FOREST HILL, Md. -- (Business Wire)
MB Bancorp, Inc., (the “Company”) (OTCBB: MBCQ), the holding company for
Madison Bank of Maryland (the “Bank”), announced today that it has
parted ways with President and Chief Executive Officer Julia A. Newton
and has appointed Philip P. Phillips as President and Chief Executive
Officer of the Company and the Bank effective September 30, 2016. Ms.
Newton has resigned as a director of the Company and the Bank effective
October 25, 2016, and Mr. Phillips has been appointed to the Boards of
Directors of the Company and the Bank effective that same date.
Lawrence W. Williams, Chairman of the Board of the Company and the Bank,
said, “We are very excited to have Phil Phillips join our organization.
Phil has deep lending contacts and experience, which will be a great
asset to us as we seek to expand our business in our market. As we move
in a different direction, the Board of Directors thanks Ms. Newton for
her over 16 years of service and wishes her the best of luck.”
Phil Phillips commented, “I am looking forward to joining Madison Bank
of Maryland, an historic institution that has been serving its community
for over 100 years. Community banks are the foundation of our economy,
and I am pleased to have the opportunity to continue that tradition at
Madison Bank of Maryland.”
Madison Bank of Maryland is a community-oriented financial institution,
dedicated to serving the financial service needs of customers within its
market area, which consists of Baltimore and Harford Counties in
Maryland. We offer a variety of deposit products and provide loans
secured by real estate located in our market area. Our real estate loans
consist primarily of residential mortgage loans, as well as
non-residential real estate loans, construction and land loans and home
equity lines of credit. We currently operate out of our corporate
headquarters and main office at 1920 Rock Spring Road, Forest Hill,
Maryland 21050 and have two full-service branch offices located in
Aberdeen and Perry Hall, Maryland. Additional information can be
obtained at (www.mbofmd.com)
or 410-420-9600.
This press release contains statements that are forward looking, as
that term is defined by the Private Securities Litigation Reform Act of
1995 or the Securities and Exchange Commission in its rules, regulations
and releases.The Company intends that such forward-looking
statements be subject to the safe harbors created thereby.All
forward-looking statements are based on current expectations regarding
important risk factors, including but not limited to real estate values,
market conditions, the impact of interest rates on financing, local and
national economic factors and the matters described in “Item 1A. Risk
Factors” in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2015.Accordingly, actual results may differ from
those expressed in the forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160929006452/en/
Contacts:
MB Bancorp, Inc.
Lawrence W. Williams
Chairman of the Board of
Directors
410-420-9600
Source: MB Bancorp, Inc.
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