Bank of Georgetown Gains Six New Lenders in Team ''Lift Out'' from Sovereign Bank, Plans More Branch Openings

WASHINGTON--(BUSINESS WIRE)--Bank of Georgetown, a community bank chartered in Washington, D.C., has acquired a six-person lending team from Sovereign Bank that will support its rapid growth and customer outreach into Rockville and mid-Montgomery County. Bank of Georgetown is the first community bank to complete a lift out from a larger regional bank in the D.C. area.

“We recognize this is a big step for a community bank and view it as a valuable investment to support our growth strategy,” said Bank of Georgetown President and CEO Mike Fitzgerald. “These talented individuals will be great additions to our leadership team.”

Bank of Georgetown plans to open two new branches by end of 2008, pending regulator approval, including one in Bethesda, Md., and another in the Penn Quarter area of downtown D.C.

The team, which will be based in Gaithersburg, Md., is scheduled to begin operations for Bank of Georgetown by end of June and will include: Eddie Parra, team leader and senior vice president of the commercial banking group; Jason Goetz, Keith Harding and Cynthia McGee, vice presidents within the commercial banking group; Gus Gospodinov, credit analyst; and Pam Prom, loan administrator.

“I am looking forward to working with Mike again,” said Parra. “It’s exciting to be joining a bank that’s infused with such an entrepreneurial spirit.” Parra worked with Fitzgerald at Riggs Bank of Maryland in the early 1990’s.

Parra’s previous title at Sovereign Bank was senior vice president and commercial regional executive. All other members of the team are maintaining their previous job titles.

About Bank of Georgetown

Bank of Georgetown is a fast-growing, Washington, D.C.-chartered community bank with branches in Georgetown, Friendship Heights, at Connecticut and L, and in the Courthouse area of Arlington, Va. The bank specializes in helping local organizations achieve their financial goals, by delivering competitive loan, deposit, and cash management products and services. All bank associates are experienced banking professionals dedicated to assisting customers with their banking needs. Founded in 2005 by Chairman Curtin Winsor and President and CEO Mike Fitzgerald, Bank of Georgetown offers unique customer-focused and technologically advanced services in order to maximize the relationship banking experience for its clients. More information about the bank is available at www.bankofgeorgetown.com.