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Resource Bancshares Mortgage Group, Inc. Names Douglas K. Freeman, CEO; Board Also Elects Boyd M. Guttery, Chairman.

Business Editors

COLUMBIA, S.C.--(BUSINESS WIRE)--Jan. 10, 2000

Resource Bancshares Mortgage Group, Inc., (NASDAQ: RBMG) announced today that Douglas K. Freeman has been named chief executive officer.

Mr. Freeman will have responsibility for directing the activities of both the holding company and its subsidiaries. The Board of Directors also announced that it has elected Boyd M. Guttery as chairman, replacing Edward J. Sebastian, who has retired. David W. Johnson, Jr. continues as Resource Bancshares president, reporting to Mr. Freeman.

A native of South Carolina, Mr. Freeman has 27 years of banking experience, including executive management positions with Bank of America, Barnett Banks, Inc. and Wells Fargo & Co. Most recently, he was president of Bank of America's Consumer Finance Group, a major division of Bank of America, with approximately $70 billion in managed assets and responsibility for the company's consumer finance operations nationwide.

Mr. Guttery said, "The Board is delighted to have attracted an individual with Doug's experience and proven record of success to move the company forward. Doug's leadership abilities and industry expertise make him the ideal leader to enhance our existing mortgage and related financial services businesses and to aggressively explore new ventures and acquisitions that would strengthen our franchise and benefit our shareholders."

Mr. Freeman said, "The mortgage industry is changing rapidly, and I look forward to working with the officers and employees of Resource Bancshares to prepare our businesses and processes for this challenge. We intend to take advantage of the opportunities that exist today to create a winning company for the future."

Douglas K. Freeman

Mr. Freeman joined Bank of America in 1997 after its acquisition of Barnett. He has extensive experience in improving consumer finance operations. While chief consumer credit executive at Barnett, Florida's premier bank and a national leader in consumer finance, Mr. Freeman oversaw the company's unique partnership to form HomeSide Lending Inc., one of the nation's largest servicers of residential mortgages. He also managed the national expansion of its Barnett Mortgage Company and EquiCredit consumer finance operations and the company's innovative alliance with Household Credit Services to service and jointly market credit cards.

Prior to managing Barnett's consumer finance operations, Mr. Freeman was the company's chief corporate banking executive with oversight for all corporate businesses. He joined Barnett from Wells Fargo & Company in San Francisco, where he was executive vice president. He began his banking career with the Citizens and Southern banking system in South Carolina and Georgia.

Resource Bancshares Mortgage Group, Inc.

Resource Bancshares Mortgage Group, Inc. is a diversified financial service company engaged primarily in mortgage banking, through the purchase, sale and servicing of residential mortgage loans and the purchase and sale of servicing rights. In addition, company subsidiaries originate, sell and service commercial equipment leases and originate, sell and underwrite for investors and service commercial mortgage loans.
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Publication:Business Wire
Date:Jan 10, 2000
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