Published On: Fri, Sep 5th, 2014

FIRST MOUNTAIN BANK (OTCBB:FMBP): Announced Retirement Plan of Two Senior Executives

FIRST MOUNTAIN BANK (OTCBB:FMBP) announced that Chairman of the Board and CEO, Mr. John G. ‘Jack’ Briner has decided to retire as CEO with effect from March 31, 2015. Further the bank also announced that President and CFO (Chief Financial Officer), Mr. Dennis R. Saunders will also retire with effect from December 31, 2014. As a Consequence, the board of directors of the bank will combine the roles of CEO and President into one position and will make a separate position of CFO.

Mr. Saunders is having an experience of more than 40 years in the banking industry and out of that he spent last 14 years with FIRST MOUNTAIN BANK (OTCBB:FMBP). Chairman of the Board’s Ethics, Personnel, and Nominating Committee, Mr. Vince Smith, will start the search for a new CFO as well as for a President and CEO. Mr. Smith specified that his search will include both internal and external candidates to facilitate smooth transitions and mentoring for each position. Till October 31, 2015, Mr. Briner will continue as a consultant with the Bank, and provide board and marketing consulting advice. Mr. Briner is going to retire from the board of directors of the bank before June 30, 2015 or annual meeting of shareholders of 2015, while Mr. Saunders will retire from the Board besides the coming annual meeting of shareholders which is scheduled in October.

Mr Briner commented that he has been with the bank for almost 9 years and at the time when he will finish his role as consultant he will complete 10 years. He also added that the customers and staff of the bank have been great.

Director of FIRST MOUNTAIN BANK (OTCBB:FMBP), Mr. Vince Smith, said that Mr. Briner and Mr. Saunders have provided many years of great leadership to the Bank, they will be missed and their leadership will not be easy to replace.

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