Solera Announces Board Changes
LAKEWOOD, Colo., June 17, 2014 (GLOBE NEWSWIRE) -- Solera National Bancorp,
Inc. (OTCQB:SLRK) ("Solera," the "Company," "we," or "us"), the holding
company for Solera National Bank, today announced changes in the composition
of its board of directors. On June 13, 2014, in an effort to reach an
accommodation with dissident shareholder Michael Quagliano, six of the
Company's seven directors – i.e., all directors other than CEO John Carmichael
– resigned. Contemporaneously with the effectiveness of those resignations,
the board of directors reduced the size of the board to two and resolved to
appoint Mr. Quagliano to the board to serve with Mr. Carmichael. The Company's
certificate of incorporation and bylaws do not require the board to have more
than one director. Mr. Quagliano subsequently refused to serve on the board.
Accordingly, Mr. Carmichael filled the vacancy intended for Mr. Quagliano with
David Roberts, one of the directors who had previously resigned.The Company
believes that, notwithstanding his previous refusal to serve, Mr. Quagliano
may be interested in being appointed to the board.The board will consider
this, as well as all other relevant factors, as it seeks to rebuild the board
to a more customary size in the near future.
About Solera National Bancorp, Inc.
Solera National Bancorp, Inc. was incorporated in 2006 to organize and serve
as the holding company for Solera National Bank, which opened for business in
September 2007.Solera National Bank is a community bank serving emerging
businesses in Lakewood, Colorado with five additional loan production offices
throughout the state.At the core of Solera National Bank is welcoming,
inclusive and respectful customer service, a focus on supporting a growing and
diverse Colorado economy, and a passion to serve the Hispanic community
through service, education and volunteerism.For more information, please
Caution Concerning Forward-Looking Statements
This press release contains statements that may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
projected, anticipated or implied. These risks and uncertainties can include
the risks associated with the ability to recruit qualified candidates to the
Company's board of directors and many other risks described in the Company's
Securities and Exchange Commission filings, which are incorporated by
reference herein. We undertake no obligation to update or revise any
forward-looking statement. Readers of this press release are cautioned not to
put undue reliance on forward-looking statements.
CONTACT: Solera National Bancorp, Inc.
John P. Carmichael, President & CEO
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