Matrix Bancorp (NASDAQ:MTXC)
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Matrix Bancorp, Inc. (NASDAQ:MTXC) (the "Company")
announced today that its Matrix Capital Bank subsidiary has appointed
two regional presidents to head its first two community bank branches
and named a new chief credit officer. Additionally, the Company
announced that its Matrix Capital Bank subsidiary has preliminarily
selected its second branch location at the intersection of University
Blvd. and Third Avenue in the Cherry Creek retail sub-market of
Denver. The branch is expected to open in the late third quarter to
early fourth quarter of 2006.
David R. Livingston was named president of the Bank's flagship
location in downtown Denver located at 700 Seventeenth Street (at its
corporate headquarters) while John Fiedler was appointed regional
president for the Company's new central Cherry Creek location. In
these roles, both Livingston and Fiedler will oversee day-to-day
operations and spearhead the growth of their respective branches.
Livingston brings more than 20 years of commercial banking and
real estate management experience to his new position with Matrix.
Most recently, he served as president of the Cherry Hills location of
Guaranty Bank and Trust (parent: Centennial Bank -- NASDAQ:CBHI) in
the Denver Tech Center business area for the past four years, during
which time he achieved significant loan and deposit growth for the
branch. Previously, Livingston served as senior vice president for
Colorado State Bank and Trust, where he created and managed the
construction lending division. He also served in various management
positions at Colorado Business Bank and Bank One (formally known as
Affiliated Banks).
Fiedler, with more than two decades of banking and financial
services industry experience, rejoins Matrix after spending seven
years as senior vice president of commercial real estate for Guaranty
Bank and Trust Company (parent: Centennial Bank -- NASDAQ:CBHI).
During his tenure there, Fiedler established significant lending
relationships with local businesses, and as a result, is widely
respected as one of Colorado's most capable community bankers.
In related news, Gary G. Petak was named chief credit officer of
Matrix Capital Bank. In this position, Petak will be responsible for
overseeing the Bank's credit policy and administration. Petak brings
more than 25 years of commercial banking and credit experience to the
Bank. His diverse background spans finance and commercial bank
administration. Most recently, he served as senior vice president and
manager, asset recovery group, for Keybank, N.A. in Denver. In this
role, he was responsible for overall management and credit
administration of Key Bank's problem loan portfolio nationwide, where
he specialized in problem loan resolution, management of owned assets
and portfolio administration.
Previously, Petak was employed at US Bank as vice president and
team leader in the real estate banking group. As a relationship
manager for real estate, Petak oversaw a commercial construction loan
portfolio that included residential homebuilders, office/warehouse,
retail and hotel properties, healthcare facilities and apartments.
Petak also served as president and chief executive officer for
Omnibank's Leetsdale branch in Denver and spent 12 years at First
Interstate Bank of Denver, where, as senior vice president/credit
administration, he had overall credit management responsibility for
the $1.6 billion bank.
Scot T. Wetzel, the Company's president and chief executive
officer and chairman, president and chief executive officer of Matrix
Capital Bank, commented on the new appointments and premier location:
"As previously stated, we are beginning to identify and appoint
seasoned bankers to serve as presidents of the community branches we
are building. Both David and John bring to our Company significant
experience, knowledge and contacts within the Denver market, and we
believe they will make significant contributions to the growth of the
locations they head. Furthermore, Gary brings decades of banking and
credit experience to the Company. His extensive real estate lending
expertise -- particularly across Denver and the Front Range -- made
him an excellent candidate for this new position. We believe his
experience will help advance the Bank's strategy to grow our community
banking franchise and showcases the lending capabilities we are
building upon.
"Lastly, the selection of this new location in Cherry Creek
reflects our commitment to providing superior banking services and
fostering community involvement in the high-growth marketplaces along
Colorado's Front Range. Cherry Creek is an important area for us as it
ideally represents the demographics of our targeted customers and will
afford us an opportunity to meet the banking needs of local businesses
and individuals throughout this retail and residential hub within the
metro-Denver community," Wetzel concluded.
Livingston added: "Joining Matrix will allow me to focus on
developing a community bank within an established, well-capitalized,
locally managed financial services company. We intend to build a
community bank where clients can benefit from the expertise of
veteran, innovative lenders. And, we will strive to create an
environment where employees are empowered to meet the needs of the
client and rewarded for taking ownership of the relationship.
Certainly, these are among the keys to success for our new bank."
Fiedler also commented on his new position: "It is not often that
one has the chance to assist in the repositioning of a $2 billion
institution -- this is truly a unique opportunity. We look forward to
offering our customers the ability to capitalize on our significant
lending services and established banking infrastructure from both our
central Denver branch and new Cherry Creek location."
Petak added: "This position at Matrix affords me the opportunity
to join a new and exciting company with an established and solid
infrastructure that is poised for growth. I was attracted to this role
as it represents a new direction for the institution and the chance to
help build a community bank. I am confident that my background,
knowledge of the Front Range community and strong relationships will
prove beneficial to the organization as we focus on building a
community bank network across Colorado."
Livingston, 44, a Colorado resident since 1971, resides in the
Observatory Park section of Denver with his wife and two children. He
earned his bachelor of arts degree in economics from Denison
University in Granville, Ohio. He is a member of numerous banking and
real estate professional organizations. He also serves on the Board of
Directors of HealthOne Alliance Foundation, a Denver-based non-profit
organization dedicated to supporting the health and health education
needs of the community.
Fiedler, 48, lives in Greenwood Village, Colo. with his wife and
child. He has lived in Colorado for 25 years.
Petak, 48, resides in Denver. He earned his bachelor of science
degree in business administration from Pennsylvania State University.
He is a founding board member of the Denver chapter of the Turnaround
Management Association as well as a member of the American Bankruptcy
Institute (ABI) and the Downtown Denver Partnership.
With regard to the Cherry Creek location, the Company has entered
into a long-term ground lease for the site, which among other things
allows the Bank an approximate three-month option period to conduct
diligence and otherwise satisfy itself with the site. Assuming
satisfaction with the site, the Bank plans to build the prototype of
its newly designed branch at this location. A graphic illustration of
the proposed new building type is attached to this press release. The
final completion of the branch facility at this site is also subject
to additional contingencies, including completion of any required
notice and/or approval processes by applicable regulatory agencies,
final site analysis, and municipal government approval of the
building.
Denver-based Matrix Bancorp, Inc. is focused on developing its
community-based banking network through its Matrix Capital Bank
subsidiary by strategically positioning branches across Colorado's
Front Range market. The Bank plans to grow its network to an estimated
five to seven community-based branches over the next three to five
years. The Company recently identified "United Western" as its
proposed new brand name and anticipates a formal change in legal and
trade names during second or third quarter of 2006, after receiving
applicable regulatory and shareholder approvals.
At September 30, 2005, the Company reported total consolidated
assets of $2.0 billion, total loans of $1.4 billion, total deposits of
$1.2 billion and total consolidated shareholders equity of $99.8
million. For more information, please visit www.matrixbancorp.com.
Certain statements contained in this press release that are not
historical facts, including, but not limited to, statements that can
be identified by the use of forward-looking terminology such as "may,"
"will," "expect," "anticipate," "predict," "believe," "plan,"
"estimate" or "continue" or the negative thereof or other variations
thereon or comparable terminology, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, and involve a number of risks and uncertainties. The actual
results of the future events described in such forward-looking
statements in this interim report could differ materially from those
stated in such forward-looking statements. Among the factors that
could cause actual results to differ materially are: the timing of
regulatory approvals or consents for new branches or other
contemplated actions; the availability of suitable and desirable
locations for additional branches; the continuing strength of our
existing business, which may be affected by various factors,
including, but not limited to, interest rate fluctuations; level of
delinquencies; defaults and prepayments; general economic conditions;
competition; the delay in or failure to receive any required
shareholder approvals of the contemplated actions; the risks and
uncertainties discussed elsewhere in the Company's Annual Report on
Form 10-K for the year ended December 31, 2004, and in the Company's
Current Report on Form 8-K, filed with the Securities and Exchange
Commission on November 7, 2005; and the uncertainties set forth from
time to time in the Company's periodic reports, filings and other
public statements.