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Morningstar Properties & First American Bank announce partnership and grand opening. Company opens 10th Facility in its Marina Portfolio

Morningstar Press Release - 04/19/2010

CHARLOTTE, N.C. – April 19th, 2010 – Morningstar Properties, LLC, and First American Bank announce a partnership to open Morningstar Marinas | Ft. George located in Jacksonville, Fla. The Ft. George partnership is the first venture between Morningstar and First American Bank and the tenth in the Morningstar Marinas portfolio.

Morningstar Marinas | Ft. George is situated at the mouth of the St. John's River on the Atlantic Ocean adjacent to historic Fort George State Park, the Ribault Club and approximately 12 miles from downtown Jacksonville. It offers a state of the art dry stack facility wind rated to 150MPH with the capacity to berth 149 boats, 17 open wet slips, ship store, and fueling system. Morningstar Marinas | Ft. George forklift has the capacity to lift 44,000 pound vessels—the largest in the region. The lifting capability and building design allows Morningstar to provide large boats indoor storage with immediate launching access--A first in the greater Jacksonville area.

Morningstar Marinas are a group of premier marine properties owned and operated by the company throughout the mid-Atlantic and southeastern United States. From the Chesapeake Bay south to Jacksonville, Morningstar Marinas serve some of the best inland and coastal boating locales in the East.

“We are excited to open Morningstar Marinas | Ft. George as the newest addition to the Morningstar Marinas family” said Dave Benson, president of Morningstar, “This is a great opportunity for us to add scale to our brand into Florida and to partner with First American Bank.

“The greater Jacksonville area is a dynamic boating market for all types of recreational uses. The Ft. George property enables us to improve our position as the market leader and serve boaters of all types in the region,” Benson continued. “With this partnership and our current Mayport location, Morningstar will have the best located and equipped marinas in the market. We are working hard to create a network of great marinas and specifically focus energy where the best boating takes place. Morningstar Marinas provides customers convenient and open access to a great experience, not just at their home port, but across the southeast..”

With the addition of Ft. George, Morningstar owns and operates over 3,500 dry and wet berths covering five states in the Southeast.

First American Bank CEO, Tom Schnurr said, “During our search for a partner Morningstar became the clear leader. Their knowledge of the industry and character of the company resonated with our ultimate goals. The long track record of Morningstar’s marina and self storage ventures were undeniable indicators of expertise and vision behind the success. First American Bank is looking forward to a long and profitable relationship with Morningstar.”

During the next five years, the Morningstar anticipates to develop and acquire self storage and marina properties with a portfolio of assets valued at over $200 million.

About Morningstar Properties, LLC
Morningstar Properties is a vertically integrated real estate developer, general contractor, and operator headquartered in Matthews, N.C. For almost 30 years, Morningstar has developed, built, and operated a portfolio of high-end personal, commercial, and recreational storage facilities across the southeast. For additional information, visit www.mstarproperties.com , www.morningstarmarinas.com or www.morningstarstorage.com

About First American Bank
First American Bank is a privately owned bank, operating from fifteen locations throughout Iowa, and four in Southwest Florida. The bank controls assets of approximately $1.7 billion and is considered a well-capitalized and sound bank. The U.S. Small Business Administration (SBA) has recognized First American Bank multiple times as a leading lender of small business loans, and for its commitment and support to small businesses. First American Bank belongs to the CDARS network of community banks and offers FDIC insurance up to $50 million on certificates of deposit. First American Bank also offers a wide array of personal banking services, mortgage origination services and wealth management services, including financial consulting, trust services, and employee benefits. Founded during the Great Depression, First American Bank has a proven history of flourishing even during economic adversity. They recently celebrated their 75th year of helping their customers succeed.

Press Contacts:

Matt Shapiro Tom Schnurr

Assistant Vice President Chief Executive Officer

Morningstar Properties, LLC First American Bank

(704) 814-7536 (515) 995-0630

mshapiro@mstarproperties.com tom.schnurr@fabg.net

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