Codding Enterprises CEO Brad Baker succeeded this week in getting two new directors elected to the board of Santa Rosa's Summit State Bank, but he still considers the results “definitely” mixed.
Baker, a shareholder of the bank with $432 million in assets, said Wednesday he chose not to seek re-election to Summit's board because of his frustration about the numbers of directors and their makeup. He advocates having more directors come from Sonoma County and reducing the overall number in order to trim expenses.
Baker said Summit's executives and board chairman “are doing a great job,” but directors “should be community leaders who can bring business to the bank.”
At Monday's shareholders meeting, Baker nominated four people and two, Jeffrey B. Allen and Richard E. Pope, won election. Shareholders, however, also approved expanding the board to 16 from 15 directors.
Summit Board Chairman Alan J. Hemphill called Allen and Pope “two good local people.” Of Baker's nominations, he said, “It's democracy.”