Mike Thorell, acting President and Chief Executive Officer Silver State Bancorp has been hired as CEO and president of Pinnacle Bank, less than a month after resigning from Silver State Bancorp., which was shut down by Nevada’s financial regulatory agency.
Pinnacle Bank Chairman Thomas Rietz said Thorell’s success growing community banks and relationships with regulators were key factors in the hiring.
“Mike is regarded as an accomplished banker in the Arizona banking world and is well respected by regulators,” Rietz said.
Thorell said the position gave him an opportunity to return to a banking environment he is comfortable with, centered on building local relationships.
“This is where I think I’m best suited,” said Thorell, who also will serve as director.
Thorell co-founded and served as president and CEO of Choice Bank in Scottsdale, which grew to nearly $120 million in assets in three and a half years. The bank was sold to Silver State Bank in late 2006. Thorell served as the head of Silver State’s operations in Arizona and then took over all banking operations in August 2008 until regulators closed the bank in September.
Silver State’s situation was much like First National Bank of Arizona, which was shut down by federal regulators in July because of its weak capital position and enormous real estate portfolio, which lost millions of dollars in the industry’s crash in Arizona and Nevada.
Pinnacle Bank, which operates one branch in Scottsdale Airpark, has assets nearing $50 million and very few of the troubled loans that have plagued other banks.
Pinnacle Bank was created specifically to serve small businesses in the Scottsdale and metro Phoenix marketplace. Thorell replaced Robert Homco, who had served in the position since 2004.
Michael J. Thorell, age 42, is the acting President and Chief Executive Officer subject to regulatory approval of Silver State Bancorp and Chief Executive Officer of Silver State Bank. Mr. Thorell is also Chief Lending Officer and Credit Administration Officer. Mr. Thorell had been the President and Chief Executive Officer of Choice Bank, the Company’s Arizona chartered banking subsidiary.