Solera National Bancorp, Inc. announced changes in the composition of its board of directors. On June 13, 2014, in an effort to reach an accommodation with dissident shareholder Michael Quagliano, six of the company's seven directors-all directors other than CEO John Carmichael- resigned. Contemporaneously with the effectiveness of those resignations, the board of directors reduced the size of the board to two and resolved to appoint Mr. Quagliano to the board to serve with Mr. Carmichael.

The company's certificate of incorporation and bylaws do not require the board to have more than one director. Mr. Quagliano subsequently refused to serve on the board. Accordingly, Mr. Carmichael filled the vacancy intended for Mr. Quagliano with David Roberts, one of the directors who had previously resigned.

The Company believes that, notwithstanding his previous refusal to serve, Mr. Quagliano may be interested in being appointed to the board. The board will consider this, as well as all other relevant factors, as it seeks to rebuild the board in the near future.