PITTSBURGH, March 26 /PRNewswire/ -- Mortgage Bankers Holding Corp. (OTC Bulletin Board: MBHC) today announced that it has named Dennis C. Rushovich as new chief executive officer and Kevin P. Maloney as new president. Rushovich and Maloney replace John D'Onofrio, who is resigning as President and Chief Executive Officer, but will remain at MBHC as a consultant.
"We are indeed fortunate to be able to call on the skills of two experienced managers of organizations and assets like Dennis and Kevin," said James F. Carr, Acting Chairman of the Board of MBHC, a Pittsburgh, Pennsylvania-based company which operates diverse financial services and related businesses. "Together, Dennis and Kevin are going to lead the company's aggressive 1999 operational and expansion plans."
"We would also like to thank John D'Onofrio, who provided leadership of MBHC as the company reevaluated its business operations and mix of businesses over the past six months."
Dennis C. Rushovich was a founder, and formerly the chief operating officer and chief financial officer, of Independent Financial Marketing Group, the second largest U.S. third-party marketers of annuities and mutual funds to consumers to banks and financial institutions. Founded in 1989, Independent Financial grew to $2.4 billion in revenues before it was sold to Liberty Financial Companies in 1996. Mr. Rushovich's past experience also includes serving as chief financial officer of the marketing division of Sage Holdings, a large South African mutual fund and insurance group.
Rushovich will also serve as MBHC's interim chief financial officer while the company conducts a national search for a permanent CFO.
Kevin P. Maloney comes to MBHC from Asset Protection Trust Company, one of the first companies in the U.S. to market foreign situs trusts. Mr. Maloney has also served as an investment banker for a number of financial organizations, including Spencer Trask Securities, Inc., Balis and Zorn Securities, Inc. and Nutmeg Securities. Mr. Maloney also led successful merchant banking business ventures in Europe and the Middle East.
MBHC also announced today that it has selected Eckert Seamans Cherin & Mellott, a national law firm headquartered in Pittsburgh, to serve as its corporate legal counsel. Eckert Seamans will counsel MBHC on a wide range of legal matters involving contracts, securities issues, financing and acquisitions. MBHC has also engaged Jampole Communications, Inc., one of Pittsburgh's largest independent public relations agencies, to develop and implement public relations and financial communications programs.
Mortgage Bankers Holding Corporation has a diverse set of business and assets, including:
-- National Institute Companies of America (NICA), is the endorsed
provider of estate and financial planning services and products for the
Independent Bankers Association of Texas, Kentucky and Colorado; the
Bankers Association of Nevada and Oklahoma, the Community Bankers
Association of California, Florida and Illinois; and the Independent
Community Bankers of Wisconsin.
-- Mortgage Bankers Service Corp. (MBSC) is a mortgage corporation licensed in Pennsylvania, Ohio and West Virginia to provide mortgage loans. MBSC typically brokers loans to investors before settlement,
In addition, MBHC has a number of assets, including 667,000 shares
of Growth Fund Partners (GFP), recently valued at $33 million by GFP.
Growth Fund Partners is a private investment fund that owns various
mining interests and real estate in North and South America. The
current book value of MBHC is approximately $1.43 per share.
For more information, contact Patty Hupfeld, MBHC, at 412-278-6272. |
