San Luis Obispo-based Mission Community Bank announced May 3 that it is bringing former Rabobank executive and tri-county banking veteran Jim Lokey on as its executive chairman.

Lokey was the president and chief executive officer of Arroyo Grande-based Mid-State Bank & Trust for seven years, until the bank was bought by Rabobank in 2007 in a historic $870 million merger. He retired as regional president of Rabobank in December 2009.

Lokey was appointed to the Mission Community board by Carpenter Fund Manager, which announced that it would purchase 70 percent of the bank in December 2009, a transaction that officially closed April 27. Under that purchase agreement, the fund can appoint another two members to the bank’s board.

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