Garofalo resigns from bank board

The Pacific Liberty Bank announced this week the resignation of Dave

Garofalo from the bank’s board of directors.

Garofalo was one of the founding directors of the bank, which has

offices on Beach Boulevard and Springdale Avenue in Huntington Beach.

Garofalo tendered his resignation to the bank’s board citing the need

to devote time to personal and business affairs as his reason.

“I think that’s just kind of the conclusion -- thats what he needs to

focus on,” said Rick Ganulin, bank president and CEO.

It is the same reason he gave last month when reigned his seat on the

City Council, less than a month before pleading guilty to one felony and

15 misdemeanor conflict of interest charges. The plea in a Santa Ana

court room earlier this month ended a lengthy investigation by the

District Attorney into Garofalo’s political and business dealings.

Garofalo was sentenced to three years unsupervised probation and

ordered to pay fines of $49,700, with $47,000 going to the Fair Political

Practices Committee for failing to accurately report sources of income

and gifts. He must also complete 200 hours of community service.