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Bank of Santa Barbara CEO Steps Down
updated: May 22, 2014, 10:15 AM

Eloy Ortega, CEO of the Bank of Santa Barbara, has stepped down as the bank follows new regulations related to the Bank Security Act, reports Pacific Coast Business Times.

The Bank of Santa Barbara is searching for a new CEO as board members declined to comment about Ortega's recent departure. The bank recently entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) after an order for the bank to comply with the Bank Secrecy Act, which is designed to detect and prevent money laundering.

Read the full article at pacbiztimes.com

 

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