Any changes announced to the board of directors of a company are almost always regarded as significant news and may result in greater attention for the stock. On Monday, River City Bank (OTC:RCBC) came on the news cycle after it announced that it had made changes to its board of directors, which went into effect on April 24, 2024.
The company noted that Paul Duncan, who had been a member of the board since 2021, had retired from the board since he had decided to move to California. At the time, it was noted that Duncan was a retired banking sector executive, and since joining River City Bank in 2021, he has made major contributions towards commercial, investment banking, and government strategies.
He also brought a ton of banking experience to the River City Bank board of directors. The President and Chief Executive Officer of River City Bank, Steve Fleming, spoke about the development yesterday. He noted that Duncan brought significant commercial banking experience and topical knowledge to the board of directors.
He went on to note that River City Bank would miss Duncan’s experience and wish him the best for the future. In the news release, the company announced that technology strategist and adjunct lecturer at UC Davis, Eric Johnson, would join the board as a replacement. It was also noted that Johnson had been a partner at a number of IT service-provider companies.
In fact, from 2013 up until 2017, he had been the Senior Vice President-Chief Information Officer at River City Bank. Fleming noted that since Johnson had previously served as the CIO of the bank, he had a good idea about the business model and culture of River City Bank as an organization. It remains to be seen if the River City Bank stock gets any attention today or not.
