The Board of Directors of The Mechanics Bank, headquartered in Richmond, is pleased to announce that Steven K. Buster will succeed William M. Reid as President and Chief Executive Officer, effective July 1, 2004.
Buster, 54, with more than 25 years of banking experience, is currently Managing Director at U.S. Trust Company responsible for all Western United States banking activities. After working many years in major institutions, Buster is now focused on community banking. "As the banking industry frenzy for national franchise consolidation continues, the customer suffers from impersonal formula delivery of financial services. Community banks have a strategic advantage of high touch, high service that distinguishes them from the field of national providers. I am dedicated to client service and I am deeply excited to join The Mechanics Bank where customer focus is embedded in their DNA," said Buster.
After receiving his B.A. and M.B.A. from the University of Southern California, Buster began his banking career in 1973 with First Interstate Bank. His years with First Interstate, Standard Chartered and U.S. Trust have provided him with a broad and diverse banking background with core strengths in credit administration, real estate lending, commercial lending, private banking, international banking, and trust and investment management. Buster's management style and leadership philosophy are consistent with The Mechanics Bank's customer and employee-focused culture, according to bank officials.
Retiring President and CEO, William M. Reid, joined the bank in 1984 as Chief Financial Officer and became President and CEO in 1988. Under Reid's leadership, the bank has grown from $500 million to $2.25 billion in assets. Reid also expanded the bank's presence from its Western Contra Costa roots to the Napa Valley, Sacramento and San Francisco.
"The Board worked very hard during the selection process to insure that the Bank's history, culture, focus on our communities and 'customer first' service commitment would remain intact as the Bank moves forward," said Reid. "For seventeen years this has been my dream job to serve our customers and to work with an outstanding group of employees. I am confident that the management philosophy and continuity that has been a foundation of The Mechanics Bank for nearly a century is in good hands."
The Mechanics Bank is one of Northern California's leading independent, family-owned full service community banks. The Bank was founded in 1905 by E. M. Downer to provide banking services to workers of the Southern Pacific Railroad in Pinole, California. The Bank is known for its active involvement in the communities that it serves through charitable contributions to local non-profits and the participation of its employees in service to charitable organizations.
Buster currently resides in Pasadena with his wife, Mary. He has two grown children, Kate and Keller.
