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Communities First Financial Corporation Announces Succession Plans: David N. Price to Retire as Chairman, Succeeded by Mark Saleh

FRESNO, Calif., March 06, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Communities First Financial Corporation (the “Company”) (OTCQX:CFST) and the parent of Fresno First Bank (the “Bank”) today announced the retirement of David N. Price, Chairman of the Board, effective following the Annual Meeting of Shareholders on May 15, 2018. Consistent with its succession plan, the Board of Directors also announced that Vice Chairman, Mark Saleh has been confirmed as Chairman Elect to succeed Mr. Price after the 2018 Annual Meeting.

Steve Miller, CEO & President stated that, “David Price was the original founder of the Bank and has been instrumental in developing the culture of the bank. This culture is rooted in the idea that by giving staff a “stake in the outcome” through our ESOP, the performance of the bank, the level of service for customers and the return for shareholders will exceed the market. His leadership, enthusiasm and commitment to our vision and values have been the driving force behind our success. Personally, Dave gave me the opportunity to lead this organization, and for that I will be forever grateful.”

David Price remarked, “These years have been some of the best in my life, and I am proud to see the progress and growth of our fine company. A smooth succession plan is the mark of a strong board. We are encouraged by this process and feel the bank is well positioned for the future. I look forward to stepping back to enjoy the next stage of my life.”

“I have worked with Dave for many years, and it has been a privilege. I wish him every happiness in his well-deserved retirement,” commented, Chairman Elect, Mark Salah. “I am honored to be the incoming Chairman, and look forward to building on his legacy and continuing to work with Steve, my fellow board members and our excellent management team to grow our franchise.”

About Fresno First Bank and Communities First Financial Corporation. Fresno First Bank is a leading business and community bank in the Fresno, California area providing business and personal banking and commercial lending. Founded in 2005 and headquartered in Fresno, the Bank is the sole subsidiary of Communities First Financial Corporation, whose stock is quoted on the OTCQX Marketplace under the symbol “CFST”. Additional information about Communities First and Fresno First Bank is available from the Company’s website at www.fresnofirstbank.com or calling 559-439-0200.

Forward Looking Statement Disclaimer

This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Contact:
Steve Miller – President & CEO
(559) 439-0200

Source:Communities First Financial Corporation