Leadership Transition Signals New Phase for BayCom and United Business Bank
BayCom Corp, the parent company of United Business Bank, approved a major executive leadership transition designed to position the organization for a more ambitious and scalable growth phase. The Board determined that the institution has reached a point where the skills required to move forward must shift toward larger-scale balance-sheet expansion, capital markets sophistication, and the execution of transformational transactions. This decision follows more than two decades of acquisition-driven expansion that shaped the bank’s footprint and operational model. Over approximately 22 years, the institution successfully completed ten mergers that strengthened its regional presence and reinforced a disciplined culture focused on credit quality, capital preservation, and sustainable profitability. Despite these accomplishments, the Board concluded that the pace of acquisitions had slowed during the past four years as market volatility increased and valuation expectations became misaligned. The leadership transition therefore reflects a deliberate effort to align the Company’s future direction with new strategic demands while preserving the institution’s strong foundation.
Strategic Inflection Point and Evolution of Growth Priorities
The Company’s growth journey has historically relied on disciplined acquisitions to expand its regional presence, deposit base, and lending capabilities. The Board noted that recent industry turbulence and elevated pricing expectations resulted in a quieter acquisition environment, which was a conscious decision rather than a missed opportunity. This cautious posture helped maintain a clean balance sheet, strong credit quality, and a resilient deposit franchise. However, the Board also acknowledged that the extended pause in acquisitions contributed to an organic growth gap and a trading valuation that does not yet fully reflect the Company’s intrinsic value. Leadership concluded that a new operational approach is required to bridge that gap, improve earnings power, and strengthen market perception. The transition aims to enable the Company to pursue larger, more transformative combinations once organic growth and profitability improvements are firmly established. The leadership change therefore represents a strategic recalibration designed to accelerate long-term value creation while maintaining the institution’s historically conservative risk profile.
Founders Step Aside After Two Decades of Building a Community Banking Platform
The leadership transition marks the conclusion of a long tenure for founding executives who played a central role in establishing and expanding the institution. George J. Guarini, the outgoing President and Chief Executive Officer, along with Janet L. King and Keary L. Colwell, each served for approximately 22 years and were instrumental in building a profitable, well-capitalized platform. Their leadership guided the Company through ten strategic mergers, consistent profitability, and disciplined capital management. Their tenure leaves the organization with a strong earnings base, high credit standards, and a stable operating platform. The Board expressed recognition of the founders’ contributions and the lasting institutional legacy they created, noting that the Company’s current position of strength provides the foundation for the next stage of expansion.
Incoming Leadership Team Brings Shared Experience and Unified Strategy
The Board appointed three new executives effective April 13, 2026, each bringing experience at larger and more complex financial institutions. The incoming team has previously worked together and arrives with a shared operating framework, established professional relationships, and a unified growth agenda. Their appointment reflects the Board’s belief that a coordinated leadership approach will accelerate execution and strengthen operational cohesion. The team’s mandate centers on combining disciplined organic growth with strategic capital deployment, improving earnings performance, and preparing the institution for larger strategic transactions across Western U.S. markets.
William J. Black, Jr. Named Executive Vice Chairman
William J. Black, Jr. joins as Executive Vice Chairman of both the Company and the Bank and will also serve on the Board of Directors. He brings more than 25 years of experience in strategy, capital allocation, and corporate transformation across public and private financial institutions. Most recently, he served as Executive Vice President of Strategy and Corporate Development at PacWest Bancorp and Banc of California, where he advised on mergers and acquisitions, capital markets strategy, and strategic alternatives. During the 2023 banking disruption, he helped stabilize PacWest by securing $1.4 billion in emergency liquidity within six days and directing the sale of $7 billion in assets. His experience also includes scaling Civic Financial’s originations from $100 million to more than $300 million monthly and serving as a principal in PacWest’s sale to Banc of California. Earlier in his career, he founded Consector Capital, a long/short financial services investment firm that outperformed both the S&P 500 and S&P Financial Index. He earned a B.A. in Economics from The Johns Hopkins University.
Christopher F. Baron Appointed President and Chief Executive Officer
Christopher F. Baron was appointed President and Chief Executive Officer of both the Company and the Bank and will also join the Board. He brings more than 25 years of commercial banking leadership experience and a track record of building high-performing teams across major U.S. markets. Most recently, he served as President of Commercial and Community Banking at Banc of California, overseeing branch operations and commercial banking platforms across multiple states. His prior experience includes launching a tax-exempt lending platform at Pacific Western Bank and expanding affordable housing finance capabilities. Earlier in his career, he held leadership roles at MUFG Union Bank and U.S. Bank, managing institutional banking and public finance businesses. He holds a B.A. in Economics from University of California, Los Angeles.
Kevin L. Thompson Appointed Chief Financial Officer
Kevin L. Thompson joins as Executive Vice President and Chief Financial Officer of both the Company and the Bank. He has more than 25 years of experience serving as CFO at multiple public banking institutions and fintech companies. Most recently, he served as CFO and Treasurer of Heartland Financial USA until its acquisition by UMB Financial in 2025. He was previously recruited as CFO of PacWest Bancorp during the 2023 banking crisis, where he restructured the balance sheet, sold $7 billion in non-core loan portfolios, and helped design the reverse merger with Banc of California. His experience also includes CFO roles at First Foundation Bank, Opus Bank, and American Express Centurion Bank. He holds an MBA in Finance and a B.S. in International Relations from Brigham Young University and is a Certified Public Accountant.
Three-Part Growth Strategy to Expand Market Presence
The incoming leadership team will pursue a structured three-part strategy designed to expand the Company’s scale and earnings profile. The first component focuses on building a disciplined, relationship-driven growth engine to generate consistent loan and deposit expansion across Western U.S. markets. The second component centers on translating balance-sheet growth into improved earnings per share and return on equity, thereby strengthening the Company’s standalone performance and valuation. The third component involves pursuing larger and more transformational combinations once organic growth and profitability demonstrate sustained momentum. This strategy is designed to position the institution as a premier Western regional bank with an expanded footprint and enhanced competitive capabilities.
Market Opportunities Emerging from Industry Consolidation
The Board identified near-term opportunities in Western U.S. markets where industry consolidation has created customer and talent displacement. These conditions present opportunities for institutions with strong credit culture, established relationships, and operational stability. The Company believes its existing capabilities and market knowledge provide a competitive advantage in capturing new relationships and expanding its presence in key growth markets. The leadership transition aims to capitalize on these opportunities by combining disciplined growth with targeted acquisitions.
Board Reconstitution and Governance Changes
As part of the leadership transition, George J. Guarini, Janet L. King, and Keary L. Colwell resigned from the Company’s Board effective April 10, 2026. William J. Black, Jr. and Christopher F. Baron joined the Board effective April 13, 2026. Lloyd W. Kendall, Jr. will continue to serve as Chair, while William J. Black, Jr. will serve as Executive Vice Chair. Despite resigning from the Company Board, George J. Guarini will remain a member of the Bank’s Board, ensuring continuity of institutional knowledge and regulatory relationships during the transition.
Recognition of Continuing Leadership and Institutional Stability
The Board also acknowledged the ongoing contributions of Terry Curley, Felix Miranda, and Izabella Mitchell, who will continue serving in key executive roles. Their continued involvement supports continuity in credit, lending, and risk management functions, reinforcing operational stability during the transition. Their leadership ensures that institutional knowledge, client relationships, and risk discipline remain intact while the new executive team begins implementing its strategy.
Structured Transition and Operational Continuity
The outgoing executives’ employment agreements require a 90-day notice period, during which they remain employees but no longer serve as executives. This period allows for a structured transition in which outgoing and incoming leaders work together to transfer operational responsibilities, client relationships, and institutional knowledge. The Board expects no disruption to client service or day-to-day operations during this period and remains committed to ensuring an orderly and collaborative leadership handover.
Compensation and Fiduciary Oversight
The outgoing executives will receive payments and benefits consistent with the involuntary termination provisions of their employment agreements. The Board reviewed these arrangements within the context of its fiduciary responsibilities and determined that honoring them aligns with shareholder interests. These payments will be treated as one-time, non-recurring items and reflect standard practices among peer institutions.
Regulatory Filings and Public Disclosure
The Company filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission detailing the leadership transition and related employment agreements. The Company’s shares trade on NASDAQ under the ticker BCML, and the filing provides additional transparency regarding governance and compensation arrangements associated with the transition.
About BayCom Corp
The Company, through its wholly owned operating subsidiary, United Business Bank, offers a full range of loans, including SBA, CalCAP, FSA and USDA guaranteed loans, and deposit products and services to businesses and their affiliates in California, Washington, New Mexico, Colorado and Nevada. The Bank is an Equal Housing Lender and a member of FDIC. The Company’s common stock is listed on the NASDAQ Global Select Market under the symbol “BCML”. For more information, go to www.unitedbusinessbank.com.
