On July 14, 2014, John Carmichael was terminated as an at-will employee and for cause. As such, he no longer serves as President and Chief Executive Officer of either Solera National Bancorp, Inc. or its bank, Solera National Bank. On July 15, 2014, Andrew Seaton resigned from his position as Senior Vice President and Chief Credit Officer of Solera National Bank.

Effective July 15, 2014, the Board appointed Robert J. Fenton to serve as the Company's and Bank's President and Chief Executive Officer. Mr. Fenton is expected to be appointed to the Board of Directors. Mr. Fenton most recently served as the Bank's Executive Vice President and Chief Financial Officer from its opening in September 2007 until March 2014.