FIRST PRIORITY FINANCIAL CORP. ANNOUNCES MERGER OF FIRST PRIORITY BANK AND PRESTIGE COMMUNITY BANK MALVERN, PA – OCTOBER 24, 2007 – First Priority Financial Corp.(“FPFC”), the holding company for First Priority Bank, announced today the execution of a definitive agreement with Prestige Community Bank (“Prestige”), Newtown, Bucks County, Pa. to acquire all of the outstanding common stock of Prestige. Pursuant to the agreement, the shareholders of Prestige will receive one share of the common stock of First Priority Financial Corp. in exchange for each share of Prestige and one warrant of FPFC for each warrant of Prestige. At closing, Prestige will merge with First Priority Bank and will subsequently operate as a separate division under the name Prestige Community Bank, with the same current management team and employees. The Agreement is subject to regulatory approval and the approval of the shareholders of Prestige. The parties expect that the transaction will be completed in the first quarter of 2008. Samuel J. Worthington, Jr., Chairman of the Board of Directors of Prestige, stated: “The execution of this Agreement benefits Prestige by accelerating the often slow process that de novo banks go through in the development of their business model and achieving profitability. The management team at First Priority has a proven track record, and we are pleased that Prestige will retain all of its employees.” David E. Sparks, Chairman and Chief Executive Officer of First Priority Financial Corp. and First Priority Bank, stated: “We are very pleased with the combination of Prestige and First Priority Bank. Together we will have broader market coverage, a stronger capital position which will enable us to be more competitive in the current banking environment, and a superb team of professionals delivering our banking and wealth management services. First Priority Financial Corp., headquartered in Malvern, Pennsylvania, is a private bank holding company that owns all the common stock of First Priority Bank which opened for business in January, 2006, and has two full-service banking offices, one at its headquarters in Malvern, Chester County and one in Wyomissing, Berks County. At September 30, 2007, FPFC had consolidated loans, deposits and total assets of $89.0 million, $106.3 million and $125.9 million, respectively. More information about First Priority Bank can be found at www.fpbk.com or by calling 610-280-7100. Prestige Community Bank, headquartered in Bucks County, Pennsylvania, is a de novo bank that received authority from the Pennsylvania Department of Banking on October 16, 2007, to begin operating as a commercial bank. |
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 |
