News Room 2020 Archive

Press Releases from 2020

November 20, 2020 – Exchange Bank Declares Fourth Quarter Cash Dividend – 11.20.2020
October 30, 2020 – Exchange Bank Announces Third Quarter Earnings of $7.98 Million a 1.66% Increase over the Prior Quarter
September 29, 2020 – Exchange Bank Announces Promotion of Celia King to Assistant Vice President and Commercial Relationship Manager II
September 16, 2020 – Exchange Bank Welcomes Lori Crechriou as Vice President, Special Assets Manager
August 21, 2020 – Exchange Bank Declares Third Quarter Cash Dividend – 8.21.2020
August 19, 2020 – Exchange Bank Announces Retirement of Executive Vice President and Chief Financial Officer Greg Jahn
July 27, 2020 – Exchange Bank Welcomes Mary Leonard-Wilson as SVP, Senior Credit Officer
July 24, 2020 – Exchange Bank Announces Second Quarter Earnings – 7.24.2020
July 1, 2020 – Exchange Bank Announces Greg Steele as New Board Member
May 26, 2020 – Exchange Bank Declares Second Quarter Cash Dividend – 5.26.2020
May 21, 2020 – Exchange Bank Announces Change in Leadership; Gary Hartwick Announces Retirement with Troy Sanderson to Succeed as President and CEO
April 30, 2020 – Exchange Bank Reports First Quarter Earnings with Focus on Community Support
April 8, 2020 – Exchange Bank Announces Change of Location for Annual Shareholders’ Meeting
March 23, 2020 – Exchange Bank Supports Local Small Businesses with Online Seminar to Review Coronavirus Government Financial Resource Options
February 21, 2020 – Exchange Bank Declares Increase to Quarterly Cash Dividend – 02.21.2020
January 30, 2020 – Exchange Bank Announces Fourth Quarter and Year Ending 2019 Earnings – 01.30.2020
January 17, 2020 – Exchange Bank Announces Dean Pena as Vice President and SBA Business Development Officer
January 7, 2020 – Exchange Bank Announces Summer Jeffus as Vice President and Regional Business Development Officer

November 20, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer

(707) 524.3218

Exchange Bank Declares Fourth Quarter Cash Dividend

Santa Rosa, CA – On November 17, 2020, the Exchange Bank of Board of Directors declared a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders of record at the close of business on November 27, 2020. The dividend is payable December 11, 2020. The cash dividend is unchanged from the prior quarter’s dividend of $1.20 per share. The dividend has increased from $1.15 per share during the similar quarter ending December 31, 2019, an increase of 4.35%.

50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Forward-Looking Information:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local Bank and the North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—claiming the #1 position in SBA 7(a) lending in Sonoma County for 2020. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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October 30, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer

(707) 524.3218

Exchange Bank Announces Third Quarter Earnings of $7.98 Million a 1.66% Increase over the Prior Quarter

Santa Rosa, CA – On October 30, 2020, Exchange Bank announced results for the third quarter of 2020 with a profit after tax of $7.98 million, compared to $7.85 million in the previous quarter ending June 30, 2020. The operating results of the Bank before provision for loan loss and taxes, increased from $10.81 million during the quarter ending June 30, 2020 to $11.90 million during the quarter ending September 30, 2020, an increase of 10%.

“During this challenging period in which all of our lives have been disrupted by the COVID-19 virus, and more recently the devastating massive wildfires impacting our communities, we continue to support and provide much needed assistance to our customers. In a historically low interest rate environment, we have produced good operating results and our credit quality remains strong. I am extremely proud of the extraordinary efforts of our employees to meet the needs of our customers and support the preservation of jobs in our community,” said Gary Hartwick, president and CEO.

The Bank continues to support its customers, providing payment deferrals to borrowers who have been negatively impacted by the COVID-19 virus. The Bank has also waived ATM and overdraft fees for its consumer and business customers. The Bank expended tremendous resources participating in the SBA Paycheck Protection Program (PPP) under the CARES Act. As a result of this effort, Exchange Bank provided loans to 1,780 small businesses with loan balances totaling approximately $260 million.

The Bank’s net income was $7.98 million, compared to $9.35 million in the third quarter of 2019. The decrease in earnings can be directly attributed to declines in net interest income, non-interest income and provision for loan loss. The Bank’s third quarter 2020 results were heavily influenced by the changing patterns of behavior by both business and consumer clients as well as the fiscal and monetary response of the U.S. Government to the coronavirus pandemic. The Bank’s net interest income declined from $24.92 million during the third quarter of 2019 to $24.08 million during the third quarter of 2020. During a period of time when treasury yields remained anchored near historic lows, the Bank’s margin was negatively impacted by declines in yields on loans and investments that surpassed the Bank’s ability to affect a similar decline in interest expense through a lower cost of funds. The loss of interest income due to lower yields on loans and investments was somewhat offset by the increase in interest income as a result of the growth of $260 million in PPP loans and other liquid investments totaling approximately $180 million.

Non-interest income declined from the $6.20 million in the third quarter of 2019 to $5.22 million during the third quarter of 2020. During the third quarter of 2020, the Bank witnessed significant declines in various elements of deposit service fee income that are directly associated with a weaker level of personal consumption and low interest rates, as well as a reduction in SBA revenue due to the lack of new business formation in the midst of this crisis.

The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $379 million or 16.5%. Much of this increase in deposits occurred during the second quarter of 2020 resulting from business deposits totaling approximately $260 million relating to the deposit of PPP loan funds received by Bank clients. An additional source of deposits totaling $119 million came from both business and consumer clients who chose to hold more liquid assets during this period of great uncertainty. The increase in deposits led to a material decline in deposit service fee income as a result of the waiver of fees associated with higher customer compensating balances. While the deposit balances have remained fairly constant through the third quarter, the Bank expects to witness a significant runoff of the excess deposits due to the unusual and short-term nature as they are used to support small business and consumer related expenses over the next year.

During the nine months ending September 30, 2020, the Bank achieved net earnings of $24.46 million, compared to $27.43 million during the similar nine-month period in 2019, a decrease of $2.97 million or 10.8%. As previously discussed, the low interest rate environment as well as changes in consumption patterns as a result of the pandemic related events combined to have a negative impact on net interest income and deposit-related fee income. During the nine months ending September 30, 2020, a decline in non-interest income totaling $2.26 million, was concentrated in the areas of deposit fee income and SBA income. As a result of declining yields on loans and investments, the Bank experienced a decline of $1.86 million in net interest income for the nine months ended September 30, 2020 compared to the similar period in 2019. These declines in revenue were somewhat offset by the Bank’s focus on controlling operating expenses. Adjusting to an environment of generally slower business activity, the Bank was successful in reducing operating expenses during the nine months ending September 30, 2020 by approximately $600 thousand or 1.2%. The quality of the Bank’s loan portfolio remains strong, however, due to the economic uncertainty that exists today, the Bank elected to strengthen its reserve for potential future losses with a provision for loan loss totaling $900 thousand during the third quarter of 2020. The Bank did not take such a provision for loan loss during the similar quarter in 2019.

“As an organization, we are grateful to be in a position of strength in terms of capital and liquidity that will allow us to continue to meet the needs of our clients and community as we work through this turbulent period together,” said Hartwick.

Exchange Bank paid a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders on September 18, 2020. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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About Exchange Bank

Exchange Bank is a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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September 29, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist

(707) 541-1250

Exchange Bank Announces Promotion of Celia King to Assistant Vice President and Commercial Relationship Manager II

Santa Rosa, CA – On September 29, 2020, Exchange Bank announced the promotion of Celia King to Assistant Vice President and Commercial Relationship Manager II. King has extensive experience in tax, cost and financial accounting, as well as consumer and business lending. Over the past four years, she has served as a key point person in training credit analysts and specialists in Exchange Bank’s Lending department.

Celia joined Exchange Bank in November 1999, working for 13 years in the Rohnert Park branch before being recruited to the Commercial Banking Group as an analyst in 2012, where she managed the support credit functions and the compliance responsibilities of 300+ Bank clients. Celia was promoted to loan officer I in 2016, following the completion of a training assignment.

Celia continued to pursue her education while working at Exchange Bank, and graduated from Dominican University with a bachelor’s degree in Business Administration with an emphasis on Accounting.

Celia is an active volunteer in the community, serving as treasurer for the Roseland Youth Center, and the Analy High School Education Foundation, where she is also an active member of the Analy High School Athletic Boosters. Celia has previously volunteered as a tax preparer for Tax-Aid in San Rafael and will do the same for the United Way’s tax prep program in 2021.

In September, 2019, Celia was appointed to the Sonoma County Workforce Investment Board as a voting member of that organization and has participated in events for a new Latino-focused subcommittee involved in an intensive ESL program funded by the County and the Community Action Partnership (CAP).

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About Exchange Bank

Exchange Bank is a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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September 16, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist

(707) 541-1250

Exchange Bank Welcomes Lori Crechriou as Vice President, Special Assets Manager

Santa Rosa, CA – On September 16, 2020, Exchange Bank announced the hiring of Vice President and Special Assets Manager Lori Crechriou, reporting to Executive Vice President and Chief Credit Officer Michael Sullivan. Lori brings with her over 34 years of community banking experience.

Before joining Exchange Bank, Lori served in lending and credit capacities with several independent financial institutions in the North Bay. Most recently, she was Financial Assistance Manager at Redwood Credit Union leading a team of 26 individuals in all aspects of loan collections, work-outs, modifications and related activities.

From 2001 to 2013, Lori was vice president, special assets manager at Sterling Savings Bank (formerly known as Sonoma National Bank) where she led a team of seven employees in similar loan collection activities. She joined Sonoma National Bank in 1986 and worked in various loan related roles prior to joining Special Assets.

Lori lives in Santa Rosa and is an active volunteer in the community. She enjoys supporting financial education for youth programs and has participated in charitable work at many community and non-profit organizations, including the Redwood Empire Food Bank and the American Red Cross.

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About Exchange Bank

Exchange Bank is a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer Bank and Best Business Bank. The Petaluma People’s Choice Awards named Exchange Bank the Best Local bank and the North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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August 21, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer

(707) 524.3218

Exchange Bank Declares Third Quarter Cash Dividend – 8.21.2020

Santa Rosa, CA – On August 18, 2020, the Exchange Bank (OTC: EXSR) Board of Directors declared a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders of record at the close of business on September 4, 2020. The dividend is payable September 18, 2020. The cash dividend is unchanged from the prior quarter’s dividend of $1.20 per share. The dividend has increased from $1.10 per share during the similar quarter ending September 30, 2019, an increase of 9.10%.

50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Forward-Looking Information:

This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $3.0 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2019 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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August 19, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist

(707) 541-1250

Exchange Bank Announces Retirement of Executive Vice President and Chief Financial Officer Greg Jahn

Santa Rosa, CA – On August 19, 2020, Exchange Bank announced the retirement of Executive Vice President and Chief Financial Officer Greg Jahn as of December 31, 2020. The timing coincides with the retirement of President and CEO Gary Hartwick announced earlier this year and the completion of a two-year long digital and core system conversion that the Bank began in 2019. Jahn has been a member of Exchange Bank’s leadership team for 18 years.

“Greg personifies our core values of respect, integrity, commitment and teamwork. His work ethic is second to none and his contribution to the Bank over the years has been significant,” said Gary Hartwick, president and chief executive officer of Exchange Bank. “I appreciate Greg’s proven financial leadership and we have been fortunate to have someone with his unique combination of financial acumen and sharp wit, making our financial reviews both interesting and amusing. Greg has proven to be a strong leader and outstanding member of Exchange Bank’s Executive Committee. I am proud to call Greg my partner in leading Exchange Bank over the last six years.”

Jahn’s post will be filled by Shari DeMaris who will join Exchange Bank as the new executive vice president and chief financial officer. An Iowa native, Shari brings over 23 years of technical accounting and financial leadership experience within financial institutions.

“Shari will bring to this position a set of impressive financial skills and is the right fit for Exchange Bank,” said Hartwick. “I am extremely confident in Shari’s abilities and believe she will be an outstanding addition to our executive team. The next several months will be active and filled with the promise that comes with change. The Bank is financially strong, is well-positioned for the future and the executive team that will lead Exchange Bank into 2021 is strong, innovative and well-equipped to continue Exchange Bank’s success.”

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About Exchange Bank

Exchange Bank is a 15-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2019 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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July 27, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist

(707) 541-1250

Exchange Bank Welcomes Mary Leonard-Wilson as SVP, Senior Credit Officer

Santa Rosa, CA – On July 27, 2020, Exchange Bank announced the hiring of Senior Vice President and Senior Credit Officer Mary Leonard-Wilson, reporting to Executive Vice President and Chief Credit Officer Michael Sullivan. Ms. Leonard-Wilson brings over 20 years of community banking and executive experience to the Bank’s Credit Administration department.

Before joining Exchange Bank, Ms. Leonard-Wilson served in lending and credit capacities with several independent community banks in the San Francisco Bay Area. Before that, she held a wide range of positions managing teams of lenders in New York, Chicago and New Jersey, with a focus on commercial loan origination and loan portfolio management. She also participated in due diligence and integration teams for a number of bank mergers.

In 1994, Ms. Leonard-Wilson relocated to Napa Valley where she joined National Bank of the Redwoods (NBR) as head of Commercial Lending, assuming additional responsibilities as senior loan officer and chief credit officer until the bank’s merger with Westamerica Bank in 2005. In 2006, Ms. Leonard-Wilson co-founded Presidio Bank with the former NBR CEO and served as its chief credit officer, growing the bank to over $900 million in assets and over $700 million in loans before merging with Heritage Bank of Commerce in October 2019.

Ms. Leonard-Wilson holds a bachelor’s degree from Colgate University in English. She has lived in Calistoga since 1994 and has been active in the community, serving in leadership and board capacities for several community and non-profit organizations, including the Santa Rosa Metro Chamber of Commerce and Western Bankers Association’s Lenders Conference Task Force.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.8 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 14-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2020 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2020 Best Consumer and Best Business Bank. The North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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July 24, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer

(707) 524.3218

Exchange Bank Announces Second Quarter Earnings – 7.24.2020

Santa Rosa, CA – On July 24, 2020, Exchange Bank announced results for the second quarter of 2020 with a profit after tax of $7.85 million, compared to $8.63 million in the previous quarter ending March 31, 2020.

“As we navigate through this period of extreme uncertainty created by the coronavirus pandemic, the Bank continues to respond to the needs of our clients and community. Our current focus is on the health and well-being of our employees and customers. We have waived certain deposit-related fees and provided payment deferrals to many loan clients who have been negatively impacted by the COVID-19 virus. We have also expended tremendous resources participating in the SBA Paycheck Protection Program (PPP) under the CARES Act. As a result of this effort, we have extended credit to 1,696 of our clients through PPP loans, totaling loan balances of approximately $255 million. We are grateful for the opportunity to support the preservation of jobs in our community and extremely proud of the extraordinary efforts of our employees to meet the needs of our customers,” said Gary Hartwick, president and CEO.

The Bank generated a net income of $7.85 million as compared to $9.01 million in the second quarter of 2019. The decrease in earnings can be attributed to declines in both net interest income and non-interest income. The Bank’s second quarter 2020 results were heavily influenced by the changing patterns of behavior by both business and consumer clients as well as the fiscal and monetary response of the U.S. Government to the coronavirus pandemic. The Bank’s net interest income declined from $24.01 million during the second quarter of 2019 to $23.19 million during the second quarter of 2020. During a period of time when treasury yields were in a long, steady, downward decline that accelerated to historical lows with the onset of the coronavirus pandemic, the Bank’s margin was negatively impacted by declines in yields on loans and investments that could not be equally matched by declines in the Bank’s cost of funds. The loss of interest income due to lower yields on loans and investments more than offsets the increase in interest income as a result of the growth of $255 million in PPP loans and other liquid investments totaling approximately $179 million.

At the same time, non-interest income declined from the $6.04 million in the second quarter of 2019 to $4.74 million during the second quarter of 2020. During the second quarter of 2020, the Bank witnessed significant declines in several areas of non-interest income that are directly associated with a weaker level of personal consumption, such as interchange fees and overdraft fee income, as well as reduction in SBA revenue due to the lack of new business formation in the midst of this crisis.

The Bank experienced a dramatic increase in deposit balances which were up year-over-year by approximately $415 million or 18%. Much of this increase in deposits occurred during the second quarter of 2020 and were the result of PPP loan funds received by Bank clients. An additional source of deposits totaling approximately $155 million came from both business and consumer clients who chose to hold more liquid assets during this period of great uncertainty. This increase in deposits led to a material decline in deposit service fee income as a result of the waiver of fees associated with higher customer compensating balances. The Bank expects to witness a significant run-off of this recent deposit growth due to the unusual and short-term nature of these excess deposits as funds are used to support small business and consumer related expenses over the next year.

During the six months ending June 30, 2020, the Bank achieved net earnings of $16.49 million, compared to $18.08 million during the similar six-month period in 2019, a decrease of $1.59 million or 8.8%. The decline was driven by the same declines in net interest income and non-interest income as described previously and which occurred primarily during the second quarter of 2020 as a result of pandemic-related events. During the six months ending June 30, 2020, the growth in the Bank’s Trust and Investment Management business, which was up approximately $340 thousand, helped offset larger declines in deposit fee and SBA income, compared to the similar six-month period in 2019. The increase in Trust revenue was largely the result of a recent acquisition of Trust business in the South Bay.

“Given the significant negative impact of the coronavirus pandemic on businesses and households, the Bank is relatively pleased with the second quarter results. While our outlook for a quick economic turnaround is guarded, the Bank is well-positioned to meet future challenges that may arise. We entered this pandemic from a position of strength, with levels of capital, liquidity and reserves for loan losses near record levels,” said Mr. Hartwick.

Exchange Bank paid a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders on June 19, 2020. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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About Exchange Bank

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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July 1, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist

(707) 541-1250

Exchange Bank Announces Greg Steele as New Board Member

Santa Rosa, CA – On July 1, 2020, Exchange Bank is pleased to announce Greg Steele as the newest member of Exchange Bank’s Board of Directors, effective July 1, 2020. Mr. Steele brings a wealth of technology and executive management expertise combined with entrepreneurial leadership experience in engineering and operations. He has served in leadership roles for several local Sonoma County start-up companies including Advanced Fibre Communications and Enphase Energy. He most recently served as vice president of operations and chief of staff for Bossa Nova Robotics in San Francisco.

“On behalf of the Exchange Bank Board of Directors, I am enthusiastic in seeing Greg come on board. Greg fully shares our values, and his impressive background in technology, executive management and community leadership make him an excellent fit for this position,” said Bill Schrader, chairman of the board.

Mr. Steele has a long history of community service in Sonoma County. He has chaired the United Way of Sonoma County, the Wells Fargo Center for the Arts and is currently on the Board of Catholic Charities of the Diocese of Santa Rosa.

Mr. Steele currently serves on the Caritas Village Capital Campaign Board.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.8 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Exchange Bank is a 14-time winner of the North Bay Business Journal’s (NBBJ) Best Places to Work survey, a recipient of the 2019 North Bay Community Philanthropy Award and the 2019 Healthiest Companies in the North Bay Award. NorthBay biz magazine named Exchange Bank the 2019 Best Consumer Bank and Gold Medal Winner for Best Business Bank. The North Bay Bohemian’s Best of 2019 Readers Poll named Exchange Bank the Best Business Bank and Best Consumer Bank. Exchange Bank can also be found in the NBBJ’s Book of Lists as a leading lender and wealth management advisor—claiming the #1 position in SBA 7(a) lending in Sonoma County for 2019. www.exchangebank.com.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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May 26, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer

(707) 524.3218

Exchange Bank Declares Second Quarter Cash Dividend

Santa Rosa, CA – On May 19, 2020, the Exchange Bank Board of Directors declared a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders of record at the close of business on June 5, 2020. The dividend is payable June 19, 2020. The cash dividend is unchanged from the prior quarter’s dividend of $1.20 per share. The dividend has increased from $1.10 per share during the similar quarter ending June 30, 2019, an increase of 9.10%.

50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Forward-Looking Information:

About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.8 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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May 21, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist

(707) 541-1250

Exchange Bank Announces Change in Leadership; Gary Hartwick Announces Retirement with Troy Sanderson to Succeed as President and CEO

Santa Rosa, CA – On May 21, 2020, Exchange Bank President and CEO Gary Hartwick announced his retirement as of December 31, 2020. Hartwick joined Exchange Bank in January of 2009 and served as the chief credit officer and chief operating officer before assuming the role of president and CEO in March of 2014. In his 12 years of distinguished service with Exchange Bank, Gary has provided positive leadership and a well‑executed strategic vision. He has served on the Bank’s Board of Directors since 2014 and will remain on the Board and continue to be active in Sonoma County, where he resides.

The Board has named current Executive Vice President and Chief Banking Officer Troy Sanderson in the succession plan to fill the role of president and chief executive officer, and looks forward to a long and productive relationship. Troy will assume the role of president and chief executive officer as of January 1, 2021.

“On behalf of the Board of Directors at Exchange Bank, I would like to offer my sincere thanks to Gary for his years of service. He has faced and successfully battled through a set of unprecedented challenges beginning with the collapse of the real estate market in 2008, followed by the heartbreak and widespread impact from two major wildfires and today’s virus pandemic. Through it all, with determination and professionalism, his steady leadership has been enormously influential in restoring our Bank’s performance back to the very elite, upper-quartile of community banks across the country. His wisdom and experience will be a positive influence and valuable resource to Troy Sanderson, our next president and chief executive officer,” said Bill Schrader, Chairman of the Board of Exchange Bank.

Troy Sanderson has been in banking since 1989. He joined Exchange Bank in October 2018 and has been instrumental in the strategic direction of our online and digital delivery channels. He holds a Bachelor’s degree in Business Administration from California State University, Sacramento and graduated with honors from the Pacific Coast Banking School.

“I am excited for Troy and his promotion is certainly well deserved,” said Gary Hartwick, president and chief executive officer. “Troy is an experienced community banker and is the right fit for Exchange Bank and the community values that we hold.”

As a Sonoma County native with family roots in the County going back over 100 years and a leader in the Petaluma community, Troy will bring to his new position a set of impressive financial skills, an intimate insight of Sonoma County and community bank leadership experience acquired in his 31‑year career.

“Exchange Bank has been a cornerstone of this community for 130 years,” said Troy Sanderson, executive vice president and chief banking officer. “I am honored to have the opportunity to lead this important local institution going forward, continuing our legacy of investing in people, business and community to build a strong future.”

“It has been an honor to serve this remarkable organization. Having been only the eighth president in our history is something I will always hold in the highest esteem,” said Hartwick. “Exchange Bank is a fabulous company with dedicated employees who are committed to our mission and to serving our customers and our community. I am proud of the achievements we have accomplished together during my tenure. A very special thank you to all of our employees.”

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.8 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial branch in Roseville, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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April 30, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer

(707) 524.3218

Exchange Bank Reports First Quarter Earnings with Focus on Community Support

Santa Rosa, CA – On April 30, 2020, Exchange Bank announced results for the first quarter of 2020 with a profit after tax of $8.63 million, compared to $9.07 million in the previous quarter ending December 31, 2019.

“We are in unprecedented times,” said Gary Hartwick, president and CEO. “During the first quarter, Exchange Bank responded to the needs of our customers as a result of the COVID-19 pandemic. Since our founding in 1890, we have stood by our customers through the best and worst of economic times. Our current focus is on the health and wellbeing of our employees and customers. Before we begin discussion of our first quarter financial results, we want to let our customers and community know that we are here to provide support during this crisis. To this end, we have provided support to all of our employees by retaining them at full pay, even with reductions in work schedules. In support of our customers, we have waived certain deposit related fees and provided payment deferrals to many loan clients who have been negatively impacted by the coronavirus crisis. We have also expended tremendous resources participating in the SBA Paycheck Protection Program under the CARES Act. The tireless work and dedication of our employees to meet the needs of our customers in nothing short of spectacular,” stated Hartwick.

The Bank’s net income of $8.63 million, compared to $9.07 million in the first quarter of 2019, shows a decrease in earnings which can be attributed to a slight decline in net interest income during a period of declining interest rates, combined with normally scheduled increases in operating expenses. The Bank’s net interest income declined marginally from $24.1 million during the first quarter of 2019 to $23.9 million during the first quarter of 2020. “During a period of time when treasury yields were in a long, steady downward decline that accelerated to record lows with the onset of the coronavirus pandemic, prudent management of the Bank’s balance sheet contributed to a margin that declined only slightly, falling from 3.83% during the first quarter of 2019 to 3.82% during the first quarter of 2020,” stated Greg Jahn, executive vice president and CFO.

The Bank’s margin was bolstered by a better mix of interest earning assets, as higher yielding loans increased by approximately $80 million year-over-year, funded primarily by a decrease in lower-yielding investment securities. Credit quality remains strong, as such—there was no provision for loan losses in the first quarter. The slight decline of $28 million in deposits masks the true growth in underlying core deposits. The decline in deposits is distorted by the withdrawal of approximately $137 million in fire-related insurance deposits which had been temporarily placed at the Bank as a result of the devastating wildfires occurring late in 2017. As the rebuild efforts have continued, those clients have had the opportunity to utilize cash reserves from their insurance proceeds held at the Bank to rebuild or relocate their primary residence. The Bank expects this trend of deposits utilized to support the rebuild efforts to continue throughout 2020. The deposit decline of $28 million, after accounting for runoff of $137 million in insurance related deposits, resulted in the growth in the stable base of core deposits of approximately $109 million.

While non-interest income during the first quarter of 2020 was almost unchanged from the $5.86 million recognized during the first quarter of 2019, the Bank began to witness significant declines in several areas of non-interest income that are associated with the weakening in personal consumption, such as interchange fees and overdraft fee income. These declines, which began to surface as a result of the coronavirus pandemic and the associated implementation of social distancing measures, were generally offset by an increase in Trust and Investment Management fees. The increase in Trust revenue was positively impacted by the acquisition of approximately $70 million of Trust assets from First American Trust and Savings in the South Bay market. This acquisition was completed in the second quarter of 2019 and added revenues of approximately $250 thousand during the quarter ending March 31, 2020.

Exchange Bank paid a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders on March 20, 2020. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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About Exchange Bank

Headquartered in Sonoma County and founded in 1890, Exchange Bank is a premier community bank with assets of $2.6 billion. Exchange Bank provides a wide range of personal, commercial and trust and investment services with 18 branches in Sonoma County and a commercial and SBA lending office in Roseville and Marin, California. The Bank’s legacy of financial leadership and community support is grounded in its core values of Commitment, Respect, Integrity and Teamwork.

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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April 8, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist

(707) 541-1250

Exchange Bank Announces Change of Location for Annual Shareholders’ Meeting

Santa Rosa, CA – On April 8, 2020, Exchange Bank gave public notice that due to health and safety concerns surrounding the coronavirus, this year’s scheduled Annual Meeting was adjourned to April 24 at 10:00 a.m.; however, to comply with public health mandates, it will be held over the Internet in a virtual meeting format only. You will not be able to attend the Annual Meeting in person. The meeting will be much briefer than normal and will be limited to providing legally required information and the election of a Board of Directors. Further, after conclusion of the meeting there will not be a presentation by management as in prior years. A comprehensive report of the Bank’s performance and objectives was included in the shareholder report sent to you. If you have any questions on that material, however, please direct them in writing to Marlene Soiland, Corporate Secretary, P.O. Box 403, Santa Rosa, CA, 95402. You may also contact the Chairman directly at Bill.Schrader@exchangebank.com Shareholder questions will be answered as completely and as promptly as possible.

If you were a shareholder of record as of the close of business on February 21, 2020 and have your control number, you may vote during the Annual Meeting by following the instructions available on the meeting website. The virtual meeting will be hosted on Friday, April 24, 2020 at 10:00 a.m. (PDT) by logging into www.meetingcenter.io/282836634. The password for the meeting is EXSR2020. For registered shareholders, the control number can be found on your proxy card you previously received.

If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Annual Meeting. To register you must submit proof of your proxy power (legal proxy) reflecting your Exchange Bank holdings along with your name and email address to Computershare. Requests for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m. (EDT) on April 20, 2020. You will receive a confirmation email from Computershare of your registration.

Requests for registration should be directed to Computershare at the following address:

By email: Forward the email from your broker, or attach an image of your legal proxy to legalproxy@computershare.com.

Please note that the proxy card included with the proxy materials previously distributed will not be updated to reflect the change in location and may continue to be used to vote your shares in connection with the Annual Meeting.

On behalf of your Board of Directors, thank you for your cooperation and continued support.

William R. Schrader – Chairman of the Board

Gary Hartwick – President & CEO

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About Exchange Bank

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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March 23, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media Specialist

(707) 541-1250

Exchange Bank Supports Local Small Businesses with Online Seminar to Review Coronavirus Government Financial Resource Options

Santa Rosa, CA – On March 23, 2020, Exchange Bank, in partnership with Sonoma County Tourism, Sonoma County Vintners and Sonoma County Winegrowers, is pleased to announce a 45-minute online seminar to review the government’s Small Business Administration (SBA) Economic Injury Disaster Loans and the financial resource options available to businesses during the COVID-19 pandemic.

Exchange Bank’s SBA financial officers will present “Understanding the Coronavirus Government Financial Resource Options for your Business” through an online WebEx presentation designed to provide straightforward information about the government’s newly announced SBA Disaster Loan program and other resources for businesses suffering substantial economic injury as a result of the coronavirus. Attendees will learn what the SBA Disaster Loan program is, how loans are qualified and the steps to apply. An anonymous Q&A session will follow to allow business owners time to ask questions specific to their business situation.

Exchange Bank presenters will include Joe Smith, SVP and manager of Small Business Administration, Tony Uribe, VP and Small Business Administration underwriting supervisor and Summer Jeffus, VP and regional business development officer.

In an effort to accommodate as many registrants as possible, the seminar will be presented three times. A recording of the presentation will be made available following the event.

Dates and registration links:

Wednesday, March 25 at 10am (PT)

Wednesday, March 25 at 2pm (PT)

Thursday, March 26 at 2pm (PT)

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About Exchange Bank

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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February 21, 2020

Contact: Greg Jahn, EVP, Chief Financial Officer

(707) 524.3218

Exchange Bank Declares Increase to Quarterly Cash Dividend

Santa Rosa, CA – On February 19, 2020, Exchange Bank declared a quarterly cash dividend of $1.20 per share on common stock outstanding to shareholders of record at the close of business on March 6, 2020. The dividend is payable March 20, 2020. The cash dividend of $1.20 per share represents an increase of $.05 over the prior quarter’s dividend of $1.15 per share. The dividend has increased from $1.05 per share during the similar quarter ending March 31, 2019, an increase of 14.3%.

50.44% of the Bank’s cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

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Forward-Looking Information:

About Exchange Bank

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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December 20, 2019

Contact: Greg Jahn, EVP, Chief Financial Officer

(707) 524.3218

Exchange Bank Announces Fourth Quarter and Year Ending 2019 Earnings

Santa Rosa, CA – (January 30, 2020) – Exchange Bank (OTC: EXSR) today announced results for the fourth quarter and year ending 2019, reporting net income after taxes of $9.07 million in the fourth quarter of 2019, compared to $9.01 million for the same quarter in 2018, an increase of 1%. On the strength of growth in net interest income of almost 4%, the Bank achieved net income for the year ending December 31, 2019 totaling $36.50 million. While net income for 2019 came in slightly lower than the $38.51 million recorded in 2018, when adjusted for elements that were unusual to our normal sources of revenue and expense, the true outstanding results of 2019 as compared to 2018 become evident.

During 2019, the Bank undertook a major bank-wide initiative of converting its existing online and mobile banking platform to a new state-of-the-art digital platform. As a result of this successful initiative, the Bank recognized operating expenses totaling approximately $1.86 million that were not present during the similar 12-month period in 2018. Additionally, during 2018, the Bank recognized an unusually large gain of $3.25 million on the sale of other real estate owned (OREO) that did not exist in the similar year ending December 31, 2019. Absent this unusual gain of $3.25 million in 2018 and the one-time expense of $1.86 million relating to the Bank’s digital conversion in 2019 (both adjusted for the impact of taxes), the Bank would have experienced net income of approximately $36.17 million in the year ending December 31, 2018 compared to net income of $37.84 million during the year ending December 31, 2019, an increase of 4.6%.

The following table sets forth a reconciliation of GAAP net income to normalized earnings by removing OREO gains from 2018 and removing unusual operating expenses relating to the Bank’s digital conversion in 2019, both adjusted for the impact of associated income tax expense.

(All $ in millions)	2019	2018
	$36.50	$38.51
OREO Gain		(3.25)
Digital Conversion Operating Expenses	1.86
Provision for income tax	(.52)	.91
Net income after tax	$37.84	$36.17

“We believe that our investment in technology in the form of a robust online and mobile banking platform is a valuable investment in our customers and in our future. Our ability to meet the changing needs of our clients and to allow our customers to bank whenever and wherever they want will always remain a priority at Exchange Bank,” said Gary Hartwick, president and CEO.

The Bank continues to experience growth in its primary business of meeting the credit needs of its communities. In this regard, the Bank experienced strong growth in net interest income, which increased from $93.3 million in 2018 to $96.9 million 2019, an increase of 3.84%. Contributing to the positive trend in net interest income was growth in the loan portfolio of approximately $67 million, an increase of 4.4% over similar balances as of December 31, 2018. Additionally, the Bank’s increased net interest income was strongly influenced by the generally rising interest rate environment during much of 2018. As a result of the lagged effect of higher treasury yields during much of 2018 as well as prudent management of the balance sheet, the Bank was able to increase its net interest margin from 3.73% during the 12 months in 2018 to 3.89% for the similar period ending December 31, 2019. Due to the material decline in interest rates during 2019, the Bank will be challenged to continue this expansion of net interest margin into 2020.

The Bank’s balance sheet growth during the year ending December 31, 2019 was somewhat inhibited as the Bank continued to witness deposit withdrawals from clients who were impacted by the wildfires of 2017. As the rebuild efforts have continued to accelerate, those clients have had the opportunity to utilize cash reserves from their insurance proceeds held at the Bank to rebuild or relocate their primary residence. As a result, the Bank estimates that approximately $150 million of deposits related to insurance proceeds were utilized by clients and exited the Bank during 2019. This runoff of insurance-related deposits was largely offset by organic growth in deposits totaling approximately $122 million, leaving the Bank with a net decline in total deposits of $25 million, as total deposits declined from $2.380 billion at December 31, 2018 to $2.355 billion at December 31, 2019. The Bank’s net growth in deposits will continue to be challenged by deposit runoff utilized to support the rebuild efforts throughout 2020.

When excluding the OREO gain of $3.25 million from non-interest income during the year ending December 31, 2018, non-interest income would have increased from $22.5 million to $24.2 million during 2019. This 7.6% increase in non-interest income year-over-year was primarily driven by an increase of approximately $1.3 million in revenue generated by our Trust and Investment Management business. In addition to organic growth of approximately $500 thousand in the Sonoma County market, approximately $800 thousand of growth in Trust revenue was the result of recent acquisitions of Trust business in the Sacramento and South Bay markets.

Operating expenses for the year ending December 31, 2019 increased by $4.7 million or 7.2% over the similar period in 2018 as the Bank continued to invest in technology and personnel necessary to support future growth. The Bank recognized approximately $1.86 million of expenses during 2019 relating to the implementation of a new online and mobile banking platform that are spread between salaries, professional fees and other expenses. Exclusive of these non-recurring expenses, the Bank’s total operating expenses would have increased by $3.0 million or 4.6%.

“2019 was another year of exceptional performance for Exchange Bank. The dedication and teamwork of our employees to support and serve our clients and our strong partnerships and support in our community are a winning combination for our continued success,” said Mr. Hartwick.

The Bank’s credit quality remains strong, with non-accrual loans of just 0.33% of total loans at December 31, 2019. Despite continued loan growth, as a result of the continued improvement in asset quality and a limited amount of net charge offs, the Bank did not make any provision for loan losses in 2019 and was able to maintain a ratio of loan loss reserves to total loans of 2.52%. In addition, the Bank’s capital ratios remain well in excess of the regulatory definitions of “well capitalized.” As of December 31, 2019, the Bank reported total risk-based capital of 15.79%.

Exchange Bank paid a quarterly cash dividend of $1.15 per share on common stock outstanding to shareholders on December 13, 2019. 50.44% of the cash dividend goes to the Doyle Trust which funds the Doyle Scholarships at the Santa Rosa Junior College.

Reconciliation of GAAP Net Income to Normalized Earnings

Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in the Company’s financial position reflected in the current quarter and year-to-date results and facilitate comparison of our performance with the performance of our peers.

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Forward-Looking Information:

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors—many of which are beyond the Company’s control—could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

About Exchange Bank

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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January 17, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media

707.541.1250

Exchange Bank Announces Dean Pena as Vice President and SBA Business Development Officer

Santa Rosa, CA – (January 17, 2020) – Exchange Bank (OTC: EXSR) announces the hiring of Dean Pena as vice president and SBA business development officer. Dean will serve as the sole SBA officer for the Greater Sacramento area, utilizing his numerous years in commercial lending and business contacts with various professional organizations including ACRE, CALCPA and Placer-Nevada County Medical Society.

Before joining Exchange Bank, Dean was a relationship manager targeting owner/user commercial real estate and C&I in the professional industry for California Bank and Trust in Roseville and then Sacramento. Prior to that, he helped roll out the Small Business Banking team in Sacramento for Bank of America.

Dean graduated from Deer Valley High School in 2000 and has continued his education at Diablo Valley College in Pleasant Hill and Sierra College in Rocklin with a focus on Accounting.

Dean lives in Roseville with his wife and their three children. He is very involved in the community, volunteering for a variety of local organizations. You can catch him running around Roseville to his kids’ many activities—theatre, gymnastics, swimming and soccer. When not with their children, Dean and his wife enjoy training for half marathons.

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About Exchange Bank

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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January 7, 2020

Contact: Carolyn Cole-Schweizer, Corporate Communications & Social Media

707.541.1250

Exchange Bank Announces Summer Jeffus as Vice President and Regional Business Development Officer

Santa Rosa, CA – (January 7, 2020) – Exchange Bank (OTC: EXSR) announces the hiring of Summer Jeffus as vice president and regional business development officer. Summer brings over 15 years of experience in luxury hospitality management, promotions and marketing in the wine and restaurant industry and will provide local financial leadership and community support to Exchange Bank’s Commercial Banking group.

Before joining Exchange Bank, Summer was the regional marketing manager at American AgCredit where she managed all aspects of marketing and community support for the Northern CA Region and territories in the Central Valley (a $2B portfolio within 15 counties). Summer worked with the agriculture community including youth with fair loans, scholarships and diverse programs which included real estate, leasing and crop insurance to young and beginning farmer programs.

Summer attended Cal Poly, San Luis Obispo where she received a Bachelor’s degree in Agricultural Business with an emphasis in Sales/Marketing and a minor in Viticulture. Summer’s accomplishments include the NBBJ’s Forty Under 40 Award 2019 and Sonoma West Magazine’s Women in Business Spotlight 2018. She is a board member of the Sonoma Farm Bureau and a past board member of Russian River Winegrowers. Summer is a Sonoma Vintners Barrel Auction committee member and VIP guest sommelier for the Sonoma County Wine Auction. Summer is also a guest auctioneer for the PBS Travel and Wine Auction.

Summer lives in Santa Rosa with her two boys, two dogs and three chickens. When not pursuing her entrepreneurial and community support passions, she can be found gardening or casting a line in the water hoping to catch the next big fish.

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About Exchange Bank

Member FDIC — Equal Housing Lender — Equal Opportunity Employer

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