Liberty Bank, N.A. Announces Termination of Formal Agreement with the Comptroller of the Currency

Liberty Bank, N.A. Announces Termination of Formal Agreement with the Comptroller of the Currency

Wednesday December 18, 2013

Beachwood, Ohio - Liberty Bank, N.A. (the "Bank") today announced that on December 16, 2013, the Bank was informed by its primary regulator, the Office of the Comptroller of the Currency (the "OCC"), that the formal written agreement between the Bank and the OCC, dated January 25, 2011 (the "Agreement"), was terminated effective December 12, 2013.


Bill Valerian, the Bank's Chairman, President and CEO, stated, "We are very pleased with the action taken by the OCC and are gratified that our primary regulator has recognized the significant progress we have made in addressing the requirements of the Agreement. We have committed significant time and resources to fully address matters raised by the OCC. We believe as a result, we are a financially stronger bank with systems and processes that will aid us as we continue to provide quality services to our customers. I would like to express, on behalf of our board of directors and management, our appreciation to our employees who have helped us to address successfully the regulatory issues set forth in the Agreement."


About Liberty Bank, N.A.

Founded in 1990, the Beachwood, Ohio-based Liberty Bank, N.A. is a full-service community national bank with assets of $208 million as of November 30, 2013. With branch offices in Beachwood, Solon and Twinsburg, the independently-owned bank serves local consumers and privately held businesses with sales of up to $50 million. Liberty Bank specializes in providing innovative financing and cash management services for commercial customers together with competitive rates and a high level of personalized customer service.


Safe Harbor Statement Pursuant to the Private Securities Litigation Reform Act of 1995

This press release includes statements which look to the future. These can include remarks about the Bank, the banking industry, the economy in general, expectations of the business environment in which the Bank operates, projections of future performance, and potential future credit experience. These remarks are based upon current management expectations, and may, therefore, involve risks and uncertainties that cannot be predicted or quantified and are beyond the Bank's control and are subject to a variety of uncertainties that could cause future results to vary materially from the Bank's historical performance, or from current expectations. These remarks may be identified by such forward-looking statements as "should," "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Factors that could affect the Bank include, but are not limited to: potentially increased capital requirements mandated by the Bank's regulators; the Bank's ability to raise capital; changes in interest rates; increases or decreases in retail and commercial economic activity in the Bank's market area; variations in the ability and propensity of consumers and businesses to borrow, repay, or deposit money, or to use other banking and financial services; results of regulatory examinations; any failure by the Bank to maintain effective internal control over financial reporting; larger-than-expected losses from the sale of assets; and the potential that net charge-offs are higher than expected or for further increases in our provision for loan losses. Finally, new and unanticipated legislation, regulation, or accounting standards may require the Bank to change its practices in ways that materially change the results of operations. We have no obligation to update any forward-looking statements to reflect events or circumstances after the date of this document.



William A. Valerian, Chairman, President and CEO

(216) 359-5500