FIRST BANK OF THE PALM BEACHES INTRODUCES NEW EXECUTIVE MANAGEMENT TEAM

With Over 100 Years of Collective Community Banking Experience, New Team Has a Proven Track Record as Banking Industry Leaders

2010-12-08

WEST PALM BEACH, Fla. (December 8, 2010) -- First Bank of the Palm Beaches, a full-service community bank founded in West Palm Beach in 2006, has announced a new executive management team. Each executive has deep community banking experience and strong ties to both industry and community business leaders, positioning them advantageously to extend the bank's future footprint in Palm Beach County.

Joseph B. (Jay) Shearouse, III, president and chief executive officer of First Bank of the Palm Beaches, will oversee the bank's daily operations and strategic direction. With over 30 years of community banking experience, he is best known for his 28 years of service at Fidelity Bank & Trust.

"Since the financial meltdown of 2008, the erosion of confidence in the banking industry by consumers has caused major shifts in decisions about banking relationships," said Shearouse. "In this economic climate, consumers not only hope for but demand transparency and integrity in their bank, and look for informed guidance to advance their financial goals. That's where we have a significant edge over large financial institutions. We operate by combining common sense and financial expertise with our profound knowledge of this community. Our team is well known and respected for their banking and financial acumen, and our approach is proving to be exceptionally successful in this challenging economic environment."

John Ahrenholz is the new senior vice president and chief operating officer, and Steve Eassa is senior vice president and chief lending officer. Both Ahrenholz and Eassa were former executives at Fidelity Bank & Trust. Brian Mahoney, also a 23-year veteran of Fidelity, is the most recent addition to the team, and will serve as chief financial officer, pending approval by the Federal Deposit Insurance Corporation (FDIC) and the Florida Office of Financial Regulation. Cindy Sheppard is vice president and operations officer, and completes this skilled team with over 30 years of community banking experience, 26 of which were with Community Savings of North Palm Beach.

For more information about First Bank of the Palm Beaches, please visit: www.firstbankpb.com.

About First Bank of the Palm Beaches

Established in 2006, First Bank of the Palm Beaches is a full-service community bank that offers financial services to small-and mid-size businesses and individuals within Palm Beach County. The bank distinguishes itself by providing customers with personalized high quality banking services such as checking and savings accounts, certificates of deposit, credit cards, and commercial and consumer loans. The bank's main branch is located in downtown West Palm Beach, Fla.



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