President of Simi Valley Bank Resigns

Simi Valley Bank President and Chief Executive Officer R. F. (Dick) Riggs resigned Monday after 11 years with the bank, Chairman Bruce Strathearn announced this week.

Strathearn, who could not be reached for comment, made the announcement in a short statement released Tuesday.

Janice France, chief financial officer, said Riggs left to work at his brother’s consulting firm in the San Fernando Valley.

“The Board of Directors would like to thank Mr. Riggs for his years of service to the bank and the community,” Strathearn said in the news release.

Riggs came to the bank in 1984 as chief financial officer and was named president and CEO the following year. His resignation, effective immediately, comes a week after officials announced the bank’s first stock dividend in three years. Each share of common stock will be paid a 25-cent dividend, Strathearn announced last week.

“All things considered, we completed 1994 in a very strong financial position,” Strathearn said after the dividend announcement.

Bank officials reported earning $503,602 in the fourth quarter ending Dec. 31.

Simi Valley Bank, with assets of $90 million, has three branches in Simi Valley and one in Moorpark.