ES Bancshares, Inc. and Empire State Bank announce the appointment of an experienced investor to their Boards of Directors

STATEN ISLAND, N.Y., Jan. 03, 2024 (GLOBE NEWSWIRE) -- Andrew Finkelstein, the Chairman of the board of ES Bancshares, Inc. (OTCQX: ESBS) today announced the appointment of Tom Thiel to the boards of directors of ES Bancshares Inc. and Empire State Bank with a term expiring at the 2025 Annual Meeting. Mr. Thiel is a principal at JWTT, Inc., a broker dealer that specializes in financial services companies. Mr. Thiel has extensive experience in bank stock investing and trading and investment banking.

According to Mr. Finkelstein, “we are thrilled that Tom has agreed to join our board of directors. We believe that Tom’s very extensive experience investing in the banking industry will add a new dimension to our board deliberations.” Phil Guarnieri, the organization’s Chief Executive Officer added “we believe that the most effective way to compete in today’s challenging financial services environment is to stockpile outstanding banking talent. By adding a first-class talent like Tom to the board, we have enhanced our ability to build our organization and increase stockholder value.”

Mr. Thiel added, “I look forward to joining the boards of directors. I have met with the directors and am impressed with their commitment to building value for all of the ES Bancshares and Empire State Bank constituencies. I have focused on financial services companies for my entire career and feel I can bring important new perspectives to the boards and assist them in building stockholder value.”

In connection with his appointment to the boards, Mr. Thiel and JWTT agreed to support the boards through the 2025 annual meeting of stockholders and granted ES Bancshares and its directors a right of first refusal to purchase their stock should they desire to sell it prior to the 2025 annual meeting.

About ES Bancshares Inc.

ES Bancshares, Inc. serves as the holding company for Empire State Bank. The Bank offers cutting-edge business and consumer financial services and operates from five banking center locations, a loan production office, and its corporate headquarters. The Bank’s offices are located throughout Staten Island and Brooklyn, New York. The Company’s website address is . The Company’s annual report, quarterly earnings releases and all press releases are available free of charge through its website, as soon as reasonably practicable.

Investor Contact:

Philip Guarnieri

845-451-7802