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Randy Reynoso, who took over this week as president of Auburn-based Placer Sierra Bank, will lead that operation toward an initial public offering expected early next year.
A local banking veteran, Reynoso takes the reins of the area's third-largest bank, with assets of $968 million as of June 30. He plans to start adding branches in the Sacramento area, perhaps as early as next year. The bank's president for the past two years, Harvey Ferguson, is retiring.
Placer Sierra is the sole subsidiary of holding company First California Bancshares, which will go public in early 2004, said Ron Bachli, chairman of the board of the bank and holding company.
Bachli engineered the purchase of Placer Savings Bank in March 1999 and of Sacramento Commercial Bank a year later. Both were bought by an investors group that included contributors such as the California Public Employees' Retirement System.
The move to public trading will give its investors liquidity, and also give the bank a currency - its stock - that it could use to acquire other banks.
"Obviously, it allows us a lot of strategic alternatives," Bachli said.
The offering will be unveiled in April or May, timed to come out with the bank's year-end earnings release.
Background in operations: Reynoso has been Placer Sierra's chief operations officer for three years, managing the operations of the bank and its lending...