Herald National Bank Announces Election of Raymond A. Nielsen as Executive Chairman

Herald National Bank (NYSE AMEX: HNB), a New York-based full-service commercial bank, today announced that its Board of Directors has elected Raymond (“Randy”) Nielsen as the company’s Executive Chairman of the Board of Directors following review and non-objection by the Office of the Comptroller of the Currency (OCC), the bank’s primary regulator.

Mr. Nielsen, a co-founder of Herald National Bank, previously served as the bank’s Acting Executive Chairman, and prior, Vice Chairman, lead independent director and member of the bank’s Executive Committee. Earlier in his career, Nielsen was President and CEO of Reliance Bancorporation, the holding company for Reliance Federal Savings Bank, which was acquired by North Fork Bancorporation in 2000. From 2000 to 2006, Nielsen served on North Fork Bancorporation’s Board of Directors and as its lead independent director prior to its acquisition by Capital One Financial in 2006.

Concurrent with Mr. Nielsen’s election as Executive Chairman, Herald National Bank’s Board of Directors has elected James K. Schmidt to the position of lead independent director. He will also become a member of the bank’s Executive Committee.

Mr. Schmidt is a Chartered Financial Analyst and currently serves on the Board of Directors of KBW, Inc., a global investment bank and broker/dealer with headquarters in New York City; Boston Private Bank, a commercial bank and trust company; and Vinfen Corporation, a non-profit provider of housing and rehabilitative services. He is best known in the financial services industry for his performance as the lead portfolio manager of the John Hancock Regional Bank Fund from its inception in 1985 until his retirement from Hancock in May 2007. This fund ranked as the largest financial sector mutual fund from 1994 until Mr. Schmidt’s 2007 retirement. He was also the lead manager of the John Hancock Financial Trends Fund, the John Hancock Financial Industries Fund, and the John Hancock Real Estate Fund.

"The Board’s election of Randy Nielsen as Executive Chairman, and Jim Schmidt’s increased role within our bank ensures that shareholder goals of prudent institutional growth remain in alignment with the board’s objectives,” said David S. Bagatelle, President and Chief Executive Officer of Herald National Bank. “I value the ability to work closely with Randy, Jim and the entire board in continuing to build the premier relationship-based bank in the greater New York region,” concluded Bagatelle.

About Herald National Bank

Herald National Bank is a relationship-based banking institution dedicated to serving the commercial and private banking needs of small to mid-size businesses, their owners, executives and senior managers, as well as high net worth individuals in the New York metropolitan area. Herald National Bank presently has three offices located in Manhattan (623 Fifth Avenue), Brooklyn (1333 60th Street), and Melville, Long Island (58 South Service Road).

For more information, visit www.heraldnb.com.

Forward Looking Statements Disclaimer

Certain matters in this press release constitute forward-looking statements that involve assumptions and potential risks and uncertainties, which are made in a manner consistent with the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance and achievements of Herald National Bank to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These factors include: general economic, capital market and business conditions; risks arising from litigation or similar proceedings; interest rate fluctuations; levels of delinquent loans; employee turnover; government regulation; and those other factors discussed in the filings of Herald National Bank with the Office of the Comptroller of the Currency. Herald National Bank undertakes no obligation, and expressly disclaims any obligation, to update publicly or revise any forward looking statement, which speaks only as of the date it is made, whether as a result of new information, future events or otherwise.

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