First Capital Bancorp, Inc., Announces Leadership Change
04 Novembro 2015 - 9:30AM
First Capital Bancorp, Inc. (NASDAQ:FCVA) ("First Capital"),
the holding company for First Capital Bank, today announced that
John M. Presley, Managing Director and Chief Executive Officer of
First Capital, has decided to resign as Chief Executive Officer of
First Capital, effective November 13, 2015, in order to become
Chief Executive Officer of Lumber Liquidators Holdings,
Inc. The First Capital Board of Directors has appointed Robert
G. Watts, Jr., currently the President and Chief Executive Officer
of First Capital Bank, as Acting Chief Executive Officer of First
Capital.
As previously announced on October 1, 2015, First Capital
entered into a merger agreement with Park Sterling Corporation
(NASDAQ: PSTB) ("Park Sterling") under which Park Sterling will
acquire First Capital. Mr. Watts will serve as Acting Chief
Executive Officer of First Capital through the completion of the
merger, which is expected to occur in the first quarter of 2016.
Mr. Presley will continue as a member of the First Capital
Board and will serve in a consulting role through the close of the
transaction to ensure a smooth and successful transition.
Grant Grayson, Chairman of the First Capital Board, said, "On
behalf of the entire First Capital Board, I want to thank John for
his dedication to the Company. Since joining in 2008, John has
led the successful recapitalization and repositioning of First
Capital, enhancing performance and growing our asset and deposit
base, which has enabled us to enter into this exciting new chapter
of growth. We greatly appreciate his contributions and wish
him well in his new role. We are fortunate to have someone
with Bob's proven experience and leadership abilities to guide
First Capital on a day-to-day basis as we work toward successfully
completing our merger with Park Sterling. We believe our
combination with Park Sterling will create a stronger community
bank to better serve our customers, with an enhanced balance sheet
and a broader array of products and services."
"My years at First Capital were extremely rewarding and I want
to thank our employees, the leadership team and the Board for their
partnership and collaboration," said Mr. Presley. "Together,
we built an exceptional local bank that will continue to serve the
Richmond community as part of Park Sterling. While it's time
for me to move on to a new opportunity, I look forward to remaining
a member of the Board through the closing of the transaction with
Park Sterling and am proud of all the accomplishments First Capital
has achieved. I am confident in the Company's continued
success under the leadership of Bob Watts and the entire Park
Sterling team."
Mr. Watts added, "I am delighted to serve in this expanded role
as we work to complete the merger with Park Sterling. I
look forward to partnering closely with the Board and our dedicated
employees in order to realize the benefits of the combination for
all of our stakeholders."
About First Capital Bancorp, Inc.
First Capital Bancorp, Inc. is a bank holding company
headquartered in Glen Allen, Virginia. First Capital is a community
oriented financial institution that offers a full range of banking
and related financial services to small and medium-sized
businesses, professionals and individuals located in its market
area. First Capital operates eight branches in Innsbrook,
Chesterfield Towne Center, near Willow Lawn on Staples Mill Road,
in Ashland, at Three Chopt and Patterson in Henrico County, at the
James Center in downtown Richmond, and in Chesterfield County, in
Bon Air and inside the Village at Swift Creek Kroger store.
Additional Information About the Merger and Where to Find It
Park Sterling has filed with the Securities and Exchange
Commission a Registration Statement on Form S-4 that includes a
preliminary proxy statement of First Capital that also constitutes
a preliminary prospectus of Park Sterling, as well as other
relevant documents concerning the proposed merger. INVESTORS ARE
STRONGLY URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY
STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION REGARDING THE PROPOSED MERGER. A free copy of the proxy
statement/prospectus, as well as other filings containing
information about Park Sterling and First Capital, may be obtained
at the SEC's Internet site (http://www.sec.gov). In addition, free
copies of documents filed with the SEC may be obtained on the
respective websites of Park Sterling and First Capital
at www.parksterlingbank.com and www.1capitalbank.com.
Participants in Solicitation
Park Sterling and First Capital and their respective directors
and executive officers may be deemed to be participants in the
solicitation of proxies in connection with the proposed merger.
Information about the directors and executive officers of Park
Sterling and First Capital and other persons who may be deemed
participants in this solicitation will be included in the proxy
statement/prospectus. Information about Park Sterling's executive
officers and directors can be found in Park Sterling's definitive
proxy statement in connection with its 2015 Annual Meeting of
Shareholders filed with the SEC on April 13, 2015. Information
about First Capital's executive officers and directors can be found
in First Capital's definitive proxy statement in connection with
its 2015 Annual Meeting of Shareholders filed with the SEC on April
15, 2015. Free copies of these documents can be obtained from the
sources indicated above.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any offer, solicitation or sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain "forward-looking statements,"
within the meaning of federal securities laws that involve
significant risks and uncertainties. Statements herein are based on
certain assumptions and analyses by the Company and are factors it
believes are appropriate in the circumstances. Actual results could
differ materially from those contained in or implied by such
statements for a variety of reasons including, but not limited to:
changes in interest rates; changes in accounting principles,
policies, or guidelines; significant changes in the economic
scenario: significant changes in regulatory requirements; and
significant changes in securities markets. Consequently, all
forward-looking statements made herein are qualified by these
cautionary statements and the cautionary language in the Company's
most recent Form 10-K and 10-Q reports and other documents filed
with the Securities and Exchange Commission. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
CONTACT: William W. Ranson
Executive Vice President and CFO
804-273-1160
WRanson@1capitalbank.com
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