Bank’s financial director starts work, 2 accounting employees leave, says memo

An email sent to employees of Tacoma-based Commencement Bank this week announced the planned departure of its chief financial officer and two members of its accounting and finance team.

A screenshot of the email was shared with The News Tribune. In the all-staff email from Commencement CEO John Manolides, it was announced that CFO Tom Dhamers, senior accountant Charlene Pearl and assistant accountant Alicia Bulldis “have voluntarily decided to leave the bank to pursue new opportunities.”

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The email said all three had worked at Commencement since its merger with Thurston First in 2016. Dhamers had been with Thurston First since 2007, with Pearl joining the following year and Bulldis joining in 2015.

The email also said his last day on the job would be Friday, July 5, and that newly hired Charlie Sonneborn would take over Dhamers’ duties as interim CFO while the company searched for a new CFO.

A senior accounting staff member has also been brought on board “to help us ensure we are adequately resourced,” the email said, noting that the bank has been working “over the past several weeks” on a transition plan that includes cross-training of staff.

Manolides also thanked Dhamers, Pearl and Bulldis for their “hard work, dedication and years of service” to the bank.

The News Tribune contacted representatives of Commencement, who declined to comment, as well as Manolides.

Manolides became CEO of Commencement following the retirement of CEO Hal Russell on December 31, 2019. Russell co-founded the bank in 2006 with Manolides, who served as president and chief operating officer before rising to the top position.

The bank has seen the departure of other senior hires in the past year — the senior vice president of operations and cash management and the former senior vice president of retail banking. The assistant vice president of commercial lending also left last year.

Manolides, in response to questions about the reasons for the recent departures and officials last year, simply stated in an email to The News Tribune that “Commencement Bank does not comment on personnel matters.”

In its earnings report for the first quarter ended March 31, Commencement Bancorp on May 9 reported that “total assets at the end of the quarter were $590 million with no material deviation from the balance sheet date.”

The launch of the business became famous in April with the announcement of the planned move to the new Tacoma headquarters at 1313 Broadway. The bank has branches in Enumclaw, Olympia, Auburn and Gig Harbor.

This story was originally published June 29, 2024, 5:00 am.