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(COMTEX) B: PanAmerican BanCorp Signs New Venture
B: PanAmerican BanCorp Signs New Venture
HAUPPAUGE, N.Y. (March 11) BUSINESS WIRE -March 11, 1999--PanAmerican
BanCorp (OTC:BB-PABN, formerly PRWT) announced today that it has
entered into a joint venture with FirstStates Financial Services Corp.
Under the terms of the agreement, PanAmerican and FirstStates will file
to form a federally chartered thrift institution and offer a wide
variety of financial services for the new millennium, including
nation-wide mortgages, CDs, and other banking services. This joint
venture is expected to effectively position PanAmerican BanCorp in the
banking industry, bringing the added value of credit, risk solutions
and banking services under one roof. This joint venture will also
provide liquidity to the divisions of PanAmerican BanCorp.
John Schmitz, CEO, PanAmerican BanCorp, said, "We're extremely excited
to have FirstStates on board with PanAmerican. FirstStates lends
additional stability and rounds out the PanAmerican BanCorp portfolio.
We have ambitious plans for the thrift, including moving toward being a
true Internet-based bank."
Ken Christian, President of FirstStates is targeted to assume the
responsibility of Chief Financial Officer of PanAmerican BanCorp. Most
recently, Christian was Senior Vice President/Chief Retail Policy and
Risk Officer for CoreStates, a $50 billion superregional bank, where he
was responsible for $10 billion retail and small business portfolios.
Christian has over 29 years experience in the banking industry,
including executive positions with two of the largest banks in the
United States.
Other executives of FirstStates working with PanAmerican are Leo F.
Doyle Jr., Esq., and Willard T. Bullock. As one of the founding
partners with the law firm Doyle, Whelan & Doyle, Doyle has an
extensive background in representing financial institutions in banking
regulation and legal matters. His clients include regional lenders and
several of the largest commercial banks in the United States. Doyle
will begin the process of licensing the thrift immediately.
Bullock is a 25 year veteran of consumer and mortgage banking, and was
most recently Deputy Chief Retail Policy and Risk Officer at
CoreStates. An expert in delinquency and risk management, Bullock will
be responsible for all collection and back room activities at
FirstStates and will be tapped to head the construction to permanent
mortgage division for PanAmerican BanCorp through RMC, a wholly owned
subsidiary of PanAmerican.
FirstStates is dedicated to serving its clients with the most advanced
technology available. FirstStates can solve lending, credit and
delinquency problems, including consulting and outsourcing for: risk
management, retail/mortgage collections, ORE management, small business
workout, mortgage underwriting compliance, CRA lending, retail
bankruptcy solutions and municipal tax collection. FirstStates is
headquartered in Norristown, PA, a suburb of Philadelphia. This
location allows FirstStates to serve the entire East Coast with plans
to strategically open loan-production-centers in the Midwest and on the
West Coast within the next two and a half years. Except for historical
information, the matters discussed in this news release may be
considered "Forward-looking" statements, within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements include
declarations regarding the intent, belief or current expectations of
the Company and its management. Prospective investors are cautioned
that any such forward-looking statements are not guarantees of future
performances and involve a number of risks and uncertainties that could
materially affect results.
-0- eb/ny*
CONTACT: PanAmerican BanCorp
Public Relations
(516) 232-2221
KEYWORD: NEW YORK INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES
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