Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Manhattan Bancorp (MNHN.OB) Announces the Appointment of President & Chief Executive Officer

Manhattan Bancorp and their wholly-owned banking subsidiary, Bank of Manhattan, N.A. (Bank), announced yesterday the appointment of Terry Robinson as President & Chief Executive Officer of both the Company and the Bank. Mr. Robinson will also serve as a member of the Board of Directors of both the Company and the Bank.

In addition, Manhattan Bancorp announced the appointment of Grant Couch as Chairman of the Board of Directors of the Company and the Bank. Mr. Couch will succeed founding Chairman Kyle A. Ransford, who will continue as a Director of the Company and the Bank.

Mr. Robinson has been a successful Chief Executive Officer of California community banks. He joined Plaza Bank of Irvine, California as Chief Executive Officer in June 2009. Under his leadership, the Bank has grown from $96 million in total assets as of March 31, 2009 to $360 million at September 30, 2010. Earnings have moved from a quarterly loss of $1.4 million for the March 2009 quarter, to a substantial profit in the quarter ended September 30, 2010.

Prior to joining Plaza Bank, Mr. Robinson was President and Chief Executive Officer of The Vintage Bank and their parent company, North Bay Bancorp. Mr. Robinson joined the Napa, California-based bank in 1988. He remained with them until their sale in 2007. Vintage grew from $26 million to $675 million in assets under his leadership.

Mr. Robinson said, “It is a privilege to join such an outstanding team of banking and financial services professionals, the business plan is exciting and promising, and the elements necessary for successful execution are in place. I look forward to working with the team as we implement the plan.”

Mr. Couch has a 35-year career in the financial services industry, beginning with Manufacturers Hanover Trust in 1971 and retiring in 2008 as President & COO of Countrywide Securities Corporation. Since 2009 he has been a Director of MNHN.

Mr. Kyle A. Ransford, in announcing his decision to step down as Chairman, said, “I am very excited about the Company’s prospects going forward. I have great confidence that the team we have assembled and incoming CEO Robinson and Mr. Couch will take the Company to the next level. While I will miss my daily involvement with the Company, I look forward to my continued involvement as a director and founder.”

Mr. Couch stated, “The Board and I want to thank Kyle for his leadership and vision in bringing together a very talented group and building a unique and compelling platform that has a tremendous future.”

Manhattan Bancorp owns Bank of Manhattan, N.A., headquartered in the South Bay area of Los Angeles, California, and Manhattan Capital Markets, LLC, which operates as a full service broker/dealer with emphasis on mortgage products via their wholly-owned subsidiary, Banc of Manhattan Capital, LLC. Manhattan Bancorp’s primary focus is relationship banking and residential mortgages to entrepreneurs, family-owned and closely-held middle market businesses, real estate investors and professional service firms. Manhattan Bancorp has their headquarters in El Segundo, California. They opened for business on August 15, 2007.

For more information visit: BankManhattan.com

Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net



Disclosure: no positions