Belvedere Capital Partners Announces New President for Its Financial Services Private Equity Firm.

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--Feb. 11, 2004

Richard W. Decker, Jr., Chairman & Co-Founder of Belvedere Capital Partners II LLC (Belvedere Capital), announced today that Gary Gertz, currently President & Chief Executive Officer of the California Bankers Association (CBA), will be joining the firm as President during the second quarter of 2004. Belvedere Capital, a private equity firm headquartered in San Francisco with aggregate banking assets of $1.5 billion, invests in the financial services industry and specializes in community banking in the western United States.

The California Bankers Association (CBA) is one of the largest state bank trade associations in the United States. As leader of the CBA since 1999, Gertz worked with the CEOs and represented the 300 banks and thrifts that are its member organizations. Prior to that, Gertz, a CPA, was a Partner at KPMG, working with community bank clients, de novo banks, assisting with secondary offerings, due diligence, and acquisition strategy as well as the audit function. He has had extensive interaction with regulators throughout his career. Gertz has also held positions as Executive Vice President, Chief Financial Officer and Chief of Staff at First Interstate Bank of California, a $20 billion dollar bank with over 400 branches.

Decker commented: "This broad background of working closely with bank CEOs and CFOs for over 30 years, and coordinating the CFO function in a major California bank as well as the experience as a KPMG Partner will be a real asset to Belvedere, its investors and portfolio companies. With this breadth and depth, Gary will be able to add value on our boards of existing companies, evaluate new acquisitions, work with our Limited Partners and investors as we raise our next fund and play a key leadership role in Belvedere's overall senior management team." Gertz replaces Ron Bachli as President, who transitioned from Belvedere to Chairman and CEO of Placer Sierra Banchares, Belvedere's larger portfolio company.

Belvedere Capital is one of the few private equity firms in America that invests in community banking. Belvedere has two funds under management and has made investments in two leading banking platforms in prime locations in both southern California (Bank of Orange County with assets of $450 million) and northern California (Placer Sierra Bank, in the Sacramento area, with assets of $950 million) with its first fund. The second fund anticipates making its first investment in the first quarter.