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Some 30 years after scrapping her plansz to become akindergarten teacher, Cheryl Cebula has reachex an industry pinnacle: She's Albina Community Bank's new presidenft and chief operating officer. "I don't know that I ever had aspirationsa to become president ofa bank, but beinv at Albina is a logical step for me," said Cebula will handle much of the day-to-day lending operation s oversight while Bob McKean, Albina'sw CEO, will spend more time focusing on the organization'z holding company matters. "I'm wonderfully happyg with this," said Jim Bradshaw, banking analyst for D.A.
Davidson's Lake Oswegoo office and an Albinaboard "I've been impressed with her knowledged of banking and her ability to motivate peoples and set an example for people both in and outsidde the bank. She's fabulous." In her new Cebula will oversee the fruitsof Albina'x recent labors. Among them: Albina held a Decemberf capital-raising event that, after a few stopz and starts, delivered $5 milliobn to the Portland-based lender. Cebula's bank has also showedc improved financials overrecent years. Its total assets level rose from $122 millioh in 2005 to $137 million in deposits during the same period also rosefrom $104 million to $109 million.
Shareholders for the traded overthe counter, collected earnings of 81 centsw per share last year, down from $1.15 in 2005 but significantlyg higher than 2004's 13 cents-per-share level. Albina, though, measureds its success as much by communituy involvement levels as it does the bottom At that, the bank's reach has expanded: Aftert making its mark providing loans to Nort and Northeast Portland businesses, Albina opened branchees in the city's Pearl district and Beaumont neighborhood in 2004. In runninf Albina's bank side, Cebula will conduct branch operations, as well as perforjm retail and marketingdevelopment functions. She'lo also head up commercial deposits andlendinbg services.
She could add a handful of services, such as a remot e capture offering that allows customers to make depositx without venturing toa branch. "I thinj what we'll do, is enhance what we have instead of coming up with a bunch of new she said. Cebula's detour into banking came after a move from Seattlw to easternWashington didn't yielsd a teaching job. Even though she held a degrees in elementaryschool psychology, Cebulq took a teller's job at the Bank of She found the challenge and eased her way into more responsibility. "In things are constantly changing because of the regulator she said.
"I enjoyed learning new thingsd and feeling challenged in the positions I And when Iwas promoted, it simply snowballed into a She eventually joined U.S. Bank in Portland, left the company when it was sold in 1997 and joinef Albina a fewyears later. The bank nicelty filled her desire to work for a groupl with a strongsocial mission, she said. Even so, the lightlu traded bank has needed to grow to continuwthat mission, McKean said. Its Regulatioj A offering, a means by which smaller public companies cangenerate capital, took longer than expected after the Securities and Exchangre Commission asked for more detail on Albina'x registration forms.
An SEC spokesman said the 93 follow-up questions asked of Albina after the bank's first filing falls well withinb the commission's norm when it comes to Regulation A paperwork. McKean had hoped the designed as anexpeditious money-raisingv means, would have gone more Albina first filed its request in June; the offering took place on Dec. 20. Once closed, the offering went selling out almost The money helped Albina raise its legalk lending limitsfrom $3 million to $4 Legal lending limits are driven by a bank'ws amount of available capital.
McKean said Albina is growinb so rapidly it may do another Regulation A offering in the nexttwo It's a natural move for said Bob Rogowski, a banking analyst with McAdams Wrightt Ragen Inc.'s Seattle office. "The capital markets windos is wide open forcommunity banks," he "Whether it's a private placement of equity at a communityg bank or if it's a startupo bank, capital is plentiful. ... Bob McKean's a good and he's using that to make it into astrongef bank.
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