Bermuda Commercial Bank Director Mr. Arnold Francis Retires After 38 Years

Hamilton, Bermuda, February 23, 2007 -After 38 years, Mr. Arnold Francis has announced his retirement as Director from the Board of Bermuda Commercial Bank. Since 1969 Mr. Francis has been a member of the Board having first served as the Bank's President.

"When I first joined the Bank's Board of Directors in 1969, we saw a need for a widening of banking services in Bermuda, that need still exists today and I am happy to have been part of the Bank's development over my 38 year tenure. I will miss the Board and staff of Bermuda Commercial Bank" said Mr. Francis. Dr. Clarence Terceira, Chairman and Chief Executive Officer, said "Mr. Francis has played an integral role in the development of the bank; his guidance, support and leadership will be missed. The Board and staff of Bermuda Commercial Bank would like to thank Mr. Francis for his significant contributions and we wish him all the best in his retirement."

Mr. Christian Peterson has been elected by the Board to fill the vacancy left by Mr. Francis. Mr. Peterson is a Chartered Accountant and holds a Postdoctoral Accountancy Degree. Mr. Peterson brings over 23 years experience within financial services and is currently the Managing Director of PNE Management & Advisory Services, a firm which provides management and financial advisory services with specialization in corporate finance and financial (re) structuring. Dr. Terceira said, "Mr. Peterson brings a solid history of working with financial institutions and improving their financial performance through his work at PNE Management & Advisory Services. We are certain his demonstrated management skills and expertise will further strengthen our Board and assist the Bank as we move forward."