|By Marketwired .||
|August 7, 2014 04:30 PM EDT||
SAN JOSE, CA -- (Marketwired) -- 08/07/14 -- Focus Business Bank (OTCQB: FCSB) announced today that Michael R. Ong has been named executive vice president and chief credit officer. Mr. Ong assumed the position of former executive vice president and chief credit officer Kenneth A. Corsello, who retired. Chairman and CEO Richard L. Conniff made the announcement.
As the chief credit officer, Ong is responsible for all lending activity including loan origination, servicing, compliance and asset quality. In addition, Ong is a member of the Bank's executive management team which is charged with executing its long term strategy.
"On behalf of the board of directors and management team, we are fortunate to have someone of Mike's experience to manage the Bank's loan portfolio," Conniff noted. "His years in banking, extensive background in credit administration and intimate understanding of the San Jose business environment provide the Bank with the leadership necessary to continue to grow in a safe and sound manner. His experience managing middle market lending groups combined with his time as a chief credit officer in successful business banks will help guide the Bank to the next level."
Mr. Conniff continued, "This is also a good and appropriate point to recognize the many contributions of Ken Corsello, who was one of the Bank's original employees and the founding chief credit officer. Under Ken's watch, the Bank maintained high credit quality throughout its almost eight year history including the very challenging economic period from 2008 to 2010. Ken was a friend and mentor to all of us and we wish him the best in retirement."
Mr. Ong is a senior executive with a unique background of middle market business leadership combined with decades of senior credit officer experience for well-known commercial banks. In addition to advisory roles as a management consultant with Bay Area based Burke Capital Corporation, he has held positions as co-president, acting CFO, chief restructuring officer and court-appointed receiver. He has provided consulting services to a diverse range of businesses including heavy equipment and consumer products manufacturing, commercial construction, furniture importing and social media. His over thirty-five years of commercial banking experience includes many years as the chief credit officer at three San Jose based banks: Plaza Bank of Commerce, Comerica Bank- California and Heritage Bank of Commerce. He also served as a senior credit officer at First Bank and Wells Fargo Bank.
"I'm excited to be part of the management team of Focus Business Bank," Mr. Ong stated. "The bank's relationship managers are one of the most experienced and knowledgeable teams of business lenders in the Bay Area. I'm looking forward to working with this group of professionals providing customized financing solutions for our clients."
Ong holds a BA in accounting from California State University Fullerton, an MBA from the University of Southern California, and an Executive Award Certificate from the Graduate School of Credit and Financial Management at Dartmouth College. He has been an active member and leader of several community based organizations including: Chairman, California Economic Development Lending Initiative (CEDLI); Fund Advisory Board of the Office of Economic Development for the City of San Jose; Risk Management Association (RMA) Silicon Valley Chapter; and Small Business Loan Source, a subsidiary of First Bank. In 2007, he received the CEDLI Award for Outstanding Leadership and Innovation in Community Economic Development.
About Focus Business Bank
Focus Business Bank is dedicated to meeting the banking needs of closely-held businesses and professionals in Santa Clara County. The Bank also serves not-for-profit organizations and condominium homeowner associations with expertise, market knowledge, products and services tailored to these specific industries. The Bank specializes in business cash management services and commercial loans of all types. The Bank's corporate offices are located at 10 Almaden Boulevard in downtown San Jose, California. Member FDIC.
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