Modesto banker Burda edged out of Bank of Stockton job
MODESTO -- Jeff Burda, perhaps Modesto's best-known bank executive, has been edged out of his management position with the family-owned Bank of Stockton.
Burda, who turns 60 this month, was a founder and chief executive officer of Modesto Commerce Bank, which the Bank of Stockton purchased in 2003.
He previously had been CEO of Modesto Banking Co.
For the past decade, Burda held a leadership position at the Bank of Stockton, most recently as retail manager for all 15 of its branches.
Modesto Bee - Jeff Burda
"I was informed the next generation of Eberhardts didn't see me as part of their team," Burda
"The Eberhardt family owns about 75 percent of the bank so it essentially is a family business," Burda
"I was geared up to finish my career with Bank of Stockton," said Burda
, who had not planned to retire for five years.
now has "a lot of recalibrating to do."
lives in Modesto and plans to stay.
"I love community banking and I think I still have something to offer," Burda
"I don't have a noncompete agreement so I hope to play a role at another bank somewhere."
Back in the mid-1990s after the locally owned Modesto Banking Co. was bought by a larger bank, Burda helped form a new community bank Modesto Commerce Bank.
Creating another locally owned bank now would not be so easy, Burda
said there are a lot more financial regulations, and "it's tougher to loan out money these days because there are fewer and fewer locally owned businesses."
"There's very little new credit growth in the valley," Burda
"You just don't see many expansions going on."
said community banks need to make small-business loans to prosper, and that's hard to do when companies are not growing.
is among California's highest-ranked senior amateur golfers and he
plans to continue with that hobby.