Resweber Appointed to Board of Directors of Westmark Group Holdings, Inc.; WGHI Reiterates Positive Outlook for 1997
January 8, 1997, 10:11 AM EST
DEL RAY BEACH, Fla., Jan. 8 /PRNewswire/ -- Westmark Group Holdings, Inc. (Nasdaq: WGHI) has appointed Louis J. Resweber to the Board of Directors effective January 1, 1997.
Resweber is the former Senior Vice President, Equity Markets for United Companies Financial Corp. (NYSE: UC), one of the nation's largest non- conforming mortgage lenders. United increased production of "B/C" loans from $300 million in 1992 to over $1 billion in 1995 and boosted earnings from $10 million to $50 million, and saw its stock price soar from $16 to $132 per share (pre-split), a 725% rise in two years. During this time, United also completed its first three equity issues and first two debt offerings in a decade. Altogether, Resweber has over 15 years experience in finance, M&A, capital markets, strategic, planning and investor relations as part of the management teams of a number of NYSE-listed, Fortune 500 companies.
Mark Schaftlein, COO of Westmark Group Holdings, Inc. stated, "we are pleased to have someone of Lou's stature to join our Board as an outside director." Mr. Schaftlein, additionally stated, "we expect 1997 to be a solid growth year for our Westmark Mortgage Corp. subsidiary. Our internal revenue estimates, based on current run rates, show growth to approximately $6 million, a 62% increase over the estimated $3.7 million in revenue from 1996.
Westmark Group Holdings, Inc. is a diversified financial services company which, through its Westmark Mortgage Corp. unit, is actively engaged in the nationwide origination, purchase and sale to investors conforming and non- conforming loans secured by residential mortgages. SOURCE Westmark Group Holdings, Inc. |
