CLEARWATER, Fla., June 17 /PRNewswire-FirstCall/ -- Old
Harbor Bank (OTC Bulletin Board: OHBK), announced
today that Anthony N. Leo will join
the Bank as its new Chief Executive Officer, subject to regulatory
approvals. Mr. Leo will be responsible for leading
implementation of the Bank's new growth strategies. William
W. Short will continue as President of the Bank.
Mr. Leo brings more than 25 years' strategic banking experiences
to Old Harbor Bank. He currently serves as Chief Executive Officer
of Peninsula Bank, a 13 office community bank based in Sarasota, FL, where he is charged with leading
the bank's restructure. Previously, he served for 13 years as
Executive Vice President and Managing Director of Harrisburg, PA based Community Banks, Inc. and
predecessors, a diversified financial holding company with 81
banking offices in Pennsylvania
and Maryland. In 1993, Mr.
Leo joined a troubled Community Banks predecessor and was
instrumental in its restructure, recovery and growth into a high
performing super-community bank. He began his career as Vice
President and Corporate Counsel with the National Bank of
Washington, and later transitioned
to various executive management positions with several Mid-Atlantic
region banking holding companies. Mr. Leo received his BA and
JD from George Washington University,
and is a member of the Bar of the District of Columbia and State of Maryland.
According to Gregory A. Mohr,
Chairman of the Board of the Bank, "We are delighted to have
Anthony N. Leo join Old Harbor Bank.
As we gain control of our asset resolution process, Mr. Leo
will lead the Bank into a new era of growth and development.
We believe his plans to expand our products and services, and
diversify sources of revenue will ensure long term profitability
regardless of transient economic conditions."
Mr. Leo stated, "Old Harbor Bank is well positioned to take
advantage of unique opportunities in the recovering economy.
It has an attractive network of community banking offices in
a superior market, as well as a strong reputation for high quality
customer service. I look forward to joining the team."
The addition of Mr. Leo as Chief Executive Officer is being made
concurrently with a new capital raise announced today. According to
William W. Short, President of Old
Harbor Bank, "Unlike so many of our competitors, we are not just
raising new capital to meet regulatory requirements, but more so to
implement a new strategic plan involving rebranding the bank,
expanding products, enhancing service, and augmenting our
management team. Mr. Leo is the ideal candidate to guide this
process."
The Bank plans include further development of the retail bank,
expansion of residential mortgage services, implementation of
integrated financial services and further emphasis on commercial
and industrial lending. The capital raise being undertaken will
provide support for these programs, while also allowing the bank to
consider strategic transactions.
Old Harbor Bank has 7 community banking offices in Pinellas and Pasco Counties, Florida, and total assets of approximately
$243 million as of March 31, 2010. Its shares are listed on
the OTC Bulletin Board.
SOURCE Old Harbor Bank