SOURCE: FPB Bancorp, Inc.

April 18, 2007 13:00 ET

FPB Bancorp, Inc. Announcement by CEO

PORT ST. LUCIE, FL -- (MARKET WIRE) -- April 18, 2007 -- FPB Bancorp, Inc. (NASDAQ: FPBI) -- David Skiles, Chief Executive Officer and President of FPB Bancorp, Inc., announced that the Company had received a letter of reprimand from Nasdaq regarding the composition of the Company's Personnel/Compensation/Nominating Committee, citing contravention of Marketplace Rules 4350(c)(3) and 4350(c)(4), which require that the Committee be comprised solely of independent directors.

CEO Skiles stated that, "the violation was wholly inadvertent and a result of the Board's desire to include an executive officer in Committee discussions. The executive did not participate in any deliberations concerning him and the Committee met only one time during his term of service. Our Committee Charter specifically states that the membership must be comprised of solely independent directors and it was an oversight and inadvertent mistake on our behalf." CEO Skiles went on to say, "the letter of reprimand specifically noted that it did not appear that our failure to comply with the listing requirements was a result of a deliberate intent to avoid compliance and that the Company had not demonstrated a pattern of noncompliance. Once it was brought to the Company's attention that there was a problem, the Company corrected the Committee's membership." CEO Skiles concluded by saying, "Our goal is to always comply with the listing requirements, as well as other rules and regulations that regulate the Company and our wholly owned subsidiary."

FPB Bancorp, Inc. is a one bank holding company located in Port St. Lucie, Florida. FPB Bancorp, Inc.'s sole subsidiary is First Peoples Bank, which has four full-service branches located in Port St. Lucie, Fort Pierce, Stuart, and Vero Beach, Florida.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain statements in this press release may contain "forward-looking" statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "estimate," "anticipate," "believe," "target," "plan," "project," or "continue" or the negatives thereof or other variations thereon or similar terminology, and are made on the basis of management's plans and current analyses of FPB Bancorp, Inc., its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect FPB Bancorp, Inc.'s financial performance and could cause actual results for fiscal 2007 and beyond to differ materially from those expressed or implied in such forward-looking statements. FPB Bancorp, Inc. does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any project results expressed or implied therein will not be realized.

For further information regarding FPB Bancorp, Inc., please read the FPB Bancorp, Inc. reports filed with the Securities Exchange Commission and available at www.sec.gov or at its website at http://www.1stpeoplesbank.com.

Contact Information

  • For more information, contact:
    Nancy E. Aumack
    Chief Financial Officer
    (772) 398-1388

    FPB BANCORP, INC.
    1301 South Port St. Lucie Blvd.
    Port St. Lucie, FL