Bainbridge Island-based American Marine Bank Thursday announced the retirement of Rex Townsend, president and CEO of the bank for the last for 10 years. Townsend has worked at the bank since 1990.

Townsend had told the bank of his retirement before going on a scheduled vacation, spokesperson Judy Thorpe said, and upon his return will spend a couple of days at the bank.

“We want to thank Rex for his numerous contributions to American Marine Bank throughout his career with us,” said AMB Board Chair Alice Tawresey.

“The change does present a unique opportunity to revitalize the bank as we work our way through this difficult economic period in history. We have solid liquidity and market share, especially on Bainbridge Island and we look to focus our efforts towards improved capital, deposit gathering and working out non-performing loans.”