bmrc-202303200001403475FALSEQ1202300014034752023-03-202023-03-20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 20, 2023
Bank of Marin Bancorp
(Exact name of Registrant as specified in its charter)
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California | 001-33572 | 20-8859754 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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504 Redwood Blvd., Suite 100, Novato, CA | 94947 |
| (Address of principal executive office) | (Zip Code) |
Registrant’s telephone number, including area code: (415) 763-4520
Not Applicable
(Former name or former address, if changes since last report)
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| Check the appropriate box below if the Form 8-K filing is to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
| ☐ Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
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| ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4(c)) |
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| Securities registered pursuant to 12(b) of the Act: |
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common stock, no par value | BMRC | The Nasdaq Stock Market |
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| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| Emerging growth company ☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Section 8 - Other Events
Item 8.01 Other Events
On March 20, 2023, Bank of Marin Bancorp (Nasdaq: BMRC) and its wholly owned subsidiary, Bank of Marin, announced the appointment of Sathis Arasadi as their new Chief Information Officer. Arasadi brings a wealth of knowledge and experience from a more than twenty-year career in financial services, specializing in engineering and financial technology (fintech). A mechanical engineer by trade, Arasadi became a software engineer and technology leader directing large-scale digital and technology transformations. Prior to joining Bank of Marin, Arasadi served as senior vice president, technology and process improvements, and chief information officer at a Bay Area-based community bank.
The Press Release is attached as Exhibit 99.1 and incorporated herein by reference.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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| Exhibit No. | Description |
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| 99.1 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Date: | March 20, 2023 | | BANK OF MARIN BANCORP |
| | | By: | /s/ Tani Girton |
| | | | Tani Girton |
| | | | Executive Vice President |
| | | | and Chief Financial Officer |
Exhibit 99.1
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| FOR IMMEDIATE RELEASE | MEDIA CONTACT: |
| Yahaira Garcia-Perea |
| Marketing & Corporate Communications Manager |
| Bank of Marin |
| 916-231-6703 | [email protected] |
Bank of Marin Bancorp Appoints Sathis Arasadi as
Chief Information Officer
Arasadi—a software engineer, technology leader, and experienced CIO—brings more than two decades of fintech experience in global financial services, regional and community banking
NOVATO, CA – March 20, 2023 – Bank of Marin Bancorp (Nasdaq: BMRC) and its wholly owned subsidiary, Bank of Marin, announce the appointment of Sathis Arasadi as chief information officer, effective March 20.
“We are thrilled to welcome Sathis to the Bank of Marin team,” said Tim Myers, president and CEO. “His vast experience leading digital and technology transformations combined with his knowledge of software engineering will be an asset to our organization as we integrate technology enhancements into our operations and customer delivery channels.”
Arasadi brings a wealth of knowledge and experience from a more than twenty-year career in financial services, specializing in engineering and financial technology (fintech). A mechanical engineer by trade, Arasadi became a software engineer and technology leader directing large-scale digital and technology transformations. Prior to joining Bank of Marin, Arasadi served as senior vice president, technology and process improvements, and chief information officer at a Bay Area-based community bank.
“I look forward to working alongside a talented team, delivering best-in-class digital experiences to strengthen customer relationships while advancing the Bank’s digital solutions and infrastructure,” said Arasadi.
Arasadi holds a bachelor’s degree in mechanical engineering from Thiagarajar College of Engineering in Madurai, India. Additionally, he has earned various computer science specializations including programming, systems architecture, and data management.
An East Bay resident, Arasadi is a longtime volunteer at International Tamil Academy located in San Ramon. As part of pursuing his passion for languages, Arasadi taught Tamil for nearly a decade to school-aged children.
About Bank of Marin Bancorp
Founded in 1990 and headquartered in Novato, Bank of Marin is the wholly owned subsidiary of Bank of Marin Bancorp (Nasdaq: BMRC). A leading business and community bank in Northern California, with assets of $4.1 billion as of December 31, 2022, Bank of Marin has 30 retail branches and eight commercial banking offices located across 10 counties. Bank of Marin provides commercial banking, personal banking, and wealth management and trust services. Specializing in providing legendary service to its customers and investing in its local communities, Bank of Marin has consistently been ranked one of the “Top Corporate Philanthropists" by the San Francisco Business Times and one of the “Best Places to Work” by the North Bay Business Journal. Bank of Marin Bancorp is included in the Russell 2000 Small-Cap Index and Nasdaq ABA Community Bank Index. For more information, go to www.bankofmarin.com.