Bank Director Magazine Announces Winners of the Third Annual Bank Board Performance Awards
Directors of West Coast Bancorp, East West Bancorp, and Carver Bancorp Exemplify High Standards
of Excellence in Governance, Ingenuity, and Courage
New York - February 5, 2007 - Bank Director magazine today announced the recipients of its third annual Bank Board Performance Awards. These awards recognize boards that have achieved a level of high distinction in corporate governance through dedication, professionalism, leadership and courage. The magazine’s editors selected West Coast Bancorp, East West Bancorp, and Carver Bancorp for the exceptional leadership of their boards.
The Corporate Governance Award, presented to the board of Portland-based West Coast Bancorp, honors boards that have demonstrated a history of excellence, and elevated the governance process to an extremely high level. The board drafted a new CEO six years ago to transform the community bank to the regional powerhouse it is today. The board’s blue-ribbon standards have earned it one of the highest corporate governance ratings among public banks in the nation.
Bank Director awarded the Trailblazer Award to the board of East West Bancorp in Pasadena, Calif., for carving out a unique position as one of the country’s foremost lenders for Asian-Americans. East West Bancorp's directors successfully demonstrated that a highly focused business strategy could be translated into market-leading financial performance.
The L. William Seidman Courage Award honors Bank Director's publisher who served as chairman of the FDIC and first chairman of the Resolution Trust Corp. Carver Bancorp of New York City received the L. William Seidman Courage Award for having the courage to do the right thing during a time of great adversity. Carver endured a stretch of heavy losses due to an ill-fated move into consumer lending, and new additions to the board posed a threat. The board’s efforts to steer the bank toward profitability and expand services helped turn the bank around and allow for the creation of programs to improve inner city communities.
“The boards at these three institutions represent the very best in corporate governance, and they are to be congratulated for their professionalism, dedication and commitment,” said Jack Milligan, associate publisher of Bank Director.
The First Quarter 2007 issue of Bank Director highlights the motivating stories of these three banks, including each bank's unique challenges and how the directors dealt with them head on. For more information, visit www.bankdirector.com or call 1-800-452-9875.
About Bank Director
Bank Director is the premier magazine written for directors of financial companies. Each quarterly issue focuses on the information board members need on the hottest topics in banking – from mergers and acquisitions to retail strategies, compensation to technology – and features insightful commentary from former FDIC chairman Bill Seidman and financial management guru Alex Sheshunoff. Since its inception in 1991, Bank Director has become recognized as an essential resource for the top decision makers in the financial industry. www.bankdirector.com
