Biz Buzz

Former San Luis Obispo banker takes over 1st Capital in Monterey

tweber@thetribunenews.comMarch 28, 2013 

Mark R. Andino, former chief financial officer and chief operating officer of American Principle Bank in San Luis Obispo, is now working as president and chief executive officer of 1st Capital Bank of Monterey.

In a news release, 1st Capital said its board unanimously approved appointing Andino to the full-time president-CEO post. He joined 1st Capital last October as chief operating officer, and then became the interim CEO when founding president-CEO Fred Rowden unexpectedly died.

Before that, Andino worked for American Principle Bank, which was launched in San Luis Obispo in 2007. Last August American Principle was purchased by Pacific Western Bank for $58.1 million in cash. Pacific Western took over American Principle branches in San Luis Obispo and Santa Maria. At the time of the takeover, Pacific Western retained Thomas R. Strait, chief banking officer, but other officials of American Perspective were let go, including Andino.

1st Capital, a community bank, was also founded in 2007. It focuses on business financing, commercial lending and specializes in helping health care and agriculture clients. It has offices in Monterey, Salinas and King City.

As of the end of the third quarter 2012, the bank had $303 million in total assets, an increase of 28 percent from the end of September 2011, according to Market Wire news service.

Net income for 2012 was $1.8 million or 54 cents per diluted share vs. $3.1 million or 97 cents per diluted share for 2011, according to Bloomberg Businessweek.

 

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