Tuesday - December 09, 2008
Sandi Eason to join Santa Cruz County Bank in January
The following is an article from the Santa Cruz Sentinel. .
Sandi Eason, who stepped down as president at Coast Commercial Bank a year ago after the Wells Fargo takeover, is back in banking. She will join the locally owned Santa Cruz County Bank Jan. 5 in a newly created position, executive vice president and chief operating officer.
Eason, 53, of Pacific Grove, worked 15 years in retail banking and 14 years in business banking at Wells Fargo before taking the helm at Coast Commercial in 2005, the first woman to do so. She said she was in talks with a couple of banks before choosing Santa Cruz County Bank.
"I know a lot of the team members," she said, optimistic about the future despite turmoil in the banking sector. "As long as we are well poised to capture the opportunities, we can turn lemons into lemonade."
David Heald, Santa Cruz County Bank president and chief executive officer, cited Eason's experience and community involvement. Chosen as 2007 Woman of the Year by Aptos Chamber of Commerce, she currently co-chairs Second Harvest Food Bank's holiday food drive and serves on several nonprofit boards.
Upon leaving Wells Fargo, she spent four months with Pacific Capital Bancorp., a holding company with 51 branches based in Santa Barbara. Heading up small business and retail banking, she worked seven days a week traveling to branches and implementing strategic changes.
After recovering from shoulder surgery, she put out feelers. Despite offers
from the nonprofit sector, she decided to stay in banking.
"It's not about the numbers, it's about the people," she said. "You have a bank, but do you have a banker?"
Technology makes it possible for business customers to deposit checks without going to the bank, but customers still want to know whom to call, she explained.
That's one reason Santa Cruz County Bank plans to open a branch in Aptos, to offer convenience to potential customers.
Check processing has become more efficient since a federal law requiring electronic processing took effect in 2004. Checks are no longer physically transported from one bank to another or returned to customers, saving time.
Heald wants to promote electronic statements to reduce use of paper and postage, but whether customers will be offered an incentive to switch hasn't been decided. He anticipates growth in "mobile banking," where customers can view statements, transfer funds or make payments using a cell phone or handheld computer.
Asked if the worst is over for financial stocks, Eason said, "I try not to speculate on things like that -- it causes more distress psychology."
Santa Cruz County Bank stock is trading at $12; during the past year, it had reached $20. Eason's goal is to increase shareholder value.
Santa Cruz County Bank, which will mark five years in February, is the only bank in the county with a five-star rating from Bauer Financial; third-quarter ratings will come out this month.
Heald sees takeovers at Washingon Mutual and Wachovia creating opportunities for the locally owned bank, but Eason declined to say whether bigger or smaller banks are better.
"It's not the size, it's the execution," she said.
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