Grass Valley’s River Valley Community Bank CEO to retire in April
March 27, 2014
River Valley Community Bank's Board of Directors announced in a news release that the bank's CEO, John I. Jelavich, will be retiring effective April 1.
Jelavich's decision to retire, made over a year ago, set in motion a well executed succession planning process with the bank's board of directors and will bring to a close a remarkable career of 45 years in local banking.
"John has been a very strong leader, not only having the vision for the formation of the Bank, his execution of the start-up business plan, but importantly his management of the Bank through extremely challenging times," said Gary Thiara, chairman of the board.
"The board is grateful for his contributions to the Bank and his distinguished tenure as CEO over the last eight years."
"Having navigated through the great recession and developing a safe, strong, secure and the most dominant community bank in our region is among our proudest achievements," Jelavich said.
"The quality relationships we have built over time have been a very important key to our success. Having generated nearly $5 million in retained earnings over the past several years while maintaining very strong asset quality has positioned the bank to be one of, if not the strongest in our class. Being named one of the eleven exceptional California community banks in California early last year by a prominent banking publication was a significant achievement. It is a great feeling, retiring and knowing that something special has been created.
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"It has been a great run over the past eight years and it is time to transfer River Valley Community Bank's helm to a new generation of leadership."
As part of the bank's succession plan, the board of directors is also announcing that the current President and Chief Operating Officer John M. Jelavich has been appointed to the position of President and Chief Executive Officer effective April 1.
To ensure continuity with the transition, John I. Jelavich will continue on as a consultant to the president/CEO for the balance of 2014 and will remain as a bank director for an indefinite period beyond that.
River Valley Community Bank has a local branch located at 426 Sutton Way in Grass Valley.
For more information, visit http://www.myrvcb.com or contact John M. Jelavich at 530-821-2469.