“In recent days, those conversations have stalled. The bank is no longer interested in pursuing those discussions and has decided to take the company in a different direction.”
Tessar acknowledged that CIVIC employees would have “a lot of emotions and questions,” and said the path forward is “evolving, and your leaders will provide more answers and information for you in the days to come.”
The executive joined the California-based lender in April 2017. Prior to his stint as the company’s leader, he founded Capital Line, which merged with Skyline Home Loans in 2007, and then served as Skyline’s president of retail lending.
CIVIC grew tenfold under his leadership, according to the company’s website, with nearly $3 billion in loans funded in 2022.
Dettelbach oversaw CIVIC’s legal affairs in his role as chief legal counsel, having previously served as general counsel for Wedgewood, LLC and in various chief executive, general counsel and attorney roles.