Jackson Federal Bank CEO Named Vice President of Thrift Institutions Advisory Council.

Business Editors

BREA, Calif.--(BUSINESS WIRE)--Jan. 5, 2004

Jackson Federal Bank (JFB(R)) President, Chairman and CEO D. Tad Lowrey has been appointed by the Federal Reserve Board of Governors as vice president of the Thrift Institutions Advisory Council (TIAC).

The council, established in 1980, is a national advisory group comprised of 12 thrift institution representatives. TAIC meets with the Federal Reserve Board of Governors three times each year to discuss topics relevant to the thrift industry, such as housing, mortgage finance and regulatory issues. Lowrey was initially appointed to the council for a 2-year term beginning January 1, 2003. He began his term as vice president of TIAC on January 1, 2004.

"I am honored by this appointment and look forward to representing community banks in this forum," Lowrey said.

Lowrey joined Jackson Federal Bank in 1998 when it held a mere $100 million in assets. Since then, the bank has grown dramatically in both assets and profits. It now operates 15 full-service retail locations in Los Angeles, Orange and San Bernardino counties and seven commercial real estate lending offices located throughout California. As of September 30, 2003, the Bank held $1.7 billion in assets and $203 million in capital. JFB originated more than $315 million in commercial and multi-family real estate loans in 2003.

However, even with these impressive numbers, Lowrey said the energy at the bank and the competitive environment have not allowed for a pause to reflect on the results.

"We have attained reasonable scale, established a defined business strategy and are generating sustainable earnings. Yet, there is still the opportunity to accomplish so much more," Lowrey said.

For example, since June 2001, JFB has serviced an increasing amount of retained asset accounts -- nearly 16,000 -- for its parent company, Jackson National Life Insurance Company(R) (JNL(R)). Lowrey said he plans to expand this service to other insurance companies in the near future. There also is a growing market through alternative distribution channels for bank products, such as JFB's SurePath(SM) Certificate of Deposit. Thousands of independent insurance producers nationwide are licensed to sell SurePath(SM) and other JFB products to their client base.

In addition to his expanded role at TIAC, Lowrey serves as vice chairman of the board for the Federal Home Loan Bank of San Francisco, director and executive committee member for America's Community Bankers, and director of the California Bankers Association. Lowrey is a Certified Public Accountant (CPA) and holds a Bachelor of Science in accounting from Arkansas Tech University. Prior to joining JFB, Lowrey served as director of Golden State Bancorp and Glendale Federal Bank. He also led CENFED Financial Corp/CenFed Bank as president and CEO.

Headquartered in Brea, California, Jackson Federal Bank is a wholly owned subsidiary of Jackson National Life Insurance Company. JNL, headquartered in Lansing, Michigan, is one of America's largest life insurance companies, with more than $125 billion of life insurance in force and $59.4 billion in assets (GAAP), with $47.6 billion (GAAP) in policy liabilities set aside to pay primarily future policyowner benefits (as of 6/30/03). Jackson National(R) is wholly owned by London's Prudential plc, a leading international financial services group with operations in the UK and Europe, Asia, and the United States (not affiliated with Prudential Financial). For more information on SurePath(SM), including current interest rates, contact a Jackson Federal Bank representative today at 800/711-JNLD (5653).