The Private Bank of the Peninsula, listed No. 42 on the Town Crier 50, changed its name to Avidbank, effective April 1.
“We have emerged from one of the worst financial crises in modern history with our best year ever in 2010,” said Mark D. Mordell, the bank’s chairman of the board.
At the market’s 2010 closing, Private Bank’s holding company, listed as PBKH.OB, was worth $6.10 per share.
“The new brand, ‘Avidbank – advancing your success with innovative financial solutions and service’ – is clear and direct and accurately reflects the bank’s core philosophy and vision,” Mordell said.
In its first-quarter 2011 statement, the bank reported $815,000 net income, a 90 percent increase over the same period last year. The uptick was partially due to a decrease in operating expense of slightly more than $1.5 million and primarily due to interest expenses of $645,000, a 31 percent decrease over last year’s $940,000.
Unaudited assets totaled more than $313 million, a $623,000 increase over the same quarter’s report last year.
Meanwhile, bank officers are still debating whether to change the holding company’s name to align with the name change to Avidbank, according to Steve Leen, chief financial officer. Other changes within the Palo Alto-based company include Bob D’Acquisto’s recent hiring as the corporate finance division’s senior vice president and David V. Campbell’s appointment to Avidbank’s board of directors.
Campbell replaces four-year veteran director Georgie Gleim, president of Gleim the Jeweler, who accepted the board chairwoman position for Jewelers of America.