TRADITIONS BANCORP AND TRADITIONS BANK ANNOUNCE EXECUTIVE SUCCESSION

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Sep 07, 2022, 08:05 ET

YORK, Pa., Sept. 7, 2022 /PRNewswire/ --Traditions Bancorp, Inc. (OTC Pink: TRBK) and its wholly-owned subsidiary, Traditions Bank, (collectively, "Traditions"), with administrative headquarters in York Township, Pennsylvania, announced that Michael E. Kochenour intends to retire as Chairman of the Board of Directors effective at the April 2023 board meeting. Mr. Kochenour is a founder of the bank and served as its original President and CEO. He retired as a bank associate in 2016. Kochenour plans to continue to serve as a director when he stands for re-election next year.

In alignment with its executive leadership succession plans, Traditions' current President and CEO, Eugene J. Draganosky, has been selected to succeed Kochenour as Chairman. Mr. Draganosky joined the bank and its executive team in 2008 and became a Director in April 2015 when he was named President. He was subsequently appointed as CEO in January 2017. During the past six years, Traditions has nearly doubled its asset size, steadily increased shareholder value, expanded into new markets, successfully rebranded, and established a holding company.

"Gene's deep experience, industry knowledge, and passion for the Central PA market make him the ideal incoming Chair," stated Kochenour. "He is a champion of our culture and core values, a strategic leader, steadfastly committed to corporate governance, and is fully prepared to assume this new responsibility."

"Mike Kochenour has recently reached his 50-year milestone as a banker and has had a profound impact on so many throughout those decades," shared Draganosky. "I am extremely grateful to Mike for his partnership, mentorship, and wisdom, and I am thankful for the confidence that the board has placed in me over these past seven years as we have executed on our internal succession plan."

Concurrent with the Board Chair transition, Elizabeth F. Carson will become Traditions' Lead Independent Director, serving as the principal liaison between the Chair and the other independent Directors. Mrs. Carson has been a Director since January 2015, has served as Vice Chair since April 2019, and is the Chair of the Governance and Nominating Committee. As a 33-year industry veteran with M&T Bank, Carson is respected and trusted by her board colleagues because of her sound judgment and effective communication skills.

Effective at its September 12, 2022, board meeting, Thomas J. Sposito II will become President of Traditions Bank and Traditions Bancorp; he will also be named a director. Mr. Sposito joined Traditions' executive management team in June 2020 as Strategic Revenue Officer and became Chief Banking Officer in November 2021. During his highly successful 37-year career, Sposito has been an executive officer and leader of numerous banks including prior positions as President and CEO. He has immersed himself in the Traditions Bank culture and looks forward to contributing to its ongoing success as the next President.

"As our bank continues to grow geographically, so too must our broader organizational structure to support and facilitate that growth," Draganosky commented. "I look forward to Mike's continued board service, and to working even closer with Elizabeth and Tom, as we further build on the vision of Mike and the other founders."

On October 28, 2022, Traditions Bank will celebrate its 20^th Anniversary. "Looking back, it's gratifying to think about the mark we have made on our customers, shareholders, associates, and communities over the past two decades," added Kochenour. "Through this solid transition plan, we intend to serve our stakeholders as an independent community bank well into the future."

To learn more about Traditions Bank, visit www.traditions.bank.

SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS:

This release contains forward-looking statements about Traditions Bancorp, Inc. that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate" or similar terminology. Such forward-looking statements include, but are not limited to, discussions of strategy, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives, goals, expectations or consequences; and statements about future performance, operations, products and services of Traditions Bancorp.

Traditions Bancorp cautions readers not to place undue reliance on forward-looking statements and to consider possible events or factors that could cause results or performance to materially differ from those expressed in the forward-looking statements, including, but not limited to: ineffectiveness of the organization's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; interest rate movements; difficulties in integrating distinct business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; volatilities in the securities markets; and deteriorating economic conditions.

Forward-looking statements in this release speak only as of the date of this release and Traditions Bancorp makes no commitment to review or update such statements to reflect changes that occur after the date the forward-looking statement was made.

SOURCE Traditions Bancorp, Inc.