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First Bank of Beverly Hills, F.S.B. Board of Directors Announces Management Changes.

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CALABASAS, Calif.--(BUSINESS WIRE)--July 10, 2001

The Board of Directors of First Bank of Beverly Hills, F.S.B., wholly-owned by Wilshire Financial Services Group Inc., Portland, OR (OTCBB:WFSG), said today that Richard S. Cupp has announced his retirement as President and Chief Executive Officer, effective immediately. "With the Bank substantially downsized from earlier levels, it was felt that this was the appropriate time for this decision to take place," said Dick Cupp.

In making the announcement, the Board expressed its appreciation to Mr. Cupp for his service since November 1999. "The Board and I would like to thank Dick for his leadership, dedication and hard work in bringing to closure the recently announced sales of the Bank's Bankcard Processing and George Elkins Mortgage Banking divisions. We wish Dick all the best in his future endeavors," said Rob Deutschman, Chairman of the Board.

The Board announced that management of the Bank's operations will be assumed by its two Executive Vice Presidents, Joseph F. Kiley, Chief Financial Officer and Chief Operating Officer and Carl W. Raggio, Chief Banking Officer.

"Under Dick Cupp's leadership, we have made tremendous progress in unlocking value for our shareholders and improving the potential for consistent profitability from our core banking operations. We are committed to realizing this potential," said Stephen P. Glennon, CEO of Wilshire Financial Services Group Inc.

For further information, please see our corporate website ( for our Annual 10K Report and related communications, and our banking website (
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Publication:Business Wire
Date:Jul 10, 2001
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