Citizens Business Bank President and CEO Christopher Myers, has decided to retire effective March 15, 2020. The company’s board of directors has begun the leadership transition process.
Myers, who has served as the company’s chief executive since 2006, will remain available to the company as a consultant through December 31, 2020 in order to facilitate a smooth and orderly transition.
“I believe it is the right time for me to step aside and help the bank transition to new leadership,” said Myers. “I want to thank George Borba, Sr. for providing me the opportunity to lead Citizens Business Bank at the relatively young age of 44, 13 years ago. He took a chance on me, and I am forever grateful.”_x000D_
Myers’ tenure as CEO has been defined by strong growth and extraordinary financial results for the company. During his tenure as president & CEO from 2006 until today, Citizens Business Bank’s non-interest-bearing deposits have more than tripled while total deposits and loans are up over 250% and Shareholder’s equity has increased from approximately $375 million in 2006 to over $1.9 billion today. Quarterly earnings per share have grown from $0.21 to $0.37 per quarter and return on average assets has grown from 1.22% to 1.84%. The company’s stock market capitalization, which declined to less than $600 million during the 2009 recession, has now grown to almost $3 billion.
“Chris Myers has a record of unparalleled performance for our organization as our president and CEO, and we are grateful to him for his long and exceptional service as the leader of our management team and as a fellow director,” said Raymond V. O’Brien III, the company’s chairman of the board.”
