American Principle Bank Announces: Upcoming Retirement of Chief Executive Officer; Hire of Experienced Senior Relationship Manager; Resignation of Chief Credit Officer

SAN LUIS OBISPO, Calif., April 1 /PRNewswire-FirstCall/ -- American Principle Bank (BULLETIN BOARD: APBA) (the "Bank") today announced that David R. Booker, the Bank's President and Chief Executive Officer, has informed the Board of Directors that he wishes to retire. Mr. Booker, who will be 64 years old this month, has agreed to continue serving in his current positions until a successor is hired. Mr. Booker, a founding officer and director of the Bank, will continue as a Bank director following his retirement.

Commenting upon Mr. Booker's request to retire, Mr. Eric J. Schwefler, Chairman of the Board, stated: "Dave Booker has been integral to the vision, formation, and growth of the Bank over the past two and one-half years. Dave has brought many clients to the Bank, and was instrumental in our initial public stock offering. Under Dave's guidance, the Bank has expanded to over $175 million in total assets and realized its initial quarter of profitability during the first quarter of 2009 - just its fifth full quarter after opening for business on October 15, 2007. The organization and initial operation of the Bank have placed extensive demands on Dave's time over the past several years; and the Board of Directors understands his desire to have more time for personal interests and his family now that the Bank has achieved so many key milestones."

Thomas J. Madden, a director of the Bank, then stated: "I have known Dave Booker for a great many years. Once I learned of Dave's involvement in the formation of a de novo bank in San Luis Obispo, I immediately inquired about the opportunity to become a founding organizer and director." Cole W. Minnick, a director of the Bank, added: "As a fellow experienced financial institution chief executive officer, I can particularly appreciate the extensive contributions Dave has made to building a successful bank. His significant commitments of time, energy, and personal funds via stock investment have provided a level of leadership mandatory to successfully launch a financial institution in the current challenging economic environment."

Mr. Booker then commented: "I look forward to working with my fellow directors to identify a well qualified successor; and then to assisting the new Chief Executive Officer through the transition. I also look forward to continuing to represent the Bank in our local communities and assisting clients in my ongoing role as a director. I appreciate the support of the Board of Directors in acknowledging my desire to transition into retirement as an officer of the Bank, while at the same time having the opportunity to continue fostering the Bank's success and progress as a director, client, and shareholder."

The Bank also announced that Michael J. Sell has joined the Bank as its Senior Vice President and Senior Relationship Manager. Mr. Sell has 22 years of banking experience encompassing a broad range of responsibilities. In recent years, Mr. Sell has served as a client relationship manager with particular expertise in commercial lending. Mr. Sell has long term ties to the Santa Maria Valley, where the Bank plans to open its initial branch office in late 2009 or early 2010. Commenting upon this new hire, Mr. Booker stated: "We are very pleased to welcome Mike Sell to the Bank's team. He is an accomplished professional, a two time Kiwanian of the Year, and has a well deserved reputation for excellent client service and active community involvement." Mr. Sell will serve the Bank's larger and more complex commercial customers while also contributing to the opening of the planned Santa Maria Branch and serving as a member of the Bank's senior officer team.

The Bank also announced that William F. Filippin, the Bank's Executive Vice President and Chief Credit Officer, has resigned from the Bank. Commenting on this resignation, Mr. Booker stated: "We appreciate Bill's support in and many contributions to getting the Bank open, as he was a founding officer. We wish him well in the new professional opportunity he will be undertaking." The Bank will soon commence recruiting for Mr. Filippin's replacement, with other senior officers performing credit administration functions in the interim.

The Bank will release its financial results for the first quarter of 2009 later this month.

The Bank's target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents in San Luis Obispo County and northern Santa Barbara County. The Bank serves these markets through a customizable delivery platform that includes online deposit via scanners located at customers' facilities, advanced technology, and sophisticated cash management services. Clients are also served through the Bank's custom facility, which was designed to emphasize client convenience, confidentiality, and a concierge approach to conducting financial transactions.

The Bank is located at 4051 Broad Street, Suite 140, San Luis Obispo, California, near the intersection of Broad Street (Highway 227) and Tank Farm Road. The Bank's deposits are insured by the Federal Deposit Insurance Corporation to the maximum extent allowed by law.

Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words or phrases such as "believe", "expect", "anticipate", "intend", "estimate", "target", "plans", "may increase", "may fluctuate", "may result in", "are projected", and similar expressions. The Bank's actual results may differ materially from those included in the forward-looking statements. These forward-looking statements involve risks and uncertainties including, but not limited to, the economic, business, and real estate market conditions in the Bank's market areas, the interest rate environment, competition, regulatory and legislative actions, the possibility that the Bank will not be successful in achieving its strategic objectives, the performance and contributions of employees and directors, and other factors. The Bank does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

This news release is available at the http://www.americanprinciplebank.com/ Internet site for no charge.

American Principle Bank

CONTACT: David R. Booker, President, Chief Executive Officer,
[phone], [e-mail], or Mark R. Andino,
Chief Financial Officer, Chief Operating Officer, [phone],
[e-mail], or general communication,
[phone], fax, [phone], [e-mail], all
of American Principle Bank

Web Site: http://www.americanprinciplebank.com/