Exhibit 99.1

Company Release – 10/20/16

First Priority Financial Corp. Reports Third Quarter and Nine Months, 2016 Financial Results

➣     9 Month current year earnings per share increased 36% versus 2015 period

➣     Year-to-date loan growth is up 19% compared to prior year end                    

Malvern, Pa., October 20, 2016 – First Priority Financial Corp. (“First Priority” or the “Company”), parent of First Priority Bank (the “Bank”), today reported net income for the nine months ended September 30, 2016 of $1.56 million or $0.19 per basic and fully diluted common share versus $1.48 million or $0.14 per basic and fully diluted common share for the same period in 2015. The results reflected a 36% increase in earnings per share for the comparable nine month period a year ago.

Net income for the third quarter, 2016 totaled $476 thousand or $0.06 per basic and fully diluted share as compared to $588 thousand or $0.06 per basic and fully diluted share in the third quarter of 2015.

On August 21, 2016, the Bank significantly increased its loans outstanding through the acquisition of approximately 25 attractive relationships and approximately $65 million in loans from another local banking institution. The loan purchase, which increased loans outstanding by 19.1%, had a modestly negative impact on third quarter, 2016 operating results as the Bank recorded an initial loan loss provision of $500 thousand related to these acquired loans, consistent with its current practice that an allowance be established on all new loans generated. The Bank experienced one-time transaction costs of approximately $50 thousand related to the purchase. In addition, the Bank took advantage of financial market conditions during the current quarter by selling $6.5 million of its longer duration investments and recorded gains from these sales of $456 thousand.

David E. Sparks, Chairman and CEO, stated: “The steps taken in the third quarter of this year will significantly improve our future operating performance through the higher level of net revenues on the additional $65 million in acquired loans, with no incremental costs to manage these new relationships. We look forward to developing and broadening these relationships, which we believe will provide additional opportunities for our Bank with this very attractive customer base. Each acquired loan has been reviewed and analyzed through a due diligence process to assure compliance with the Bank’s internal credit review process.”

Sparks continued: “The Company’s earnings per share has and will continue to be positively impacted from the refinancing of $6.0 million of 9% preferred stock in January, 2016, through the prior issuance of the 7% subordinated debentures. These steps have provided an on-going benefit to our income available to common shareholders of $0.01 per quarter as the after tax cost of the debentures of 4.62% is a significant reduction to the prior 9% after tax impact of the preferred stock dividends.”

Sparks also noted: “We are also taking steps to broaden our franchise by opening a loan production office in Bala Cynwyd. This new location will allow our existing loan personnel to better service our customers within that market.”

Sparks concluded: “The Company’s operating performance is sound and asset quality and the balance sheet remain strong. Our efforts to strengthen our core deposit base are succeeding and we continue to broaden our relevance as a $570 million Bank.”

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First Priority Financial Corp.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

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First Priority Financial Corp.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)

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First Priority Financial Corp.

Selected Financial Data

(Unaudited, dollars in thousands, except per share data)

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Balance Sheet and Capital Highlights:

Asset Quality Highlights:

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Operating Results Highlights:

Net interest income for the first nine months of 2016 totaled $12.21 million compared to $12.08 million for the same period of the prior year, an increase of $127 thousand, or 1.1%. Average interest earning assets increased $31.5 million, or 6.9% when comparing these periods. The rate on average earning assets increased 3 basis points while the average cost of funds increased 27 basis points which resulted in a decline in net interest margin of 20 basis points from 3.54% to 3.34%.

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About First Priority

First Priority Financial Corp. is a bank holding company, which along with its bank subsidiary, First Priority Bank, is headquartered in Malvern, Pennsylvania. First Priority Bank, with $572 million in assets, was chartered in November, 2005 and opened for business to the public in January, 2006 as a full service commercial bank providing personal and business lending, deposit products and wealth management services through its seven offices in Berks, Bucks, Chester and Montgomery Counties, Pennsylvania. The common stock of First Priority Financial Corp. trades on the OTCQX marketplace, under the symbol FPBK. First Priority’s website can be accessed at http://www.fpbk.com.

This release contains forward-looking statements, which can be identified by reference to a future period or periods or by the use of words such as “would be,” “will,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” and similar expressions or the negative thereof. These forward-looking statements include: statements of goals, intentions and expectations; statements regarding prospects and business strategy; statements regarding asset quality and market risk; and estimates of future costs, benefits and results. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following: (1) general economic conditions, (2) competitive pressures among financial services companies, (3) changes in interest rates, (4) deposit flows, (5) loan demand, (6) changes in legislation or regulation, (7) changes in accounting principles, policies and guidelines, (8) litigation liabilities, including costs, expenses, settlements and judgments and (9) other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services. Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. We have no obligation to update or revise any forward-looking statements to reflect any changed assumptions, unanticipated events or any changes in the future.

The Company cautions that the foregoing list of important factors is not exclusive. Readers are also cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company to reflect events or circumstances occurring after the date of this press release.

For a discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K, as supplemented by our quarterly or other reports subsequently filed with the SEC.

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