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NETWORK FINANCIAL SERVICES APPOINTS DE GEORGE PRESIDENT, CEO OF MORTGAGE BANKING SUBSIDIARY; ANNOUNCES SALE OF $2.5M REAL ESTATE DEVELOPMENT

NETWORK FINANCIAL SERVICES APPOINTS DE GEORGE PRESIDENT, CEO OF MORTGAGE

BANKING SUBSIDIARY; ANNOUNCES SALE OF $2.5M REAL ESTATE DEVELOPMENT
 SOQUEL, Calif., July 7 /PRNewswire/ -- Lee Danna, chairman and chief executive officer of Network Financial Services, Inc. (NASDAQ: NETW), today announced the appointment of Beth De George as president and chief executive officer of Network's mortgage banking subsidiary. Danna said, "We are excited to have an executive of De George's caliber joining our organization. She brings to Network over 18 years of experience in all aspects of the residential mortgage banking industry."
 De George (40) was formerly president of Financial Center Mortgage Company, a $500 million residential production division of Financial Center Bank. Prior to that position, she spent five years in mortgage banking at Bank of America, ultimately as vice president and statewide division manager of a specialized lending group.
 "Financial services are an increasingly important part of our strategic operations," Danna said. "In addition to strengthening our executive team, we are taking several steps to further enhance our operations. We recently sold our investment in a commercial real estate development, Dolan Park Properties, and certain other non-core assets that did not mesh with our current strategic plan for $2.5 million to several former employees of the company. Originally, these assets were acquired as part of the acquisition of Winchester Mortgage Company in December 1990. This sale will allow the mortgage banking operation to more fully concentrate on the core, profitable mortgage banking business."
 Network is a uniquely integrated provider of financial and related services to home buyers and sellers throughout Northern California. The company operates three divisions: Network Real Estate, one of the largest and fastest growing real estate brokerage firms in Northern California; Winchester Mortgage Company, a 25-year old mortgage banking operation; and Network Home Services, a provider of property care, insurance brokerage and mortgage brokerage services. The company has grown rapidly over the last several years, and currently operates more than 41 offices with more than 415 agents.
 -0- 7/7/92
 /CONTACT: Lee J. Danna, chairman of Network Financial Services, 408-462-6200, or Lise Needham of Financial Relations Board, 415-986-1591, for Network Financial Services/
 (NETW) CO: Network Financial Services, Inc. ST: California IN: FIN SU: PER TS -- NY036 -- 6967 07/07/92 11:28 EDT
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Publication:PR Newswire
Date:Jul 7, 1992
Words:380
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