BayFirst Financial (BAFN) Announces Retirement of Anthony N. Leo as CEO at Year-end 2023, and Appointment of Thomas G. Zernick as a Director and Successor CEO

BayFirst Financial Corp. (the "Company") (NASDAQ: BAFN) announced today that Anthony N. Leo will retire as Chief Executive Officer at the end of 2023. Leo will remain a Director of the Company and will also serve as Special Counsel for strategic matters. The Board of Directors has appointed Thomas G. Zernick to succeed Leo as Chief Executive Officer on January 1, 2024. He was also appointed to serve as a Director of the Company, and is joining the Company’s Board effective immediately. Zernick has served as President of the Company since February 2022, and previously served as President of its CreditBench Division, which provides government guaranteed lending to businesses throughout the nation. He joined the Company in 2016.

"On behalf of the Board of Directors, I want to thank Tony for his leadership over the past decade with our organization," said Anthony Saravanos, Chairman of the Board. "During his tenure, BayFirst grew from a small community bank with $69 million in total assets to nearly $1 billion in assets. Tony has been instrumental in the evolution of BayFirst into one of the premier banking institutions in the region, and among the top SBA lenders in the nation. The Board is grateful to Tony for his dedication to BayFirst and wishes him the best in the future. We are fortunate that Tony will remain a member of the Board and continue to serve management as Special Counsel for strategic matters."

Zernick's selection is the product of a succession planning process led by the Board with the assistance of an independent management consultant. Zernick’s success in building CreditBench into a preeminent SBA lending division and leading its community banking franchise as President culminated in his appointment as Leo’s successor.

"With a proven track record of success, we are confident Tom will lead the Company to continued growth and profitability in the years to come," said Saravanos. "Tom’s appointment is a testament to the depth of management we enjoy at BayFirst. He will be supported by Chief Operating Officer Robin Oliver, together with a talented management team and experienced and dedicated staff throughout the organization."

"It has been an honor to serve as CEO of BayFirst during this period of growth and transformation, and I want to express my sincere appreciation to our Board of Directors for their support and to our employees whose hard work and dedication have allowed us to achieve so much," said Leo. "I have worked with Tom for over six years and am confident he will be a strong leader for BayFirst. I look forward to working closely with Tom and the executive team for the balance of 2023 to ensure a smooth transition."

"I want to thank Tony for his distinguished leadership at BayFirst and express my appreciation to the Board for its confidence in me as I step into this role," said Zernick. "I am honored and excited to have the opportunity to work with our talented leadership team and employees across the organization to continue BayFirst’s growth and profitability as a premier community bank. I look forward to continuing to work with Tony as a Director and will value his guidance in his role as Special Counsel."

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