advantage of this weakness by sending bulk phishing emails requesting personal information to receive gift cards. In some of these emails, scammers impersonate legitimate companies and promise gift cards to reward loyal customers. They may also use pop-up ads or send text messages with links saying they were randomly selected as the prize winner. If you have received an unsolicited email with gift card offers, do not open it. Instead, mark it as spam or junk and delete it.

6. Temporary Holiday Jobs

When seeking seasonal work, be wary of opportunities that seem too good to be true. During the holiday season, retailers and delivery services often hire extra staff in response to increased shopping and online orders. It's important to be alert for scams that target job seekers, as these scams aim to steal personal information and money.

7. Impostor Scams

During the holiday season, be cautious of impostor scams, especially while shopping online. Scammers may create fake websites to trick you into downloading malware, making pointless purchases, or sharing personal information. When seeking customer support on social media, be wary of fake accounts pretending to be representatives. To be safe, check the business's official website for verified social media handles or contact information.

8. Fake Charities

The last few weeks of the year are a busy time for charitable donations. Donors are advised to look out for fraudulent charities and scammers pretending to be individuals in need. Avoid impromptu donation decisions to unfamiliar organizations. Responsible organizations will welcome a gift tomorrow as much as they do today. Verify a charity at BBB's Give.org website. Donating to the charity through their website and using a credit card is best.

9. Fake Shipping Notifications

During the holiday season, more online purchases lead to increased notifications about shipping details. Scammers exploit this by sending phishing emails and texts about deliveries, often containing malicious links or requests for unexpected shipping fees. To protect yourself, never click on links in unsolicited messages. Instead, track your package by using the retailer's original confirmation email or text.

10. Advent Calendars

Each year, there are more and more advent calendars sold. In past years, BBB received reports from Scam Tracker about advent calendar ads on social media not being delivered as promised. Some consumers did not receive their calendars; others received inferior products or incomplete orders. Consumers should research before they buy, read reviews, and look up the company on BBB.org before purchasing. BBB also has a shopper's guide to help you buy that niche advent calendar.

11. Holiday Wishlist Items

Low-priced luxury goods, jewelry, designer clothing, and electronics are often cheap counterfeits and knockoffs. The same applies to popular toys. Be cautious when purchasing popular toys from Facebook Marketplace and other platforms from resellers.

12. Puppy Scams

Many families consider adding a furry friend during this time of year. Be cautious of scams. Experts warn that around 80% of online pet advertisements may be fake. Always meet the pet in person or do a Facetime chat and look for online reviews of that seller before making a purchase.

Visit the Better Business Bureau’s website at www.bbb.org for more tips and resources.

October 17, 2024

River City Bank Reports Net Income of $16.2 Million for the Third Quarter of 2024, Net Income of $52.1 Million Year to Date, and a Quarterly Cash Dividend

River City Bank Reports Net Income for Third Quarter of 2024

SACRAMENTO, Calif. - River City Bank (the Bank) reported net income of $16.2 million, or $11.08 per diluted share, for the quarter ended September 30, 2024, compared to $16.3 million, or $10.94 per diluted share, for the same period in 2023. Net income was $52.1 million or $35.38 per diluted share for the nine months ended September 30, 2024, which compares favorably to the $43.6 million or $29.22 per diluted share for the nine months ended September 30, 2023. The Bank’s earnings for the first nine months ended September 30, 2024, represented a healthy 15.7% return on equity. The Bank’s book value per share rose to $324 as of September 30, 2024, from $276 per share as of September 30, 2023.

Significant items impacting quarterly net income for September 30, 2024, and the same period in 2023 include the following:

Higher loan balances and yields – Average loan outstandings were $475 million higher than the prior year quarter, and loan yields increased to 4.48% for the current quarter, compared to 4.08% in the prior year quarter.
Increased investment securities balances and yields – Average investment securities balances grew by $87 million and yields on investment securities increased from 2.67% during the same quarter a year ago to 4.57% in the current quarter.
Deposit growth – Average deposits grew by $638 million compared to the same period a year earlier, supporting growth in the Bank’s loans and liquid assets.
The provision for credit losses for the current quarter was a reversal of $2.0 million compared to an addition of $4.6 million for the prior year quarter. The Bank did not experience any credit losses during the current quarter or for the nine months ended September 30, 2024, and the Bank’s Allowance for Credit Losses for Loans was a robust 2.45% of Gross Loans as of September 30, 2024. For the nine months ended September 30, 2024, the provision for credit losses was $5.0 million compared to $12.5 million for the same period in 2023.
The Bank recognized a $6.2 million loss related to free-standing interest rate swaps during the current quarter compared to $2.4 million gain in the prior year quarter. These swaps were previously designated as cash flow hedges for the purpose of hedging interest rate risk associated with rising deposit costs. The Bank maintains these swaps as part of the Bank’s standard interest rate risk management program. For the nine months ended September 30, 2024, the Bank has recognized a $2.4 million gain related to these interest rate swaps.

“Our customers continue to appreciate the value the Bank provides with over 50 years of consistently exceptional service as evidenced by our significant growth in total assets to over $5.1 billion as of September 30, 2024,” said Steve Fleming, president and chief executive officer. “The Bank’s balance sheet remains liquid with $283 million in cash and $720 million in high-quality short duration investments (investment portfolio effective duration of only one year). At the same time, our loan quality remains pristine with virtually no delinquencies or non-performing loans. We believe we can continue to grow our commercial real estate loan portfolio as we focus on loans secured by multi-family, retail, and industrial properties, as well as expanding our geographic footprint to other western states outside of California. We will remain diligent with our monitoring of potential impacts to the office segment of our commercial real estate loan portfolio from the reduction in demand as employers continue to provide work-from-home opportunities for their employees.”

“Operational efficiency remains a core competency for the Bank, as evidenced by our 27 percent efficiency ratio for the nine months ended September 30, 2024,” said Brian Killeen, chief financial officer of River City Bank. “The Bank’s high-quality investment securities portfolio continues to perform well with relatively small unrealized losses of less than one percent and there are no investment securities categorized as held-to-maturity.”

Shareholders’ equity for River City Bank on September 30, 2024, increased $49 million to $467 million, when compared to the $418 million as of December 31, 2023. The Bank’s capital ratios remain well above the regulatory definition for being Well Capitalized, with a Tier 1 Leverage Ratio of 8.8% as of September 30, 2024.

Additionally, Mr. Fleming announced that the Bank’s board of directors has approved a cash dividend of $0.37 per common share to shareholders of record as of October 29, 2024, and payable on November 12, 2024.

October 7, 2024

Cyberfraud on the Rise in the CRE Industry

By Dan Franklin, Director of Commercial Real Estate, River City Bank

Large financial transactions are a routine part of doing business in the CRE industry, which has made it a prime target for a growing and sophisticated threat: cyberfraud, which has cost companies and investors billions of dollars with devasting financial and reputational consequences.

How does it occur? Cyberfraud can take many forms, but a common scenario involves Business Email Compromise whereby the cybercriminal gains access to the victim’s email. This access is often gained via a phishing attack, which involves the victim accidentally revealing sensitive information (username and password) or installing malware. This tends to occur when the cybercriminal sends an email (but it can also be texts, phone calls, or other communications) that encourages an action, such as clicking a link, often by instilling a combination of fear and sense of urgency (e.g. “fraudulent activity has been detected in your bank account…click here to review transactions”).

Once the criminal intruder gains access, they tend to lie in wait, observing how you conduct business – who you work with, who approves transactions, what transactions are normal, etc. Once they gain sufficient knowledge about your activities, they strike! They might pretend to be an escrow agent and send you updated wire instructions for an upcoming closing. Or perhaps they’ll impersonate your company’s CFO or CEO, instructing you to execute a transaction. It can take many forms, and the criminals are sophisticated and creative. And if their deception works, you could lose millions.

Impact of Being Defrauded. In addition to the material loss of capital, you could also incur operational damages due to transactions not closing, the need to change account numbers, and simply being distracted from your core business in a major way. Furthermore, there could be reputational damages as your tenants, investors, and other business partners may have a deteriorated level of confidence in your firm.

Who are the Cybercriminals? The old stereotypes of a hacker being a young person in a basement or someone that composes an email full of misspellings and poor grammar are long gone. Instead, many modern cybercriminals are sophisticated organizations operating overseas that have training programs, collaboration between hackers, etc. They are organized, sophisticated, adaptive to changes in technology, and will only get better as they adopt modern technologies such as generative AI.

Trending the Wrong Direction. As depicted below, losses from cyberfraud have been trending upward. And for the uninformed potential victim, the threat is even more severe than the data suggests considering that during this same period, companies have been rapidly deploying campaigns to generate awareness of cyberthreats. In other words, we are losing the battle against cyberfraud as the criminals continue to gain more ground each year despite our efforts to counteract it.

What Can You Do?

Verify Wire Instructions Through Multiple Channels. Always confirm wire instructions through a secure, independent communication channel. If you receive an email with updated wire instructions, do not rely solely on that email. Instead, call the recipient using a verified phone number to confirm the details. Avoid using any contact information provided in the suspicious email, as it may be fraudulent.
Use Secure Communication Channels. Avoid discussing sensitive financial information, such as wire instructions, via email. Instead, use encrypted email platforms or secure online portals.
Educate Your Team. Human error was found to be responsible for 68% of incidents according to Verizon’s 2024 Data Breach Investigations Report. It is crucial to educate employees, partners, and key vendors (e.g. property managers) about cybersecurity risks and how to recognize potential scams. Turn-key training programs are available from reputable vendors such as KnowBe4.
Implement Multi-Factor Authentication (MFA). This security measure requires users to verify their identity using two or more methods, such as a password and a one-time code sent to their phone. This additional layer of security makes it much harder for cybercriminals to infiltrate your system.
Be Wary of Last-Minute Changes. Cybercriminals often rely on the sense of urgency that exists right before a transaction closes to make their move. Trust your gut and always verify changes independently as previously mentioned.
Monitor Financial Accounts.If fraud is discovered quickly, you may be able to recover some funds.
Cyberfraud Insurance. Consider purchasing a policy and make sure to review the coverage to ensure wire fraud and business email compromise incidents are covered.

What to Do if You’ve Become a Victim. Immediate action is crucial. Contact your bank and request a wire recall as soon as possible. Additionally, report the incident to the FBI’s Internet Crime Complaint Center (IC3) https://www.ic3.gov and local law enforcement. The sooner you act, the better your chances of recovering the stolen funds.

Cyberfraud is a serious threat to the CRE industry that is only getting worse. At River City Bank, we take it very seriously and have implemented operational best practices accordingly. However, safeguarding financial accounts is a team effort since cybercriminals will naturally gravitate towards the weakest link. Therefore, it’s vital that bank clients participate in the fight by taking certain actions such as those listed above to ensure an overall strong defensive position to this growing threat.

Dan Franklin manages all of River City Bank’s commercial real estate origination activity throughout California and the western United States. Since joining the bank in 2008, Dan has served in various commercial banking roles, including years as Commercial Banking Director, Business Development Officer, and Relationship Manager. A recipient of the Chartered Financial Analyst designation, Dan received his undergraduate and MBA degrees from the University of California at Davis.

September 24, 2024

Meet Lily Dabit

Meet Lily Dabit, River City Bank’s new VP, Deposit Relationship Manager. In this role, she is responsible for managing and developing deposit portfolios in our Commercial Real Estate Division. She previously spent 12 years with First Republic Bank and plans to provide her River City Bank clients with that same high end customer service-oriented approach for which First Republic was well known. We sat down with Lily to chat about her love for the San Diego area and the importance of cherishing every moment, given the fleeting nature of time.

Hometown: Chicago, IL

First Job: Bank Teller. I’ve been in banking for 23 years. When I started as a teller, it was something for me to do during the summer. I was still in high school when I started banking and continued working throughout my education. My plan was always to go to law school, but during the application process, I had second thoughts and continued with banking as my career path.

First Car: Red Monte Carlo

Favorite Quote: “The days are long, but the years are short.” I was told this when I had my first child. Now, I have three, and I cannot believe how fast time has gone by. I cherish this quote because it allows me to savor every moment with my children.

First concert: I saw Mariah Carey in concert when I was twelve. I cried as soon as she came out.

Favorite city to visit: Chicago, IL.

Favorite place to visit: La Jolla, which has a beautiful beach, and the weather is perfect. The Village is the best part, with lots of coffee shops, restaurants, and beautiful scenery. The area is also very special to me personally, as La Jolla Shores is where my husband proposed.

First site or app you check in the morning: E-mail. First, I check my personal emails, then I work through my work emails.

If you have an extra hour in the day, how would you spend it? Snuggling with my children or doing something fun with them.

What is something people would be surprised to know about you? I used to play the violin and flute. Unfortunately, I don’t play any longer.

What is your idea of perfect happiness? As long as my children are happy and thriving, I’m happy.

What did you want to be when you were a child? Teacher or attorney.

Which living person do you most admire? My mother. She seems to be able to do it all, flawlessly.

What is your current state of mind? Happy and excited.

What do you like best about working at River City Bank? The culture and people. River City Bank has hired phenomenal talent who are very intelligent and extremely pleasant to work with. The combination of the wonderful culture and fantastic colleagues provides a lovely work environment.