Russell A. Colombo Announces Retirement as Chief Executive Officer; Bank of Marin Names Tim Myers President and CEO
Russell A. Colombo, Chief Executive Officer of Bank of Marin and Bank of Marin Bancorp, has formally announced his retirement, effective October 31, 2021. The Board of Directors of Bank of Marin Bancorp (“Bancorp”) (Nasdaq: BMRC), parent company of Bank of Marin (the “Bank”), named Tim Myers, age 51, currently President and Chief Operating Officer as his successor. Tim Myers will assume the role of CEO on November 1, 2021. Mr. Colombo will remain on the Boards of Bancorp and the Bank; Mr. Myers will join both Boards.
“Russ Colombo provided exceptional leadership throughout his 15 years as CEO, growing the Bank’s assets from $877 million to over $4 billion, and the market cap from $177 million to $596 million,” said Brian Sobel, Chairman of the Board of Bank of Marin Bancorp. “With Russ at the helm, we benefited from both organic growth and 4 strategic acquisitions, expanding our footprint from 2 counties to 10, and increasing our branch network from 9 locations in 2006 to 31 this year. The Board would also like to extend our sincere appreciation for his selflessness in delaying his retirement to ensure management stability during the pandemic.”
Mr. Sobel continued, “We are pleased that Tim Myers will be stepping in to succeed Russ as Bank of Marin’s next CEO. Tim understands and embodies the mission, culture and values that have helped drive Bank of Marin to more than 30 years of growth and expansion. My fellow directors and I are confident he is well suited to lead the Bank in delivering strong performance for all of our stakeholders.”
Mr. Myers’ 25-year career in financial services includes experience in small business, middle market and corporate banking primarily in the San Francisco Bay Area. He joined Bank of Marin in April 2007 to start the San Francisco Commercial Banking Office. Within 6 years, in 2013, Mr. Myers was named Senior Vice President, Head of Commercial Banking and in 2015, he assumed the title of Executive Vice President. He was named Chief Operating Officer in June 2020 and was promoted to President in May 2021.
“I couldn’t be more delighted that Tim has been named my successor,” said Mr. Colombo. “Consistent leadership is more important than ever and Tim has been an indispensable member of the management team at Bank of Marin for many years. Most recently, he has proven his ability to lead in an ever-changing environment. Tim brings a wealth of institutional knowledge, and a strong commitment to the culture that has helped make the Bank successful. That experience, along with a deep understanding of our customers, will be an invaluable resource as he drives Bank of Marin to continued growth and positive results.”
Mr. Myers commented, “I am honored to be appointed CEO of this outstanding bank and look forward to leading such a committed and talented team of bankers. Together, we will maintain the Bank’s unique culture and build upon its proud history as we work to deliver sustainable growth in the years ahead.”
Mr. Myers earned his Bachelor of Arts degree from Willamette University and a Master’s in International Policy Studies from Middlebury Institute of International Studies at Monterey (formerly Monterey Institute of International Studies). He also earned a graduate certificate from the Pacific Coast Banking School. He has served as Chairman of the Board of Edgewood Center for Children and Families and is currently on the Board of Directors of Side by Side.