New Century Bank Appoints New President and Chief Operating Officer: Richard Ehst Brings a Wealth of Experience to Bank's New Mission

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New Century Bank, with branches in the Chester and Delaware County suburbs of Philadelphia, announced today, the appointment of Richard (Dick) A. Ehst as President and Chief Operating Officer. Along with a more expanded role, Ehst will assume the duties of New Century Bank's recently resigned president. Previously employed by Sovereign Bank, Ehst has also held executive management positions at three community banks and served as an independent consultant to financial institutions in the mid-Atlantic region, where he provided guidance on regulatory matters, mergers and acquisitions, and risk management.

New Century Bank, with branches in the Chester and Delaware County suburbs of Philadelphia, announced today, the appointment of Richard (Dick) A. Ehst as President and Chief Operating Officer. Along with a more expanded role, Ehst will assume the duties of recently resigned President Jim McKeighan who left New Century Bank last week.

Earlier this month the Bank raised more than $17 million in a private placement for equity capital and named former Sovereign Bancorp CEO, Jay Sidhu as New Century Bank Chairman and CEO.

Prior to his current role, Ehst served as Executive Vice President of Commercial Middle Market for the Mid-Atlantic Division of Sovereign Bank. Before that, Ehst was the President of Berks Community Division of Sovereign and Managing Director of Corporate Communications for Sovereign Bank where his responsibilities included reputation risk management and marketing services support systems.

Commenting on Ehst's appointment, Sidhu said, "We are delighted that Dick has joined the New Century Bank team and have every confidence that his leadership will support our ambitious profitability and growth goals."

Ehst began his career in banking in 1968, following service in the U.S. Marines during the Vietnam War. Educated in Europe and at Albright College in Reading, Pennsylvania and Moravian College in Bethlehem, Pennsylvania, Ehst is also a graduate of the Advanced Commercial Bank Management Program at the Graduate School of Business at Columbia University, New York City. Ehst has served on the faculty of the PBA School of Banking at Bucknell University, Lewisburg, Pennsylvania, and was founding associate director of the Mid-Atlantic States Intermediate School of Banking at Dickinson College, Carlisle, Pennsylvania. He also served as adjunct professor in the MBA Program at Wilkes University.

Prior to joining Sovereign Bank, Ehst held executive management positions at three community banks and served as an independent consultant to financial institutions in the mid-Atlantic region, where he provided guidance on regulatory matters, mergers and acquisitions, and risk management. As a consultant to Sovereign, Ehst worked with the Commercial Development Group to identify and develop corporate and municipal business relationships for the bank.

Extremely involved in the community, Ehst recently or currently served on the boards of the following organizations: Our City Reading; United Way of Berks County; Riverplace Development Corporation; Opportunity House; Greater Reading Chamber of Commerce and Industry; Berks Economic Partnership, and Berks County Workforce Investment Board.

Pennsylvania's New Century Bank, with branches in Phoenixville, Kimberton, Malvern, Newtown Square and Wayne, has been a full-service, community bank since opening in 1997. Actively supporting community events and causes, New Century Bank is locally owned and administered. For more information visit New Century Bank online at http://www.newcenturybank.com.

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