Friendly Hills Bancorp Announces Hiring of Chief Executive Officer and Settlement With Shareholder Frank Kavanaugh

WHITTIER, Calif., Dec. 22, 2021 (GLOBE NEWSWIRE) -- Friendly Hills Bancorp (OTCBB:FHLB) (the “Company”), the parent company of Friendly Hills Bank (the “Bank”), announced today that Mr. Nathan Rogge has been appointed the Company’s and the Bank’s President and CEO. The Company, the Bank and Mr. Frank Kavanaugh, a shareholder, also jointly announced that they have entered into a Settlement Agreement pursuant to which the Company and the Bank have restructured their Board of Directors to nine members consisting of Jason Baker, Jeffrey Ball, Mercedes Broening, Richard Casford, William C. Greenbeck, Joe Matranga, Christopher Naghibi, Sara Nofeliyan and Nathan Rogge. Mr. Matranga will serve as Chairman and Mr. Ball will serve as Vice Chairman. As part of the agreement, Mr. Kavanaugh has agreed to withdraw all actions against the Company and the Bank.