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Foundation Bank Reports Management Change

BELLEVUE, Wash., Oct. 20, 2015 (GLOBE NEWSWIRE) -- Foundation Bank, subsidiary of Foundation Bancorp, Inc. (OTCPink:FDNB), today announced that Chief Executive Officer Diane Dewbrey has informed the Board of Directors that she will be resigning to pursue other interests. Chairman of Foundation Bank, Lou Mills announced that CEO Diane Dewbrey will be leaving the bank effective October 19, 2015.

"I am proud of our accomplishments during difficult economic times in building a strong customer and deposit base, and a strong platform for continued growth and success," said Dewbrey.

"On behalf of the Board and our shareholders we thank Diane for providing strong leadership during some difficult times," said Mills. "We wish her well as she pursues other interests."

During the search for a replacement, Duane Woods, Vice Chair and Director of the Bank, has agreed to serve as Interim CEO. Woods is retired from his post as SVP for Waste Management Inc.'s Western US and Canadian operations. He serves on a number of boards and consults with companies and senior management in several industries.

About the Company

Foundation Bancorp (FDNB) is a bank holding company based in Bellevue, Washington, that operates Foundation Bank, a locally owned, full service, state chartered commercial bank. Foundation Bank has been serving the greater Puget Sound region since 2000.

Safe Harbor Statement. This release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors. Foundation Bancorp undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Randy Cloes, EVP & CFO 425 691 5014 www.foundationbank.comSource:Foundation Bancorp