Bank of Santa Barbara CEO Steps Down Amid FDIC Order

Eloy Ortega, the CEO of the Bank of Santa Barbara since 2009, stepped down on 5/1, according to chief operating officer and interim CEO Joanne Funari. Although Funari declined to comment on reasons for Ortega’s departure, the change comes after an order from the Federal Deposit Insurance Corporation in February for the bank to comply with the Bank Secrecy Act, fix “internal control weaknesses,” and implement a Secrecy Act compliance policy. Funari said the bank now has a “full compliance department.” The bank will be “looking at internal and external candidates” to permanently fill Ortega’s position, Funari said.