MBHC..14 million outstanding shares...$19 million in assets..currently trading at .09. The company is restructuring itself, see news release below for further information:
Mortgage Bankers Holding Corp. Announces Reorganization of Management and Corporate Structure
PR Newswire - November 06, 1998 15:53
CARNEGIE, Penn., Nov. 6 /PRNewswire/ -- Mortgage Bankers Holding Corp. (OTC Bulletin Board: MBHC) announced today that Raymond P. Sobieralski has resigned as Chairman of the Board of Directors of MBHC, effective November 5, 1998. Mr. Sobieralski resigned under amicable terms to pursue other business interests.
The Company is currently being managed by Attorney John A. D'Onofrio, CEO/President of the Company, as well as a member of its Board of Directors. Additionally, James F. Carr has been appointed acting Chairman of the Board of Directors of MBHC as well as President of Mortgage Bankers Service Corporation, the mortgage subsidiary of MBHC. Mr. Carr has been involved in the mortgage industry for over twenty years involving single- and multi-unit operations including budgeting, short- and long-term strategic planning as well as credit and compliance regulations. Prior to joining MBHC in 1996, Mr. Carr was Vice President at PNC Mortgage, a subsidiary of Pittsburgh National Corporation, Pittsburgh's largest commercial bank.
Mr. D'Onofrio stated that the "transfer of management has been amicable and seamless; it is business as usual. Indeed, management is extremely confident that the next 60 days will yield trust and assurance back to the shareholders and the marketplace." Mr. Sobieralski has agreed to be available during the transition period.
According to Mr. Carr, "The formation of a new Board of Directors will be announced next week along with a status update regarding future capitalization and funding of MBHC and its subsidiaries. Appropriate disclosures will be made to any and all federal regulatory agencies and shareholders of the Company in an expeditious manner as necessary."
Comments regarding this announcement may be made directly to James F. Carr, Chairman at (888) BANKER1.
Financial Statements in this press release (if any) other than historical facts are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE Mortgage Bankers Holding Corp.
/CONTACT: James F. Carr, Chairman, Mortgage Bankers Holding Corp.
888-BANKER1/
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