William Assenmacher was elected chairman of the board of directors of Commerce Bank of Arizona. The CEO of CAID Industries had been a director of the bank since 2014. Commerce Bank is the only locally owned and managed bank in Tucson and focuses on small- to medium-sized businesses. “This bank is ready for growth, not only here in Tucson, but also in Phoenix and some of the surrounding areas,” he said. “Small business needs are definitely underserved in the banking industry. We will be there for them. Our employees work very hard to make our business-banking relationships address the needs of the small-business community. Tucson’s future is very bright.” Assenmacher also serves on the board of directors of the Tucson Metro Chamber.