First Priority Bank Enters Consulting Agreement
with Former Meridian Bancorp CEO, Sam McCullough
Malvern, PA – July 24, 2013 - First Priority Bank (FPBK) and McCullough Consulting (McCullough) today entered into an agreement naming McCullough Consulting as exclusive consultant to provide strategic sales and marketing advice to First Priority Bank, primarily in its Berks County market. Under the agreement, McCullough will work exclusively with First Priority Bank to develop greater brand awareness in its market and will provide expertise for the development of its consumer and business banking marketing strategies.
Since the recent merger between First Priority Bank, headquartered in Malvern, Pa., and the former Affinity Bank of Pennsylvania (ABPA), headquartered in Wyomissing, Pa., FPBK has significantly increased its presence and reach in Berks County and Affinity Bank now operates as a division of First Priority Bank in the Berks County Market.
"Our entire organization is very excited to be working with Sam, especially here in Berks County where he was the key executive that built the former Meridian Bank," said Steven A. Ehrlich, President and CEO of First Priority Bank (formerly Chairman and CEO of ABPA). “During his leadership as CEO, Meridian Bank became a household name and grew from $1 billion to over $17 billion in assets.” “Subsequent to his leadership of Meridian, Sam served as Secretary of Community and Economic Development for the Commonwealth of Pennsylvania during the Ridge Administration.”
“First Priority is an outstanding sound and well capitalized bank that understands relationship banking which is very important in today's environment,” said Samuel A. McCullough, Chairman of McCullough Consulting, and former Chairman, President and CEO of Meridian Bancorp Inc.
McCullough Consulting is affiliated with Griffin/Stevens & Lee Consulting, LLC Reading, Pa. Griffin provides M&A advisory, equity and debt placement, equity market-making and secondary market execution services to institutional clients.
First Priority Bank is the wholly owned banking subsidiary of First Priority Financial Corp, Malvern, Pa.
About First Priority Financial Corp.
First Priority Financial Corp. is a bank holding company, which along with its bank subsidiary, First Priority Bank, is headquartered in Malvern, Pennsylvania. First Priority Bank, with $442.8 million in assets as of March 31, 2013, was chartered in November, 2005 and opened for business to the public in January, 2006 as a full service commercial bank providing personal and business lending, deposit products and wealth management services through its ten offices in Berks, Bucks, Chester and Montgomery Counties, Pennsylvania. The common stock of First Priority Financial Corp. is not currently traded on the open market. FPFC's website can be accessed at http://www.fpbk.com.
This release contains forward-looking statements, which can be identified by reference to a future period or periods or by the use of words such as "would be," "will," "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect," and similar expressions or the negative thereof. These forward-looking statements include: statements of goals, intentions and expectations; statements regarding prospects and business strategy; statements regarding asset quality and market risk; and estimates of future costs, benefits and results. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following: (1) general economic conditions, (2) competitive pressures among financial services companies, (3) changes in interest rates, (4) deposit flows, (5) loan demand, (6) changes in legislation or regulation, (7) changes in accounting principles, policies and guidelines, (8) litigation liabilities, including costs, expenses, settlements and judgments and (9) other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services. Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. We have no obligation to update or revise any forward-looking statements to reflect any changed assumptions, unanticipated events or any changes in the future.