Colonial American Bank Files Regulatory Applications for Operation.

HORSHAM, Pa. -- Colonial American Bank, a new Pennsylvania state-chartered bank in the process of organization, today announced that it has filed an application with the Pennsylvania Department of Banking for a "certificate of authority" to conduct business. Additionally, Colonial American Bank has concurrently filed an application with the Federal Deposit Insurance Corp. (FDIC) for deposit insurance. Upon receipt of all regulatory approvals, Colonial American Bank plans to operate as a community bank with an initial branch office in Horsham, PA and administrative offices in Conshohocken, PA.

"We are looking forward to serving the banking needs of individuals, businesses and professionals in Pennsylvania's Montgomery County, a county that we feel is under-served with regards to community banks," said Joseph A. Splendido, CEO and Chairman of the Board for Colonial American Bank. "Colonial American Bank is committed to providing the old-fashioned, personal service that has been absent from the banking industry for some time."

The management team for Colonial American Bank features:

--Joseph A. Splendido - Mr. Splendido will serve as CEO and Chairman of the Board for the bank. He is currently President and CEO of Colonial Mortgage Service Co. of America, a full-service mortgage banker in PA and NJ. Mr. Splendido founded Colonial Mortgage Service Co. of America in 1992 and it has originated and closed over $500 million in loans. Splendido is also President and owner of Colonial Search and Abstract, a licensed Title Insurance and Settlement Service provider in PA. He is a licensed title agent.

--Mario L. Incollingo - Mr. Incollingo will serve as President of the bank. He began his career in the financial services industry in 1963 as a loan manager with the Commercial Credit Corporation. In 1965, Mr. Incollingo founded the Marconi Financial Corporation/Marconi Consumer Discount Company. In 1971, he became Executive Vice-President of Glenside Savings and rose to the rank of President and Director. In 1985, Mr. Incollingo engineered the merger of Glenside Savings and Loan with Pennsylvania Savings Bank, the sale of Marconi Financial Corporation/Marconi Consumer Discount Company, and became Executive Vice-President of Pennsylvania Savings Bank, now First Penn Bank. In 1988, Mr. Incollingo joined IGA Federal Credit Union as President, CEO and Director, eventually executing the first credit union conversion to a bank and public stock company. IGA was acquired by First Penn Bank and Mr. Incollingo took on the role of COO and Director at First Penn Bank in charge of bank operations at 12 branch locations.

--Daniel J. Machon, Jr. - Mr. Machon will serve as CFO and COO of the bank. Mr. Machon began his banking career in 1985 as a teller for a mutual savings association in Germantown, PA. In 1997, Mr. Machon was the acting President of this mutual savings association and successfully completed a merger transaction with a larger mutual savings association. Mr. Machon then served as a controller and soon moved into the CFO position for a publicly-held bank holding company. Mr. Machon remained as CFO after the public holding company was purchased and converted to a privately held bank.

Colonial American Bank is currently in the process of raising its initial capital. For more information please call 610-941-1266.