The shareholders of TIB Financial Corp. (Nasdaq:TIBB), holding company
for TIB Bank, The Bank of Venice and Naples Capital Advisors, Inc.,
re-elected three directors to a two-year term through 2010 and elected
one director to a one-year term through 2009 at its Annual Meeting of
Shareholders held Tuesday, April 29th. The directors are: John G. Parks,
Jr., CPA, President of John G. Parks, Jr., CPA, P.A. and a partner of
Oropeza & Parks Certified Public Accountants, Marvin F. Schindler,
Retired United States Army, Otis T. Wallace, Esquire, Mayor of Florida
City and Howard B. Gutman, President of The Lutgert Companies,
respectively.
Before the Annual Meeting began, Chairman Longe took a moment to honor
Paul J. Marinelli, a distinguished community leader and board member who
unexpectedly passed away on April 10, 2008.
In their presentation to attendees at the meeting, Chairman of the Board
Thomas J. Longe and Chief Executive Officer and President Edward V. Lett
reviewed the company’s strategic objectives.
Chief Executive Officer and President Michael Carrigan reviewed TIB Bank’s
progress, Chief Executive Officer and President Mack Wilcox reviewed The
Bank of Venice’s progress and Michael Morris,
Chief Executive Officer and President of Naples Capital Advisors,
reviewed the three core integrated businesses of private banking,
investment advisory and upon receiving regulatory approval which is
expected this summer, trust services.
These strategic objectives include:
Optimize organic opportunities
Disciplined geographic and product expansion
Maximize operating productivity and efficiency
Pursue mutually beneficial affiliations
Edward Lett will be stepping down as CEO of the company in May, but he
will remain with TIB Financial Corp. as President and Vice Chairman,
while also devoting the time he needs to regain his health. He will
continue to be a valuable part of the management team, assisting in the
daily operation of the Holding Company and providing support to the
subsidiaries’ CEOs that TIBB has in place.
Chairman Longe will transition into the CEO position effective May 15,
2008.
“Over our proud 34 year history, this company
has generated quality assets, obtained balanced funding sources,
strictly adhered to regulatory compliance and exercised disciplined
expansion tactics, all resulting in respectable long term gains in
shareholder value,” said Mr. Lett.
In Annual Meeting business, of 10,313,188 common shares representing 81%
of total shares outstanding as of the February 29, 2008 record date,
approximately 95% were voted in favor of the election of Howard B.
Gutman and re-election of John G. Parks, Marvin F. Schindler and Otis T.
Wallace while approximately 5% did not favor the election of one or more
directors. There were no shareholder proposals presented at the meeting.
Following the Annual Meeting, the Company’s
Board of Directors appointed Douglas E. Baird to the Board of Directors
of TIB Bank. Mr. Baird, 58, has served the Barron Collier Companies
(BCC) in various positions since 1978. He currently serves as the
Manager of Treasury Services and his tenure at the BCC has included the
oversight of the Treasury, Banking, Accounting, Finance, Investments,
Risk Management, Payroll and Human Resources, Compliance, Legal review,
Family Office and Safety functions as well as the in-house insurance
operations. Mr. Baird is an active Naples North Rotarian and graduate of
the Leadership Collier Class of 2006.
Headquartered in Naples, Florida, TIB Financial Corp. is a
growth-orientated financial services holding company with $1.51 billion
in total assets. TIB Financial Corp. is the parent company of TIB Bank,
which has 17 full-service banking offices in the Florida Keys,
Homestead, Naples, Bonita Springs and Fort Myers, The Bank of Venice,
which has 3 full-service banking offices in Venice, Florida, and Naples
Capital Advisors, which offers private banking and investment services.
The company’s stock is traded on The NASDAQ
Stock Market under the symbol TIBB.
Copies of TIBB news releases, SEC filings, price quotes, stock charts
and other valuable information may be found on TIB’s
corporate web site at http://www.tibfinancialcorp.com.
For additional information, contact Ed Lett, CEO and President, at
239.263.3344, or Stephen J. Gilhooly, Executive Vice President and Chief
Financial Officer, at 239.659.5876.
Except for historical information contained herein, the statements
made in this press release constitute "forward-looking" statements
within the meaning of the Private Securities Litigation Reform Act of
1995, which invoke significant risks and uncertainties. Certain factors,
including those outside the company's control, may cause actual results
to differ materially from those discussed in the forward-looking
statements.
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