On December 22, 2021, Friendly Hills Bancorp announced that Nathan Rogge has been appointed the Company's and the Bank's President and CEO. The Company, the Bank and Frank Kavanaugh, a shareholder, also jointly announced that they have entered into a settlement agreement pursuant to which the Company and the Bank have restructured their board of directors to 9 members consisting of Jason Baker, Jeffrey Ball, Mercedes Broening, Richard Casford, William C. Greenbeck, Joe Matranga, Christopher Naghibi, Sara Nofeliyan, and Nathan Rogge. Matranga will serve as Chairman and Ball will serve as Vice Chairman.

As part of the agreement, Kavanaugh has agreed to withdraw all actions against the Company and the Bank. Kavanaugh stated that he confident in the direction of the Company with Rogge as the President/Chief Executive Officer.