First Professional Bank Names New Chief Executive Officer and Chief Financial Officer

SANTA MONICA, Calif., Nov. 12, 1999 (PRIMEZONE) -- Professional Bancorp, Inc. (AMEX:MDB) today announced the completion of its search for two additions to the executive management team of its subsidiary, First Professional Bank, NA.

The bank named Gene F. Gaines (58) as its chief executive officer. Melinda A. McIntyre-Kolpin remains with the company as president of the bank.

Mr. Gaines joins First Professional Bank, NA following more than three decades of experience in the financial services industry. Prior to his affiliation with First Professional Bank, Mr. Gaines was a senior vice president of SunAmerica Retirement Markets, a unit of SunAmerica, Inc. Earlier, he spent 14 years in commercial banking.

Professional Bancorp, Inc. also appointed Larry Patapoff (45) as senior vice president and chief financial officer of Professional Bancorp and First Professional Bank, succeeding Eric Woodstrom who resigned to pursue opportunities in Northern California. Mr. Patapoff has been a consultant in the financial services and technology industries for more than 15 years. He has consulted with many Southern California institutions, most recently Mercantile National Bank of Los Angeles and Broadway Federal Bank. Earlier, he was the executive vice president and chief financial officer of Golden State Bank.

"I am very pleased to join First Professional Bank," said Mr. Gaines. "The fundamentals of the bank are strong, but given the business environment of the health care industry, and our organization's niche in this market, there are short-term challenges that must be addressed. These strategic management changes will also allow Melinda McIntyre-Kolpin the opportunity to work closely with our existing accounts and focus on expanding the bank's commercial loan business within our niche markets, as well as concentrate on increasing First Professional's franchise value. I look forward to working with the bank's entire team to implement a highly focused strategy that will strengthen the bank's position in its niche and, over the longer term enhance its value to not only our shareholders, but also all of our constituencies.

"To this end, it is important to note that the board of directors and executive team will continue the previously announced focus of exploring strategic alternatives to enhance shareholder value."

Professional Bancorp, Inc., based in Santa Monica, California, is a holding company whose subsidiary, First Professional Bank NA, is a commercial bank that provides a variety of financial services and products to the health care community. The bank's majority owned subsidiary, Professional Bancorp Mortgage, Inc., provides retail and commercial mortgage brokerage products and services.


Contact Data