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Landmark Bank CEO Retires

Longtime local banker Ron Carlson retired as chairman and CEO of Landmark National Bank in a move that was announced Nov. 22, but took effect Nov. 16.

Rick Mandlebaum, who holds the president’s title, replaces Carlson as CEO. James J. Schmid, a member of Landmark’s board of directors, takes over as chairman, while Vincent Benstead, another director, is vice chairman.

Solana Beach-based Landmark National, with about $125 million in assets and a branch in La Jolla, closed its acquisition of Legacy Bank in July.

Landmark has struggled since its opening in August 2002 and did break through to profitability this year. It posted net income in the third quarter of $6,000, compared to last year’s third quarter net loss of $363,000.

For the nine months ended Sept. 30, Landmark reported a net income of $82,000, compared to a net loss of $1.4 million for the same period of 2004.

Total loans increased 105 percent to $92.3 million from the prior year’s third quarter, while deposits rose 83 percent to $101.3 million.

Carlson, 70, put in 45 years in the banking industry and was involved with the startup of three other San Diego community banks besides Landmark National. In 1973, he helped found and was president of La Jolla Bank & Trust. He also was CEO and a founder of the Bank of Rancho Bernardo in 1981 and Scripps Bank in 1983.

After U.S. Bank acquired Scripps Bank in 2000, Carlson was talked out of retiring by longtime friend and former colleague Ron Bird to launch Landmark National. Bird, considered the rainmaker for the new bank, died suddenly in 2003 and left a void in terms of bringing in new business, several bankers said.

Mandlebaum, 58, has been with Landmark since its opening and has served as its chief operating officer and chief credit officer. This is his first job as CEO. His prior experience was as senior vice president with Scripps Bank, and at executive level positions with Escondido National Bank and First Pacific National Bank.

Schmid, 58, is president of Chelsea Investment Corp., a real estate investment company he founded in 1985.

Benstead is a retired accountant who was a partner in the San Diego office of PricewaterhouseCoopers LLP.

, Mike Allen

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