LAKEWOOD, Colo., March 25, 2014 (GLOBE NEWSWIRE) -- Solera National Bancorp, Inc. (OTCQB:SLRK) (the "Company," "Solera," or "we"), the holding company for Solera National Bank, today announced that it has received a notice from Michael Quagliano that Mr. Quagliano intends to nominate seven persons, including himself, for election as directors at the Company's 2014 annual stockholders' meeting (the "Annual Meeting"). After careful consideration, the Company's board of directors (the "Board") has determined not to recommend that Mr. Quagliano and his other nominees be elected to the Board. Instead, the Board has determined to nominate for re-election 11 of the current 13 board members. The Board's nominees have a broad range of relevant experience and all but one are independent. The Board firmly believes that the re-election of these directors is in the best interest of the Company's shareholders.
The Company has attempted on multiple occasions to meet with Mr. Quagliano to discuss his concerns, but he has refused to meet with us. We are disappointed that he has decided to pursue a costly and disruptive proxy contest rather than engage in a constructive dialogue.
The Company also announced that it has received a notice from Kathleen Stout that she intends to nominate eight persons for election at the Annual Meeting. After careful consideration, the Board has determined not to recommend any of Ms. Stout's nominees for election to the Board. Ms. Stout is a former executive of the Company who was terminated in December 2013. She indicated in her notice her desire to be rehired to her former position.The Company will hold the Annual Meeting on May 22, 2014. About Solera National Bancorp, Inc. Solera National Bancorp, Inc. was incorporated in 2006 to organize and serve as the holding company for Solera National Bank, which opened for business in September of 2007. Solera National Bank is a community bank serving emerging businesses in Lakewood, Colorado with five additional loan production offices in South Denver, Boulder, Durango, north Colorado Springs and downtown Colorado Springs. At the core of Solera National Bank is welcoming, inclusive and respectful customer service, a focus on supporting a growing and diverse Colorado economy, and a passion to serve the Hispanic community through service, education and volunteerism. For more information, please visit http://www.SoleraBank.com.
|CONTACT: SOLERA NATIONAL BANCORP, INC.|
|JOHN P. CARMICHAEL, PRESIDENT & CEO|
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