California BanCorp Names Steven E. Shelton President and CEO

OAKLAND, Calif., May 07, 2018 -- California BanCorp (OTCQX:CALB), the Holding Company for California Bank of Commerce, a San Francisco Bay Area business bank, today announced the promotion of Steven Shelton to President and Chief Executive Officer, replacing Terry Peterson. 

“With the unanimous approval of the Board of Directors, Steven Shelton has been promoted to serve as President and CEO of California Bank of Commerce and California BanCorp, following Terry Peterson’s decision to step down as a Director, President and CEO to enable him to pursue personal endeavors,” said Steve Cortese, Chairman of the Board of both entities.  “California Bank of Commerce continues to prosper.  Steven Shelton, who has been with California Bank of Commerce since its inception, has been integral to this success, with assets having more than doubled and profits having more than tripled in the past five years.”

“Having been a founder of this Bank, I am honored to be named its President and CEO,” said Steven Shelton. “I will continue to work diligently to maintain our strong financial performance and build on our growing momentum. I know I speak for all of our team in wishing Terry well in his new endeavors.”

“It has been a pleasure to work with the skilled bankers at California Bank of Commerce, and I am confident that Steven Shelton will make this transition seamless for our shareholders,” said Peterson.  “I look forward to new adventures in banking and finance.”

Steven Shelton, a resident of Lafayette, California, was a founder of California Bank of Commerce and has served as an Executive Vice President of the Bank since 2007.  Previously, Mr. Shelton served for thirteen years in various executive management positions, including President, of CivicBank of Commerce.  CivicBank was acquired by City National Bank in 2002.

Steven Shelton has a Bachelor of Science in Business Administration and Finance from California State University, Fresno. In addition, he has a Master of Business Administration in Management from Golden Gate University. He has worked in financial management and commercial banking since 1983.

About California BanCorp

California Bank of Commerce offers a broad range of commercial banking services to closely held businesses and professionals located throughout the San Francisco Bay Area. The stock of its parent company, California BanCorp, trades on the OTCQX marketplace under the symbol CALB (formerly CABC). For more information on California BanCorp, call us at (510) 457-3751, or visit us at www.californiabankofcommerce.com.

Source: California BanCorp
Steven E. Shelton (510) 457-3751
President and CEO
[email protected]

Randall D. Greenfield, (510) 457-3769
EVP and Chief Financial Officer
[email protected]