Bank of Walnut Creek Leasing Sold
This greeted employees on Monday morning, May 22: "Subject: Exciting News about BWC "Good morning, BWCers! I am pleased to announce that, on May 20, 2006, the Board of Directors of BWC Financial Corp. signed a definitive agreement whereby Bank of Walnut Creek will merge with First Republic Bank, a bank with $9.6 billion in assets, long recognized for their friendly, personalized, old-fashioned banking service. The union of these Banks, who share similar philosophies and similar goals, will provide employees and clients with new opportunities, convenience and benefits. As with BWC, one of First Republic's strategic values is “having fun.” You may have heard radio commercials featuring their tag line: “It's a privilege to serve you” – a statement that mirrors our motto – “Our priority is people.” The merger will give our clients access to First Republic's wealth management and private banking services, along with a continued commitment to exceptional service. First Republic offers free ATMs worldwide, including rebates of others' access fees. First Republic, with headquarters in San Francisco, has offices in 10 major metropolitan areas. Bank of Walnut Creek offices are a strategic fit for FRB and represent an opportunity for them to grow private banking and wealth management in this market. There is no duplication in office locations. BWC Financial Corp.'s majority interest in BWC Mortgage Services has been sold to its president Scott Simonich. The company will continue to be headquartered in San Ramon. The merger is expected to be completed in the fourth quarter of 2006, subject to regulatory approval, other customary conditions and approval by BWC shareholders, with final transition taking place early in 2007. Tom Mantor will stay on as East Bay Regional Managing Director. After the completion of the merger, I'll stay on for six months, and then I'll be spending more time with my grandchildren. It has been my privilege, honor and joy to work with you over the past 25 years. I thank each of you for the important contributions you have made to the success of Bank of Walnut Creek. "To celebrate this exciting happening and to give us an opportunity to meet the management of FRB, we will host a reception and dinner on Wednesday, May 24th at the Walnut Creek Marriott. The reception will begin at 5:30 p.m., followed by a buffet dinner. Please join us for this important event." Leasing News was able to reach Paul Knowlton, president of Bank of Walnut Creek Leasing. He is on the board of directors of the United Association of Equipment Leasing and the Fall Conference Chair. Knowlton told us, “You know as much as I know about it.” Perhaps he will find out tonight at the meeting of all employees, but maybe not. It is like what happened to Ira Romoff, in fact, a few times, the last time he gets ICB Leasing going and Sovereign Bank buys the bank and merges it into their leasing program; he retires, again. Republic Bank in San Francisco is more a "retail" bank, active in the mortgage and SBA programs. Bay Area residents know the bank for its ATM ads: no extra ATM/foreign exchange fees when you use your ATM card overseas. Knowlton may be available. His e-mail address is public: Here is the announcement on the Republic Bank web site: |
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