First Capital Bancorp Inc (FCVA)

[Enterprising Investor]

First Capital Bancorp, Inc., Announces Leadership Change (11/04/15)

GLEN ALLEN, Va., Nov. 4, 2015 (GLOBE NEWSWIRE) -- First Capital Bancorp, Inc. (NASDAQ:FCVA) ("First Capital"), the holding company for First Capital Bank, today announced that John M. Presley, Managing Director and Chief Executive Officer of First Capital, has decided to resign as Chief Executive Officer of First Capital, effective November 13, 2015, in order to become Chief Executive Officer of Lumber Liquidators Holdings, Inc. The First Capital Board of Directors has appointed Robert G. Watts, Jr., currently the President and Chief Executive Officer of First Capital Bank, as Acting Chief Executive Officer of First Capital.

As previously announced on October 1, 2015, First Capital entered into a merger agreement with Park Sterling Corporation (NASDAQ: PSTB) ("Park Sterling") under which Park Sterling will acquire First Capital. Mr. Watts will serve as Acting Chief Executive Officer of First Capital through the completion of the merger, which is expected to occur in the first quarter of 2016. Mr. Presley will continue as a member of the First Capital Board and will serve in a consulting role through the close of the transaction to ensure a smooth and successful transition.

Grant Grayson, Chairman of the First Capital Board, said, "On behalf of the entire First Capital Board, I want to thank John for his dedication to the Company. Since joining in 2008, John has led the successful recapitalization and repositioning of First Capital, enhancing performance and growing our asset and deposit base, which has enabled us to enter into this exciting new chapter of growth. We greatly appreciate his contributions and wish him well in his new role. We are fortunate to have someone with Bob's proven experience and leadership abilities to guide First Capital on a day-to-day basis as we work toward successfully completing our merger with Park Sterling. We believe our combination with Park Sterling will create a stronger community bank to better serve our customers, with an enhanced balance sheet and a broader array of products and services."

"My years at First Capital were extremely rewarding and I want to thank our employees, the leadership team and the Board for their partnership and collaboration," said Mr. Presley. "Together, we built an exceptional local bank that will continue to serve the Richmond community as part of Park Sterling. While it's time for me to move on to a new opportunity, I look forward to remaining a member of the Board through the closing of the transaction with Park Sterling and am proud of all the accomplishments First Capital has achieved. I am confident in the Company's continued success under the leadership of Bob Watts and the entire Park Sterling team."

Mr. Watts added, "I am delighted to serve in this expanded role as we work to complete the merger with Park Sterling. I look forward to partnering closely with the Board and our dedicated employees in order to realize the benefits of the combination for all of our stakeholders."

About First Capital Bancorp, Inc.

First Capital Bancorp, Inc. is a bank holding company headquartered in Glen Allen, Virginia. First Capital is a community oriented financial institution that offers a full range of banking and related financial services to small and medium-sized businesses, professionals and individuals located in its market area. First Capital operates eight branches in Innsbrook, Chesterfield Towne Center, near Willow Lawn on Staples Mill Road, in Ashland, at Three Chopt and Patterson in Henrico County, at the James Center in downtown Richmond, and in Chesterfield County, in Bon Air and inside the Village at Swift Creek Kroger store.

http://globenewswire.com/news-release/2015/11/04/783360/10155055/en/First-Capital-Bancorp-Inc-Announces-Leadership-Change.html