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Jamie Colbourne Joins Foundation Bancorp Board of Directors

BELLEVUE, Wash., Nov. 8, 2012 (GLOBE NEWSWIRE) -- Foundation Bancorp, Inc. (OTCBB:FDNB), the holding company for Foundation Bank, today announced that Jamie Colbourne has re-joined its Board of Directors and the Board of Directors of the Bank, effective September 26, 2012. Mr. Colborne has been associated with the bank since its beginning, as a founding board member of Foundation Bank. Foundation now has eight outside directors serving on its board.

"We are honored and delighted to welcome Jamie back to the Foundation Board," said Diane Dewbrey, President and CEO. "His strong communication skills, leadership abilities and proven expertise in management, finance and marketing will be of great value to our institution as we continue to position ourselves for future success."

Mr. Colbourne is currently the Chief Executive Officer of a food processing company in the Northwest that has distribution throughout the US and into Asia. He was born in Canada where he started his career in 1980 as a member of the Canadian Chartered Accountant Association and worked as an auditor in public accounting. In 1983, he transitioned to private industry in senior financial capacities with Coca Cola, Pepsi Cola, and Pillsbury in North America.

In the early 90's, Mr. Colbourne purchased a food distribution business in the Pacific Northwest that he expanded into food manufacturing with national distribution in consumer products goods. He has spent the last twenty years of his career in retail, wholesale and manufacturing of consumer products goods. Mr. Colbourne's former executive positions include: Chief Operating Officer of Triple B Corp in Seattle, Chief Executive Officer of Front Porch Classics in Seattle, President and Chief Executive Officer of Tully's Coffee in Seattle and Chief Executive Officer and Owner of Specialty Frozen Products in Seattle.

Foundation Bancorp is a bank holding company based in Bellevue, Washington, that operates Foundation Bank, a locally-owned, full service, state chartered commercial bank. Foundation Bank has been serving the greater Puget Sound region since 2000.

Safe Harbor Statement. This release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Randy Cloes, EVP & CFO 425 691 5014 www.foundationbank.com
 

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