Exchange Bank CEO resigns

J. Barrie Graham resigned Monday as president and chief executive officer of Exchange Bank, Sonoma County’s oldest and largest commercial bank.

C. William Reinking, who retired from day-to-day management of the Santa Rosa bank in 2002 but continued to serve as chairman of the board, was named CEO.

William Schrader, the current chief operating officer, takes over as president of the bank.

Reinking and Schrader announced Graham’s resignation in a meeting with senior management Monday. Later in the day, Reinking sent an e-mail to the bank’s 470 employees announcing Graham's resignation.

“I think people were surprised,” said Padi Selwyn, bank spokeswoman.

Selwyn said the change at the top keeps the bank in good hands.

“We’ve got well seasoned executives at the helm,” she said.

Graham was charged with taking a more aggressive approach to growth in 2002 when he became the 118-year-old bank’s sixth president.

The strategy was a new direction for Exchange Bank, which built a reputation as a very conservative, risk-averse bank that practiced careful, steady expansion and produced generous returns for shareholders.

The bank opened its first office outside of Sonoma County in 2003 when it expanded into Sacramento.