Leadership Transition at Heritage Commerce Corp: CFO Update

Heritage Commerce Corp Leadership Transition

Heritage Commerce Corp, the holding company for Heritage Bank of Commerce, is currently undergoing a significant leadership change. The Executive Vice President and Chief Financial Officer, Lawrence D. McGovern, is slated to leave the Company in the near future. This announcement marks a pivotal moment for the Company as it prepares for a new chapter in its financial leadership.

Interim CFO Appointment

In light of Mr. McGovern's impending departure, Thomas A. Sa will step into the role of Interim Chief Financial Officer starting November 18, 2024. Mr. Sa, who has been serving as the Chief Operating Officer for the Company and its banking arm, is poised to bring his wealth of experience in the banking sector to this critical position.

Seamless Transition Process

During this transition period, Mr. McGovern will remain with the Company in a supportive role, working closely with Mr. Sa to ensure a smooth handover of responsibilities. This collaboration is expected to facilitate a seamless transition that minimizes disruption within the Company.

Leadership Insights

Robertson “Clay” Jones, Chief Executive Officer of Heritage Commerce Corp, expressed appreciation for Mr. McGovern's long-standing service, spanning over 26 years with the Bank and Company. His dedication has played a critical role in shaping the organization, and his departure signifies a change that brings both opportunities and challenges.

Experience of the Interim CFO

Mr. Sa brings a robust background in banking and securities reporting, having served in leadership roles including Chief Financial Officer at both California BanCorp and Bridge Capital Holdings. His extensive expertise is expected to guide Heritage Commerce Corp during this transition as they search for a permanent CFO.

Financial Integrity Assurance

Importantly, the Company has stated that Mr. McGovern's departure is unrelated to any issues regarding the integrity or accuracy of its financial statements. This clarity is vital for maintaining investor confidence and ensuring that the Company continues on its path of growth.

About Heritage Commerce Corp

Founded in October 1997, Heritage Commerce Corp is the parent organization for Heritage Bank of Commerce, which opened its doors in 1994. The bank operates numerous full-service branches across various locations, delivering quality banking services to its customers. Moreover, it has established itself as a Preferred SBA Lender, catering to the diverse financial needs of small businesses.

Bay View Funding

The Company's subsidiary, Bay View Funding, located in San Jose, California, specializes in offering essential working capital through factoring financing. This serves a wide range of industries throughout the United States, solidifying Heritage Commerce Corp's commitment to supporting the business community.

Contact Information

For further inquiries or detailed information, please reach out to Thomas A. Sa, the Chief Operating Officer of Heritage Commerce Corp. His email address is provided for direct communication regarding any questions that may arise.

Frequently Asked Questions

What prompted the leadership change at Heritage Commerce Corp?

Lawrence D. McGovern is set to depart for personal reasons, leading to the appointment of Thomas A. Sa as Interim CFO.

How long will Thomas A. Sa serve as Interim CFO?

Mr. Sa will take on the Interim CFO role while a search for a permanent replacement for Mr. McGovern is conducted, ensuring stability during the transition.

Will there be any impact on the financial statements of the Company?

No, the Company has confirmed that Mr. McGovern's departure is not related to any issues concerning the reliability of its financial statements.

What is the history of Heritage Commerce Corp?

Heritage Commerce Corp was established in October 1997, becoming the holding company for Heritage Bank of Commerce and providing a range of banking services across several locations.

Who can I contact for more information?

For additional inquiries, you can contact Thomas A. Sa at the provided email address.

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