Secure Payment
Annapolis, Maryland
Contact:
Richard J. Morgan
President and Chief Executive Officer
(410) 280-6695
rmorgan@commerce1st.com
NOVEMBER 20, 2009
CommerceFirst Bank Announces the Appointment of its President & CEO as Director of the Federal Reserve Bank of Richmond
Milton D. Jernigan, II, Bank and Holding Company Chairman is pleased to announce the appointment of Richard J. Morgan, President and CEO of CommerceFirst Bank as a Director of the Fifth District Federal Reserve Bank of Richmond.
The Fifth District Member Banks recently elected Mr. Morgan to serve a three year term beginning January 1, 2010 as a Class "A" Director. Mr. Morgan will draw on his expertise in the areas of economic development; small business issues and perspectives; in addition to his nearly 40 years of banking and financial management experience.
Mr. Jernigan states, "We believe the selection of Rick Morgan to serve on the Federal Reserve's Richmond Board of Directors is a clear endorsement of both the important roles of community banks and employing effective economic development strategies as essential resources for our region's recovery from the current recession".
Mr. Morgan states, "My goals are to make a positive contribution to the Board and our region while expanding my knowledge of our financial system. I am highly honored to be elected to this position by the Federal Reserve Bank and the banks of the Fifth District."
The Federal Reserve Bank, formed in 1913, has twelve banks and twenty five branches with Boards of Directors that oversee the operations and economies of each District.
CommerceFirst Bank is a wholly owned subsidiary of CommerceFirst Bancorp, Inc. (NASDAQ:CMFB). The bank and holding company have banking and administrative offices at 1804 West Street, Annapolis, Maryland 21401. There are four additional branches in Anne Arundel, Prince George's, and Howard Counties. For additional information, the bank's web site is www.commerce1st.com.
###
