Departure of Directors or Certain Officers; Appointment of Certain Officers

Rhea-AI Summary

Solera National Bancorp announced the termination of Martin P. May as President and CEO on July 22, 2021. Concurrently, Board members Philip J. Randell and Richard M. Thorne will not seek re-election after their terms end at the upcoming Annual Meeting on September 16, 2021. Kreighton Reed, previously Executive VP of Business Development, has been appointed as interim President and CEO. May's leadership saw the bank's size double and focus narrow, enhancing its national presence.

Positive

• Kreighton Reed's appointment as interim CEO could bring fresh leadership and continuity.
• Martin P. May's tenure saw the bank's size double and a narrowed focus, enhancing recognition in the banking industry.

Negative

• Termination of a long-serving CEO may create uncertainty among employees and investors.
• Resignation of two Board members could lead to governance challenges during the transition.

LAKEWOOD, CO / ACCESSWIRE / July 23, 2021 / On July 22, 2021, Solera National Bancorp, Inc. (the "Company") and Solera National Bank (the 'Bank'), a national bank and subsidiary of the Company terminated the employment of Martin P. May as President and Chief Executive Officer of the Company and Bank.

On July 22, 2021, Messrs. Philip J. Randell and Richard M. Thorne members of the Board of Directors of both the Company and the Bank indicated that they will not stand for reelection as directors of the Company upon the expiration of their terms at the Company's 2021 Annual Meeting of Shareholders to be held on September 16, 2021. Additionally, Mr. May resigned from the Board of Directors of both the Company and the Bank on July 22, 2021.

On July 22, 2021, the Bank appointed Mr. Kreighton Reed as interim President and Chief Executive Officer of the Bank. Mr. Reed joined the Bank in 2016 and was most recently the Bank's Executive Vice President of Business Development. Mr. Reed stated, "Mr. May will be missed. He is known for how easy he is to approach, his kindness and thoughtfulness, and most impressively his professionalism and strong character. During May's tenure at the Bank, it has more than doubled in size not only in the size of the Bank, but also the number of employees. May's vision transformed Solera from a sleepy, local community bank to a bank with national presence and customers. It was his vision to narrow our focus to just a few products that has enabled us to be recognized as a leader in the banking industry. The impact he has had on this bank is profound and needs to be applauded."

The Company thanks Messrs. May, Randell and Thorne for their service and commitment to the Company.

CONTACT:
Kreighton Reed, President & CEO kreed@solerabank.com
Melissa K. Larkin, EVP & CFO mlarkin@solerabank.com

SOURCE: Solera National Bancorp, Inc.

View source version on accesswire.com:
https://www.accesswire.com/656525/Departure-of-Directors-or-Certain-Officers-Appointment-of-Certain-Officers

FAQ

What happened to Martin P. May at Solera National Bancorp?

Martin P. May was terminated as President and CEO of Solera National Bancorp and its subsidiary on July 22, 2021.

Who is the new CEO of Solera National Bancorp?

Kreighton Reed has been appointed as the interim President and CEO of Solera National Bank.

Why did Philip J. Randell and Richard M. Thorne resign?

Philip J. Randell and Richard M. Thorne indicated they will not stand for re-election as directors at the 2021 Annual Meeting of Shareholders.

What impact did Martin P. May have on Solera National Bancorp?

During May's tenure, the bank doubled in size and improved its national presence by focusing on a few key products.