On March 26, 2018, the Board of Directors of BankGuam Holding Company and the Board of Directors of the Bank of Guam, granted Ms. Lourdes A. Leon Guerrero, Chair and President & Chief Executive Officer of each of the Company and Bank, an unpaid leave of absence to run for political office, namely, the Office of the Governor of Guam, effective May 1, 2018. The duration of Ms. Leon Guerrero's absence at this time is expected to run through the election year, which is anticipated to end November 2018. Ms. Leon Guerrero will continue in her capacity as the Chair of the Board of Directors of each of the Company, the Bank and BG Investment Services Inc. On March 26, 2018, the Company and the Bank Board of Directors 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 in Ms. Leon Guerrero's absence.

No additional compensation will be paid 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. It is anticipated that the Board of Directors of BGIS will also grant Ms. Leon Guerrero the same leave of absence and appoint Mr. Cook as the Interim Chief Executive Officer and President of BGIS at their next regularly scheduled BGIS Board meeting.

Mr. Cook, has served as the Executive Vice President and Chief Sales & Service Officer of the Company since 2016 and the Bank since January 2015 and has been a director of the Company since the Company organized in 2011. He is also the Assistant Treasurer of the company and Bank since 2014. He has been a director of the Bank since 2007.

Mr. Cook served as manager of the Bank's Compliance Department from 2011 to 2015. He has held several other positions within the Bank, including Assistant Vice President, Branch Manager and Commercial Loan Officer.