FMAC Secures Record First Quarter Volume; Loans Total More Than $340 Million.LOS ANGELES--(BUSINESS WIRE)--April 9, 1998-- Company Announces New Structure FMAC FMAC Find, Meet, Attract, Close FMAC Financial and Management Accounting Committee FMAC Fédération Mondiale des Anciens Combattants (French: World Veterans Federation) FMAC FEMA Map Assistance Center FMAC FPGA Mission Assurance Center (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FMAX) had record loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. for the first quarter of 1998 with more than $342 million in financing, a 231 percent increase over 1997 first quarter volume. "During the past year, FMAC has grown significantly with the addition of the Energy Finance Group and the Funeral Finance Group," said Wayne L. Knyal, president and chief executive officer of FMAC. "We attribute our success to our industry knowledge, market research and innovative funding programs." This quarter's volume enabled FMAC to exceed the $2 billion mark in loan originations since its inception in 1991. The company also announced a reorganization of its corporate structure to maximize the efforts of its personnel. FMAC has formed the Diversified Finance Group to combine the Restaurant Finance Group, the Golf Finance Group, the Funeral Finance Group and Emerging Products. Thomas Schuldt has been promoted to the position of president of the new division. Schuldt, who joined FMAC in 1996, has more than 22 years experience in the financing industry with The Atherton Group, AT&T Capital Corporation, PacifiCorp, Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Corporation and United Bank of Illinois, NA. "Our new structure enables us to consolidate the premiere talent from each division," said Schuldt. "We believe our customers will be better served by this reorganization." Michael DeMita, has been promoted to executive vice president of the new division, responsible for all marketing activities. DeMita, who joined FMAC in 1996 has more than 10 years structured finance experience with AT&T Capital and Chrysler Capital Corporation. Ed Boyle has been promoted to chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Diversified Finance Group. He is responsible for all credit operations. Boyle, who joined FMAC in 1995 has more than six years experience in the financing industry with Commonwealth Associates, Price Waterhouse and Citytrust Inc. David Schwartzman, senior vice president of credit, will continue to ensure that all of the Diversified Finance Group's loans meet the company's exacting criteria. Schwartzman, who joined FMAC in 1996, has more than 16 years experience in credit and lending operations with Republic National Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. and FMAC. This reorganization is intended to allow FMAC to take advantage of the pool of talent in each division. This should enable FMAC to service customers more quickly because resources will be allocated where they are needed most. The sales teams in each division will remain separate to allow each individual to specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. on a specific industry. Other personnel changes include the resignation of Thomas J. Shaughnessy, chief credit officer. Clinton Barrow barrow, in archaeology barrow, in archaeology, a burial mound. Earth and stone or timber are the usual construction materials; in parts of SE Asia stone and brick have entirely replaced earth. A barrow built primarily of stone is often called a cairn. , Kent Davis and Courtney Stephens, vice presidents of the Restaurant Finance Group, and Pierrette Newman, vice president of closing, also resigned to pursue other opportunities. "We don't expect these recent resignations to have an impact on FMAC's continued success," said Knyal. "The company was founded in 1991 by a handful of people and has experienced substantial growth since. Today, we number more than 300 professionals in 17 offices nationwide." FMAC, founded in 1991, is a specialty commercial finance company engaged in the business of originating and servicing loans and equipment leases to small businesses, with a primary focus on established national and regional franchise concepts. The Los Angeles-based company has provided more than $2 billion in franchise financing and has enabled investor participation through 12 securitizations of pooled loans totaling more than $1.4 billion. FMAC has other major offices in Atlanta, Dallas, Greenwich, Conn. and Denver, with offices in 17 cities across the country. Statements contained herein, other than historical data, may be forward-looking and are subject to a number of risks and uncertainties, including, but not limited to, the company's ability to achieve its revenue and marketing plans and strategy, while effectively managing costs and expenses, as well as those risks set forth in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended December 31, 1997, Form 10-Q Form 10-Q See 10-Q. and other filings with the Securities and Exchange Commission. CONTACT: Anne Albanese/Jason Kannon Austin Lawrence Group 203/961-8888, ext. 3010/3002 or Kevin Burke Kevin Burke is an Irish fiddler. He was born in London to parents from County Sligo in 1950. He took up the fiddle at age eight, eventually acquiring a virtuosic technique in the Sligo fiddling style. (Investor Relations Investor relations The process by which the corporation communicates with its investors. ) FMAC 310/277-0866 |
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