HEMET, Calif., Oct. 1, 2003 (PRIMEZONE) -- For only the second time in 29 years, The Bank of Hemet is getting a new top executive. Effective Oct. 1, Kevin Farrenkopf becomes Chief Executive Officer of the Hemet-based institution, the only community-based bank serving the Hemet-San Jacinto Valley of Riverside County. He succeeds Jim Jaqua, 60, who served as The Bank of Hemet President and Chief Executive for the past 19 years. Jaqua will continue to serve as Chairman and a consultant to the Bank and remain Chairman, President and Chief Executive of Hemet Bancorp, the bank's holding company.
Farrenkopf, 42, joined the Bank two years ago and was named President last year. "Kevin has done an outstanding job of revitalizing our retail banking operations and he shares the board of director's vision for The Bank of Hemet," said John McDonough, Chairman Emeritus. "He inherits a well-run and profitable institution from Jim, who will continue to work closely with the Board and the Bank."
Under Jaqua's leadership, The Bank of Hemet grew from three offices and $65 million in assets in 1983 to five offices and assets of more than $300 million in 2003. More importantly, The Bank of Hemet has been profitable every year during his tenure. Jaqua also oversaw the Bank's conversion last year from a publicly held company to a privately held "S" Corporation. The new corporate structure allowed The Bank of Hemet to enjoy greater tax benefits and dramatically reduced the number of its shareholders.
"I think it is time for the next generation to take the Bank's reins," said Jaqua. "I have made all the contributions I am likely to make." He also will continue to be active with The Bank of Hemet Fund, a charitable fund administered by the Community Foundation that helps charities in Hemet and San Jacinto and assists Bank employees with educational needs.
Farrenkopf is a 20-year veteran of the banking business. Before joining The Bank of Hemet, he ran the $2 billion retail banking division of Western Financial Bank in Irvine.
He majored in business economics from the University of California, Santa Barbara and has an MBA degree from UCLA. Active in the community, he serves on the board of directors of Exceed, Valley Economic Development Corp. and VHS Service Corp. The Bank of Hemet is the only full-service, locally owned, community bank serving fast-growing Hemet and San Jacinto. Founded in 1974, it has five offices, 80 employees and assets of more than $300 million. In addition, its BankLink subsidiary provides account processing for The Bank of Hemet and three other banks.