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| 8-K - FIDELITY D & D BANCORP INC | v204597_8k.htm |
Exhibit
99.1
FIDELITY
D & D BANCORP, INC.
FOR
IMMEDIATE RELEASE
Date:
November 2, 2010
Contacts:
Patrick
J. Dempsey
Chairman
of the Board
570-342-8281
Fidelity
D & D Bancorp, Inc.
and
Fidelity
Deposit and Discount Bank
Announce
new President and CEO
Patrick
Dempsey, chairman of the boards of Fidelity D & D Bancorp, Inc. and The
Fidelity Deposit and Discount Bank, announced two major appointments today at a
special meeting of Fidelity Bank employees at the Dunmore Corners location.
Daniel J. Santaniello was appointed President and CEO of the Company and
Fidelity Bank and Timothy P. O’Brien was named Senior Executive Vice President
of the Company and Fidelity Bank.
Mr.
Dempsey outlined how Fidelity Bank, under the direction of its experienced
management team, has emerged a stronger and more efficient institution following
one of the most challenging chapters in its over 100-year history. Dempsey sang
the praises of both Santaniello and O’Brien as the leaders of the senior
management team that led the recent effort to be more focused on enhancing value
to the Company’s investors while maintaining exceptional service to its
customers. He outlined how the team crafted and executed difficult
and sweeping initiatives to control expenditures, increase efficiencies and
improve profitability.
Since
August of 2009, Mr. Dempsey has served the Company and Fidelity Bank in the dual
roles of both board chairman and interim chief executive
officer. “Both Dan Santaniello as our Chief Operating Officer and Tim
O’Brien as our Chief Commercial Banking Officer have done an outstanding job
over these past 15 months,” stated Mr. Dempsey. “We are fortunate to have two
such dedicated and capable professionals heading our organization. The process
for selecting our leadership was a difficult one for the Board of Directors, but
our investors and customers can stand confident that the strong future of our
bank is in exceptionally capable hands.”
Daniel J.
Santaniello has served as Executive Vice President and Chief Operating Officer
of the Bank since 2001. He is also a member of the Board’s Asset and Liability
committee, Credit Administration committee and the Trust/401(k) committee. Prior
to joining Fidelity, Mr. Santaniello was Senior Vice President of Retail Sales
and Administration at another financial institution in Northeastern
Pennsylvania. Mr. Santaniello has served as President of the American Heart
Association, Vice President of the Board of Directors of the Greater Scranton
Chamber of Commerce as well as the Great Valley Technology Alliance and
Treasurer of the Prostate Cancer Awareness Foundation.
Timothy
O’Brien has served as Executive Vice President and Chief Commercial Banking
Officer of the Bank since 2008. He has brought over 35 years of experience to
the position. Previously, Mr. O’Brien served in various executive management
positions at other local and regional financial institutions. Mr.
O’Brien serves on the Board of Directors for St. Joseph’s Center, the Scranton
Cultural Center and has been a board member of both the Greater Pittston and
Greater Scranton Chambers of Commerce. He is also a member of the Finance and
Audit Committees for The Commonwealth Medical College.
Fidelity
D & D Bancorp, Inc. is the parent holding company for The Fidelity Discount
and Deposit Bank. Founded in Dunmore on May 11, 1903, Fidelity Bank
has 11 full service branches and 23 ATM facilities throughout Lackawanna and
Luzerne counties as well as full service Trust and Investment
divisions.
Forward-Looking
Statements
Certain
of the matters discussed in this press release may constitute forward-looking
statements for purposes of the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended, and as such may involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different
from future results, performance or achievements expressed or implied by such
forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,”
“believe,” “estimate,” and similar expressions are intended to identify such
forward-looking statements.
The
Company’s actual results may differ materially from the results anticipated in
these forward-looking statements due to a variety of factors, including, without
limitation:
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the
effects of economic deterioration on current customers, specifically the
effect of the economy on loan customers’ ability to repay
loans;
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the
costs and effects of litigation and of unexpected or adverse outcomes in
such litigation;
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the
effects of new laws and regulations, specifically the impact of the
Dodd-Frank Wall Street Reform and Consumer Protection
Act;
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governmental
monetary and fiscal policies, as well as legislative and regulatory
changes;
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the
effect of changes in accounting policies and practices, as may be adopted
by the regulatory agencies, as well as the Financial Accounting Standards
Board and other accounting standard
setters;
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the
risks of changes in interest rates on the level and composition of
deposits, loan demand, and the values of loan collateral, securities and
interest rate protection agreements, as well as interest rate
risks;
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the
effects of competition from other commercial banks, thrifts, mortgage
banking firms, consumer finance companies, credit unions, securities
brokerage firms, insurance companies, money market and other mutual funds
and other financial institutions operating in the Company’s market area
and elsewhere, including institutions operating locally, regionally,
nationally and internationally, together with such competitors offering
banking products and services by mail, telephone, computer and the
Internet;
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technological
changes;
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acquisitions
and integration of acquired
businesses;
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the
failure of assumptions underlying the establishment of reserves for loan
and lease losses and estimations of values of collateral and various
financial assets and liabilities;
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volatilities
in the securities markets;
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deteriorating
economic conditions;
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acts
of war or terrorism; and
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disruption
of credit and equity markets.
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