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Equitable Financial Corp. Announces Resignation of Chief Executive Officer and Appointment of New Chief Executive Officer

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  Published in Business and Finance on Wednesday, December 17th 2008 at 15:54 GMT by Market Wire
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GRAND ISLAND, Neb.--([ BUSINESS WIRE ])--Equitable Financial Corp. (OTCBB:EQFC) (the "Company"), the holding company for Equitable Bank, announced today that Richard L. Harbaugh advised the Board of Directors that he is resigning as President and Chief Executive Officer and from the Board of Directors effective December 16, 2008. The Company accepted Mr. Harbaugh's resignation and thanked him for his years of service and leadership. "Rick has guided the Company through a number of challenges during his tenure," said Ben Wassinger, a member of the Company's Board of Directors. "I want to thank him personally for his dedication and service to the Company, and we wish him well in his future endeavors."

The Company also announced that the Board of Directors has appointed Thomas E. Gdowski, the Company's Chief Financial Officer, to the position of Chief Executive Officer. Mr. Gdowski has served as Chief Financial Officer of the Company since August 2008 and as Executive Vice President and Chief Operating Officer of the Company since June 2006. He has been a director of the Company since 2007. Mr. Gdowski also previously served as Senior Vice President and Chief Branch Operating Officer of Equitable Bank. Prior to working at Equitable Bank, Mr. Gdowski served as the Funds Management Officer for TierOne Bank from September 2004 to March 2005 and as Executive Vice President and Chief Financial Officer of United Nebraska Bank from 1993 to September 2004.

Equitable Financial Corp. is the holding company for Equitable Bank and is headquartered in Grand Island, Nebraska. Equitable Bank operates five offices in Grand Island, Omaha and North Platte, Nebraska.

This press release may contain certain forward-looking statements which are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values and competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services.