November 20, 2023

Commercial contractors need a banking partner at their side to navigate opportunity and risk

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By Rebecca Fabisch Miller, Executive Vice President and Commercial Banking Director, River City Bank

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With a still-vibrant level of activity and reasons for optimism, Northern California’s commercial contractors remain healthy and strong. Many contractors in the region enjoy a strong backlog in the near-to-medium term.

 

But longer term, questions remain, as they always will in this cyclical – if not sometimes volatile – industry. Faced with fluctuating economic conditions, continued rising interest rates, inflation, a tightening labor market, and unpredictable volatility in the coming years, planning for the more-distant future remains a challenge.

The regional construction industry, estimated at $9.1 billion in 2023 and expected to increase next year, is still likely to fall short of the levels it reached in 2021, according to recent projections. That makes strategic planning difficult, especially for contractors who must weigh the capital costs and minimum level of liquidity they should maintain on their balance sheet.

As an experienced banker with a diverse portfolio of contractor clients at River City Bank, I know the industry has been here before. I’ve seen up close what works, and what doesn’t in positive but uncertain times. And with the western part of the U.S. the only area in the nation to see an increase in construction backlogs this year, I’m also optimistic in the short term.

Still, there are several areas that commercial contractors should prioritize to maximize opportunities and minimize unexpected risks in the long term.

Leveraging cash flow

For the first time in decades, deposits can generate additional revenue. If you’re a commercial contractor with funds sitting in the bank, you can finally earn a meaningful return on your deposits. In fact, River City Bank has several programs that allow its clients to maximize their deposits, while ensuring that up to $150 million has full FDIC insurance. Money market accounts and certificates of deposit can deliver especially attractive interest rates these days. Even retention accounts can generate sizeable income.

Keep in mind, though, that with interest rates rising, commercial contractors should also be careful with capital expenditures. Take care to manage excess cash carefully and avoid incurring unnecessary debt in a period of economic flux. Now is the time to consider renting and/or incurring short-term leases if new equipment is needed to work through the current level of backlog.

Develop a hiring pipeline

Today’s economic environment is unusual in that it is marked by low unemployment. This is critical in the construction industry, where the unemployment rate has fallen below 4% and hiring skilled workers is a challenge.

It’s important to develop a hiring pipeline so you don’t end up overpaying for talent as you compete for new employees. You might consider an example from another industry. At River City Bank, for instance, we recruit at university job fairs and offer a voluntary “banking academy” to teach commercial banking to college students and develop the next generation of talent. We also have a robust summer internship program that often results in a job offer.

That approach can work in any sector. The Sacramento Region Builders Exchange, for example, has similar efforts to entice new people into skilled trades. Contractors would be smart to invest in youth programs and leadership training now to build for the future. One potential source of workers is the new charter high school for the trades in Sacramento, which opened this year.

Plan for succession

Nobody wants to work forever. Contractors need to plan for succession, so when they do turn over the company to new owners, the company doesn’t miss a beat or a client. Some of the best transitions I have witnessed had a succession plan in place as early as 15 years prior to the sale to the new generation of owners.

Contractors need to identify the next generation, then coach and mentor them for their respective future leadership roles. Mentorship programs help create an environment of sharing years of knowledge from the folks about to retire with the newly-hired, younger employees.

As part of this planning, companies should work with their bank early to figure out an appropriate debt structure to facilitate a company sale. Owners don’t want to walk away from something they’ve spent years building without adequate compensation, but they also need to leave behind something of value that can survive.

Your bank is your partner

Many commercial contractors don’t think of using their banker as a true strategic partner, the same way they would with their surety, CPA, and attorney. But they should. If you’re changing your corporate structure, for example, you call your lawyer. Similarly, any operational strategy you pursue will affect your finances. When that happens, you should talk to your bank.

At River City Bank, we have the experience and a portfolio of relationships large enough that we’ve seen the pitfalls and benefits of many strategic actions. Among the many things we’ve learned is that it’s important to stick to what you know. We’ve seen companies bid on larger jobs or those outside of their normal course of work only to lose money because they lacked expertise.

At our bank, we also focus on what we do best – and that is work with you to find solutions for your business. The construction industry is challenging enough. It’s important to find a partner that can help bring stability and success for years to come.

To learn more about our commitment to nonprofit organizations in our communities, or to inquire how we might provide services that support your mission, please visit us here or contact one of our relationship managers at (916) 567-2899.

With assets of over $4.3 billion, River City Bank is the largest independent and locally owned and managed bank in the Sacramento region. With a 50-year track record of success, eight branches, an office in San Francisco, and a presence in Southern California, the bank is rated as one of the strongest in the country.

 

MEMBER FDIC

Rebecca Fabisch Miller has spent her 30-year commercial banking career in Sacramento, working as a relationship manager and regional director at several major banks. She earned her MBA from the University of California, Davis, and has an undergraduate degree in international business and marketing from California State University, Sacramento. She is the treasurer for the California Forest Foundation and has been involved with many local charities.

 

 

October 18, 2023

River City Bank Reports Net Income of $16.3 Million for the Third Quarter of 2023, $43.6 Million Year to Date and a Quarterly Cash Dividend

SACRAMENTO, CA —River City Bank (the Bank) reported net income of $16.3 million, or $10.94 per diluted share, for the quarter ending September 30, 2023, which compares favorably to the $11 million, or $7.43 per diluted share, for the same period in 2022.  Net income was $43.6 million or $29.22 per diluted share for the nine months ending September 30, 2023, which compares favorably to the $36.3 million or $24.51 per diluted share for the nine months ending September 30, 2022.  The Bank’s earnings for the first nine months ending September 30, 2023 represented a healthy 15.4% return on equity capital and 1.34% return on assets.

Significant items impacting quarterly net income for September 30, 2023 and 2022 include the following:

  • Higher loan balances – Average loan outstandings were $513 million higher than the prior year quarter, thereby increasing net interest income.
  • Increased net interest margin (NIM) – For the current quarter, NIM has increased to 2.87% from 2.72% in the prior year quarter.  Year-to-date NIM has increased to 2.86% from 2.59% in the prior year through nine months.  The Bank has seen a benefit in NIM as market rates have increased over these timeframes.
  • The provision for credit losses for the current quarter of $4.6 million was higher than the $3.7 million for the prior year quarter.  The increase in the provision for credit losses in 2023 reflects the growth in the Bank’s loans this year and concern for continued deterioration in the office segment of the Bank’s commercial real estate portfolio.  For the nine months ending September 30, 2023, the provision for credit losses was $12.6 million – notwithstanding an absence of actual loan losses during that period.
  • The Bank recognized $2.4 million in mark-to-market gains on interest rate swaps for the current quarter compared to none in the prior year quarter.  These swaps were recently entered into for the purpose of hedging the medium term fixed rate loans in the Bank’s loan portfolio, as part of the Bank’s standard interest rate risk management program.

“With the Bank’s founding in 1973, we are celebrating 50 years of consistent and reliable service to our customers in 2023 and we are thankful for the goodwill that we have built with our loyal and expanding customer base,” said Steve Fleming, president and chief executive officer. “Notwithstanding the turmoil in the banking industry that was caused by the failure of several banks in the first half of this year, our total deposits have grown significantly from $3.4 billion as of December 31, 2022 to $4.2 billion as of September 30, 2023; as such, the Bank’s liquidity remains healthy.  At the same time, our asset quality remains strong with a very short effective duration (average of 1.1 years) bond portfolio and 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. On the other hand, we continue to see deterioration in 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 high quality investment securities portfolio continues to perform well with relatively small unrealized losses included in accumulated other comprehensive loss within shareholders’ equity (3%) and there are no investment securities categorized as held-to maturity,” said Brian Killeen, interim chief financial officer of River City Bank. “Operational efficiency remains a core competency for the Bank, as evidenced by our 29 percent efficiency ratio, after excluding the interest rate swap mark-to-market gain of $7.7 million, for the nine month period ending September 30, 2023.”

Shareholders’ equity for River City Bank on September 30, 2023 increased $52 million to $405 million, when compared to the $353 million as of December 31, 2022. The increase was primarily driven by current year retained earnings, as well as a $10.2 million improvement in the Bank’s accumulated other comprehensive income position. River City Bank is one of a small percentage of banks in the United States which can claim a positive accumulated other comprehensive income. The Bank’s capital ratios remain well above the regulatory definition for being Well Capitalized, with a Tier 1 Leverage Ratio of 8.6% as of September 30, 2023.

Additionally, Mr. Fleming announced that the Bank’s board of directors has approved a cash dividend of $0.35 per common share to shareholders of record as of October 31, 2023, and payable on November 14, 2023.

July 19, 2023

River City Bank Reports Net Income of $14.4 Million for the Second Quarter of 2023 and $27.3 Million Year to Date

SACRAMENTO, CA —River City Bank (the Bank) reported net income of $14.4 million, or $9.65 per diluted share, for the quarter ending June 30, 2023, which compares favorably to the $8.9 million, or $5.98 per diluted share, for the same period in 2022. Net income was $27.3 million or $18.28 per diluted share for the six months ending June 30, 2023, which compares favorably to the $25.3 million or $17.08 per diluted share for the six months ending June 30, 2022. The Bank’s earnings for the first six months ending June 30, 2023 represented a
healthy 14.8% return on equity capital and 1.35% return on assets.

Significant items impacting quarterly net income for June 30, 2023 and 2022 include the following:

  • Higher loan balances – Average loan outstandings were $470 million higher than the prior year quarter, thereby increasing net interest income.
  • The provision for credit losses on loans for the current quarter of $6.5 million was significantly higher than the $1.3 million for the prior year quarter. The increase in the provision for credit losses in 2023 reflects the growth in the Bank’s loans this year and concern for continued deterioration in the office segment of the Bank’s commercial real estate portfolio.
  • During the prior year quarter, the Bank had recognized a $3.9 million loss on the sale of $34 million of available for sale corporate bonds. The Bank had no investment sales during the current quarter.
  • The Bank recognized $5.3 million in mark-to-market gains on interest rate swaps for the current quarter compared to none in the prior year quarter. These swaps were recently entered into for the purpose of hedging the medium term fixed rate loans in the Bank’s loan portfolio, as part of the Bank’s standard interest rate risk management program.

“With the Bank’s founding in 1973, we are celebrating 50 years of consistent and reliable service to our customers in 2023 and we are thankful for the goodwill that we have built with our loyal customer base,” said Steve Fleming, president and chief executive officer. “Notwithstanding the turmoil in the banking industry that was caused by the failure of several banks in the first half of this year, our total deposits have grown from $3.4 billion as of December 31, 2022 to $3.6 billion as of June 30, 2023; as such, the Bank’s liquidity remains healthy. At the same time, our asset quality remains strong with a very short duration (average of 1.7 years) bond portfolio and 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. On the other hand, we continue to see deterioration in 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 high quality investment securities portfolio continues to perform well with relatively small unrealized losses included in accumulated other comprehensive loss within shareholders’ equity and there are no investment securities categorized as held-to maturity,” said Brian Killeen, interim chief financial officer of River City Bank. “Operational efficiency remains a core competency for the Bank, as evidenced by our 30 percent efficiency ratio,after excluding the interest rate swap mark-to-market gain of $5.3 million, for the six month period ending June 30, 2023.”

Shareholders’ equity for River City Bank on June 30, 2023 increased $31 million to $384 million, when compared to the $353 million as of December 31, 2022. The increase was driven by current year retained earnings, as well as a $4.7 million reduction in the Bank’s accumulated other comprehensive loss. The Bank’s equity continues to be minimally impacted by a slight $477 thousand accumulated other comprehensive loss position as of June 30, 2023. The Bank’s capital ratios remain well above the regulatory definition for being Well Capitalized with a Tier 1 Leverage Ratio of 9.3% as of June 30, 2023.

June 29, 2023

Q+A with Adham Sbeih, CEO of Socotra Capital

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According to the website, Socotra Capital is a private money lender specializing in hard money. Can you explain what “hard money” is?

Socotra Capital is a private money lender specializing in financing real estate investors on projects that may not be possible through traditional methods. As a premier lender, we are filling the space that many banks aren’t filling, whether it be a bridge loan, fix and flip loan, commercial refinance, construction projects, or other real estate projects.

The term “hard money loan” refers to a loan backed by a “hard” asset, such as real estate. If you’re a real estate investor or house flipper and need financing for a deal, a hard money loan might be a solid option to explore.

These types of loans aim to secure a property to renovate or develop and ultimately sell it for a profit. An investor might choose a hard money loan over a conventional loan because of the ease of access to the funds. Lending options from financial institutions often have complicated approval processes and weigh heavily on the borrower for approval. Hard money loans are asset-based and typically secured by a mortgage, so their approval process is much faster.

The company has been in business for 15 years and has become a successful regional loan provider. As a start-up, were there things you learned through the process?

I started Socotra in 2007, and John Ingoglia (my partner who passed away in July 2020) joined me in 2008 right before the Lehman Brothers collapse. Back then, I did everything:

  • Sourced the loans.
  • Found the lenders.
  • Drafted up the loan documents.
  • Collected the payments from the borrower.

In the 15 years since our inception, we’ve learned that there is always room for improvement. Problems happen when things get sloppy, so sticking with and trusting our processes is essential. We always ask ourselves: What can we be doing better? Where can we find additional opportunities? How can we improve?

Head shot of Adham Sbeih
Adham Sbeih of Socotra

Last year Socotra Capital was voted one of the Best Places to Work by the Sacramento Business Journal. What are the key ingredients in hiring and retaining your team?

Socotra hired its first employee in 2008. We are now 31 people strong.

We know that for the team to win, we must also help the individual team members succeed. As a company, we work hard to ensure everyone on the team is respected. There is a relentless pursuit of improving the process and systems to give people opportunities.

We embrace the theory of aggregation of marginal gains, where everyone looks for 1% improvements. Everything we do is driven by and measured against our values. And now that things are starting to open up, we are excited about the opportunities that bring us back to the office. We enjoy the camaraderie and the engagement.

What is your favorite part of the job?

My favorite part is watching people grow and develop. I enjoy challenging our team and seeing them grow and respond. Along the way, we have hired college students as interns. Some have stayed with us after college and have become superstars. I am excited to continue to grow Socotra and provide value to our investors, good loans to our borrowers, and solid careers for our team.

Volunteerism is part of your company’s culture. What community organizations does Socotra support and why?

Since 2009, we have sponsored and organized a summer softball league for commercial realty brokers in Sacramento. The money raised during the season comes from the players who ask sponsors to pledge $20 for each strikeout, hit, or homerun. The league now has several sponsors, raising thousands of dollars each year. Socotra Capital matches the money raised by sponsors and players, and the funds are donated to Los Amigos/Sacramento Children’s Home.

Why the name Socotra? Is there a special meaning behind the name?

Socotra is named after an island off the coast of Yemen in the Arabian Sea. Many residents of mainland Yemen have sought safety from the war on Socotra Island. Socotra’s name stems from the firm’s ability to be an island of refuge for borrowers. The late John Ingoglia, the company’s founding partner, named it as such because he always said the best loans are those made in the ‘depths of uncertainty.’

Socotra’s logo is of a dragon tree, an endangered species that can only be found on the island.

River City Bank is not making a recommendation or endorsement, nor assumes any responsibility or liability for any content or services referenced in this interview.

May 25, 2023

River City Bank adds former Umpqua Regional Director Rebecca Fabisch Miller as EVP, Commercial Banking Director

Head shot of Rebecca Fabish Miller

SACRAMENTO, CA – River City Bank has announced Rebecca Fabisch Miller as Executive Vice President, Commercial Banking Director. In this role, Fabisch Miller will focus on providing services to the Bank’s middle-market commercial clients. She will lead the Bank’s commercial banking team in expanding and enhancing RCB’s commercial deposit and lending presence throughout California. Before joining RCB, Fabisch Miller held a senior commercial banking position with Umpqua Bank, managing a diverse portfolio of clients in the Sacramento region across multiple industries.

“With Rebecca’s proven leadership and tremendous depth of commercial banking experience, we will build on the strengths of our commercial banking team while meeting the unique needs of our clients,” said Steve Fleming, President and CEO of River City Bank. “Rebecca has the client focus, track record, industry experience, and extraordinary talent to lead RCB forward in this segment of the market.”

Fabisch Miller’s expertise includes orchestrating credit arrangements of varying sizes and complexity as direct lender or as the lead bank in syndicated deals.  She has managed a diverse portfolio of clients across multiple industries, including not-for-profit organizations and agriculture. A solutions-oriented banker, Fabisch Miller has extensive knowledge of treasury management, real estate and equipment finance, global and investment banking, derivatives, debt capital markets, and insurance.

“I am excited to join the River City Bank Team,” said Fabisch Miller, Executive Vice President and Commercial Banking Director. “With its headquarters in Sacramento, River City Bank is uniquely positioned to offer customized credit facilities, access to decision-makers, and competitive pricing to middle-market businesses.”

Fabisch Miller earned her MBA from the University of California, Davis and has an undergraduate degree in International Business and Marketing from California State University, Sacramento. She is the Treasurer for the California Forest Foundation and has also been involved with many other local charities. Fabisch Miller is a mother of two and enjoys exercising with friends; she has run sixteen marathons and even more half-marathons.

For more information about River City Bank, visit RiverCityBank.com

April 19, 2023

River City Bank Reports 2023 First Quarter Net Income of $12.9 Million

SACRAMENTO, CA —River City Bank (the Bank) reported net income of $12.9 million, or $8.64 per diluted share, for the quarter ending March 31, 2023, which compares to the $16.5 million, or $11.10 per diluted share, for the same period in 2022. The prior year quarter net income benefitted by several non-recurring revenue sources, as follows:

  • $7.0 million in mark-to-market gains on interest rate swaps for the quarter ending March 31, 2022 compared to none in the current As of March 31, 2023, all of the Bank’s interest rate swap contracts are being accounted for as hedges.
  • $6.9 million gain on sale derived from a true-up related to earn-out provisions from the sale of an investment in the prior year quarter.
  • $443,000 deferred loan fees earned on Paycheck Protection Program (PPP) loans for which the outstanding loan balances were forgiven by the Small Business Administration in the prior year quarter compared to virtually none in the current quarter.

Partially mitigating the above was the reduced provision for loan losses of $1.5 million for the current year quarter compared to $6.4 million in the prior year quarter.

The Bank’s earnings for the quarter ending March 31, 2023 represented a healthy 14% return on equity capital and 1.29% return on assets.

“With the Bank’s founding in 1973, we are celebrating 50 years of consistent and reliable service to our customers in 2023 and we are thankful for the goodwill that we have built with our loyal customer base,” said Steve Fleming, president and chief executive officer. “Notwithstanding the anxiety that was caused by the failure of several banks in the first quarter, our total deposits of over $3.4 billion are essentially unchanged from December 31, 2022; as such, the Bank’s liquidity remains healthy. At the same time, our asset quality remains strong with a short duration (average of 1.7 years) bond portfolio and 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 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.”

“The Bank’s high quality investment securities portfolio continues to perform well with minimal unrealized losses included in accumulated other comprehensive loss within shareholders’ equity and there are no investment securities categorized as held-to maturity,” said Anker Christensen, chief financial officer of River City Bank. “Operational efficiency remains a core competency for the Bank, as evidenced by our 32 percent efficiency ratio for the quarter ending March 31, 2023.”

Shareholders’ equity for River City Bank on March 31, 2023 increased $13.5 million to $366.5 million, when compared to the $353 million as of December 31, 2022. The increase was driven by current year retained earnings as the Bank distributes only a small portion of its net income. The Bank’s equity continues to be minimally impacted by the $4.4 million accumulated other comprehensive loss as of March 31, 2023. The Bank’s capital ratio remains well above the regulatory definition for being Well Capitalized with a Tier 1 Leverage Ratio of 9.3% as of March 31, 2023.

December 20, 2021

Meet Nina Anderson

Nina-Anderson-Running

Nina Anderson is River City Bank’s Vice President, Credit Manager and oversees a team of commercial credit analysts. Her team is charged with analyzing an individual or a businesses’ financial information, along with other factors like the industry outlook and current economic environment, to determine the risk involved in lending money or extending credit.

Here, the UC Davis alumnae talks with us about giving it your all, finding a creative outlet, and how running keeps her centered while holding distractions at bay.

Nina-Running-e1640016459327-680x1024

Morning ritual: I typically try to squeeze in my run or a Pilates class. Then, coffee!

If you have an extra hour in the day, how would you spend it? Probably reading. Admittedly, I don’t make enough time for it as I’d like.

What is something people would be surprised to know about you? I love to run! I ran competitively in high school and for a short stint at UC Davis, and it has become a hobby ever since. I ran my first full marathon in 2019 (shout out to Ken and Riley at RCB for encouraging me to sign up!), and I’m currently training for my second one. People may be even more surprised to know that I don’t listen to music while I run. Without that distraction, running gives me a much-needed opportunity to think and reflect.

Nina and her Mom, Maria
Nina and her Mom, Maria

What is your current state of mind? Heading into the holiday season, I am feeling extra thankful.

What do you consider the most overrated virtue? Patience. While I do think it’s necessary in some cases, I also think it leads to a lot of wasted time and opportunities.

What do you like best about working at River City Bank? I love working for a company that holds true to its values. We employ the very best, which allows us to deliver exceptional customer service and work toward ambitious goals. I can’t wait to see where we are in the next five years.

September 29, 2021

Meet Dominick Carlson

Coastal photo by Dominick Carlson
Coastal photo by Dominick Carlson
Photo by Dominick Carlson

As River City Bank’s Vice President, Credit Manager, Dominick Carlson manages a team of commercial credit analysts tasked with recommending prospective commercial loans for approval based on the loan’s credit assessment.  His team is responsible for identifying the associated risks and evaluating historical business operations, company background, industry outlook, and the current economic environment.

We spoke with the avid photographer about resiliency, the beauty of the Sacramento region, the calming effects of coffee, and seeing the world through a different lens.

Brenna and Dominick Carlson
Brenna and Dominick Carlson
Photo by Dominick Carlson
Photo by Dominick Carlson
February 2, 2021

River City Bank promotes Riley Gardner to Business Development Officer

Sacramento and Reno to serve as focus for relationship building and expansion efforts

SACRAMENTO, CA – Following a challenging yet successful year that saw record net income in 2020, River City Bank announces the promotion of Riley Gardner to the role of Commercial Banking Business Development Officer. Gardner will be responsible for developing new business within the greater Sacramento region and expanding the Bank’s presence into the Reno market. He will focus on providing commercial banking services to businesses in all sectors, including commercial real estate, healthcare, food and agriculture, clean energy, construction, professional services firms, and non-profit organizations.

“Like we’ve seen in Sacramento over the past several years, the Reno market is experiencing significant growth and is shaping up to be the next expansion market on our radar,” said Steve Fleming, President and CEO of River City Bank. “Along with his work here in Sacramento, we’re excited to make Reno a core focus of Riley’s business development efforts as he works to nurture relationships with leaders in a variety of sectors.”

“River City Bank has achieved exceptional growth over the past decade due to a focus on high quality customer service, quick and efficient decision making, and providing banking products and capabilities that meet client needs and save them money,” said Riley Gardner, Business Development Officer at River City Bank. “Working with Steve and the rest of our phenomenal team at River City Bank, I am excited to build more new relationships in the Sacramento and Reno markets, and share the River City Bank experience with more high quality local businesses.”

Gardner brings more than 12 years of experience in business development and commercial portfolio management, having most recently overseen credit analysis for commercial accounts as Senior Credit Analyst at River City Bank. He is also an active member of the Capitol Region Family Business Center where he leads the NextGen group. He has hosted numerous webinars for River City Bank and the Family Business Center focused on the Paycheck Protection Program (PPP) and its loan forgiveness process.

After growing up in Sacramento, Gardner graduated from the University of California, Los Angeles (UCLA) with a Bachelor of Arts in Global Studies with a focus on Economics, and also spent several years working in Asia and the Bay Area in business development roles prior to joining River City Bank.

September 22, 2020

River City Bank adds former Heritage Bank of Commerce SVP Michael McComish to its expanding San Francisco-based team

Bay Area banker to focus on commercial real estate, professional service firms and non-profit organizations as SVP, Relationship Manager

SACRAMENTO, CA – River City Bank continues to add new talent to its San Francisco-based team and announces the addition of Michael McComish as Senior Vice President, Relationship Manager. McComish will be responsible for developing new business within the San Francisco Bay Area, with a focus on commercial real estate, professional service firms, non-profit organizations and private banking. He brings more than 27 years of experience in private and commercial banking, having most recently managed accounts as Senior Vice President, Relationship Manager at Heritage Bank of Commerce.

“The San Francisco business community is dynamic, robust and constantly evolving,” said Steve Fleming, President and CEO of River City Bank. “To aid in our continued expansion throughout the Bay Area, we are pleased to welcome Michael to our team, where he will play a crucial role in solidifying new relationships with businesses and leaders in a variety of industries.”

“Bay Area business leaders are eager to find a banking partner that brings a healthy combination of ambition, agility and sheer capacity to the table,” said Michael McComish, Senior Vice President and Relationship Manager at River City Bank. “I’m excited to introduce them to River City Bank, which brings all of that and more to each relationship and opportunity.”

As SVP, Relationship Manager with Heritage Bank of Commerce, McComish managed a loan portfolio of more than $120 million and a deposit portfolio of more than $100 million. He came into his role at Heritage Bank of Commerce while aiding its acquisition of Presidio Bank, where he had spent more than a decade working with executives and all departments within the bank to develop its deposit and loan portfolios. Since joining Heritage Bank in October 2019, McComish has overseen the growth of its loan portfolio by more than $18 million. Heritage Bank’s acquisition of Presidio Bank was finalized in 2019.

McComish graduated with a Bachelor of Science degree in Social Science from California Polytechnic State University. He currently serves as President of the Society of California Pioneers, where he has also served as a board member since early 2005.