Private Bancorp of America, Inc. and CalPrivate Bank announced that CEO Thomas V. Wornham is retiring from the Company and the Bank at the end of the third quarter of this year. Wornham will remain a Director of the Bank and the Company. Wornham joined the Bank in February 2015 as a Director and then became President and CEO of the Bank on May 1, 2015.

Rick L. Sowers, President of the Bank since February 15, 2018, will succeed Wornham as CEO of the Bank and the Company upon his retirement, and will become President of the Company and a member of its Board of Directors effective February 1, 2020. Wornham and Sowers have had a remarkable partnership over the past two years. Both are committed to implementing the succession plan they have put in place, to ensure a smooth transition.