Sacramento, CA-based River City Bank has added a wealth management veteran to its board of directors, according to the Sacramento Business Journal.

Lon Burford is a founding partner of the wealth management firm Genovese Burford & Brothers, which was set up in 1987, and in which River City bought a 20 per cent stake in July.

“Adding Lon to the board does more than strengthen the partnership between Genovese, Burford & Brothers and the bank,” Steve Fleming, River City Bank's chief executive, is quoted as saying. “It underscores our commitment to our clients, especially in the areas of corporate retirement planning, asset management and fiduciary support.”

The two firms will remain independent, the report said, but with a referral process in place whereby the bank's clients are referred to the fee-only wealth manager. The bank made the deal with Genovese Burford because many of its clients asked for such services, and many competitor banks offered such services, the report continued.

River City was founded in 1973 and has 13 branches in California, as well as its headquarters.