On December 26, 2018, the Boards of Directors of BankGuam Holding Company (the “Company”) and Bank of Guam (the “Bank”) appointed Mr. Joaquin P.L.G. Cook, the company's and Bank's Executive Vice President and Chief Sales & Service Officer, to serve as the company's and Bank's Interim Chief Executive Officer and President effective January 1, 2019. Ms. Lourdes A. Leon Guerrero, the former Chair and President & Chief Executive Officer of each of the Company and Bank, resigned effective December 31, 2018 in advance of her inauguration as the Governor of Guam on January 7, 2019. Ms. Leon Guerrero's Employment Agreement with the Bank expired by its terms on December 31, 2018.

No additional compensation will be paid to Mr. Cook in connection with the performance of the additional duties as the Interim Chief Executive Officer and President. Mr. Cook will also continue to serve as the Executive Vice President and Chief Sales & Service Officer of the Company and Bank. The Company's Nominating and Governance Committee has initiated internal succession policies with the departure of Ms. Leon Guerrero.

It is anticipated that the Board of Directors of BGIS will appoint Mr. Cook as the Interim Chief Executive Officer and President of BGIS at their next regularly scheduled BGIS Board meeting.