First Priority Bank Forms Holding Company MALVERN, PA – MAY 18, 2007 – First Priority Bank today announced their formation of a bank holding company, named First Priority Financial Corp. (“FPFC”), effective immediately. Under the newly formed Pennsylvania corporation, each outstanding share of common stock and each outstanding warrant to acquire a share of First Priority Bank will be converted into one share of FPFC common stock and one warrant to acquire FPFC common stock. One of the primary reasons for forming a holding company, notes David E. Sparks, Chairman and CEO, is to provide the organization with greater flexibility in executing its strategic business plan. The holding company structure allows for greater diversification in activities and expands the means by which capital can be raised. First Priority Bank will continue to operate at its Malvern, PA location. David E. Sparks will be Chairman & CEO of FPFC and Lawrence E. Donato will be its CFO. Since opening its first branch in Malvern, PA, in January 2006, First Priority Bank has grown to a $100 million asset bank with over $75 million in deposits. The company’s early success led to the opening of a second branch in Wyomissing, Berks County this spring. An additional branch is expected to open in Montgomery County later this year. Much of the First Priority Bank’s early success is undoubtedly due to its highly publicized personal service and customer friendly approach. About First Priority Bank First Priority Bank is a Pennsylvania state-chartered, FDIC insured; full service bank offering a broad range of personal and corporate banking products and wealth management services. First Priority Bank is headquartered in the Great Valley Corporate Center in Malvern, PA. For further information, call 610-280-7100. |
2 West Liberty Blvd. |
1200 Broadcasting Rd. Suite 103 Wyomissing, PA 19610 610.375.6054 |
104 Pheasant Run, |
5936 Easton Rd Pipersville, PA 18947 267.362.1200 |
