Biz Buzz: Bank names new president

Gwen Pelfrey, chief operating officer of Coast National Bank in San Luis Obispo, has been promoted to president of the bank.

She has worked for Coast National since July 2008.

“In the two years I’ve been here, I’ve continued to take on more responsibility, so this became recognition of the work I’ve done here at the bank,” she said. The promotion also means that more work will be distributed between Pelfrey and Jack Wauchope, the bank’s chief executive officer and chairman of the board.

Pelfrey has been in the banking business for 40 years, working in operations, lending and executive-level administration. She was executive vice president and chief administrative officer of Heritage Oaks Bank before joining Coast National Bank. It has four full-service local branches, as well as an ATM and night deposit in Los Osos.

With more than $153 million in assets, the bank posted a loss of $241,000 for the first quarter ending March 31, compared to a $505,000 loss in the same quarter in 2009, according to the most recent data from the Federal Deposit Insurance Corp.

— Julie Lynem