Sunset Financial Appoints George Deehan Chief Executive Officer

Company Names Rodney Bennett Chairman of the Board and Charles Wolcott to its Board of Directors 


JACKSONVILLE, Fla., Oct. 4  /PRNewswire-FirstCall/ -- Sunset Financial Resources, Inc. (NYSE:SFO), today announced the appointment of George Deehan, 63, as its chief executive officer, effective immediately.  Recently named president and chief operating officer of Sunset Financial, Mr. Deehan will continue to serve as president.  Mr. Deehan succeeds Bert Watson, who resigned.  Mr. Watson also resigned from the Board of Directors.

Commenting on the appointment, Mr. Deehan stated, "I am pleased to expand my role with the Company as CEO.  Working closely with our new Board of Directors, we have taken the necessary steps to position Sunset Financial for long-term success.  With Byron Boston as Chief Investment Officer, Skip Mullins as Vice President of Commercial Lending and Stacy Riffe as CFO, we have solidified our senior management team.  I believe the caliber of individuals we have assembled represents a seasoned, cohesive, and motivated leadership team, with the expert skill sets to successfully execute our strategic business plan and maximize returns for our shareholders."

Sunset Financial also announced the appointments of Rodney Bennett as Chairman of the Board and Charles Wolcott to its Board of Directors and the audit committee.  Mr. Bennett, 64, a director of Sunset Financial since 2003, replaces Bert Watson as Chairman.

Mr. Wolcott brings to Sunset Financial more than 28 years experience in real estate investment and REIT operations.  Currently, he is the president and chief executive officer of Tecon Corporation, a diversified business operator.  From 1993 -- 2001, he was the President and Chief Executive Officer of American Industrial Properties REIT, a NYSE-listed real estate REIT.  From 1984-1992, Mr. Wolcott served in various capacities at Trammell Crow Company, including president and CEO of Trammell Crow Asset Services, where he oversaw a $10 billion portfolio of real estate assets.  Mr. Wolcott received his MBA from Harvard Business School in 1977.

Commenting on the recent changes to Sunset's Board of Directors, Mr. Bennett stated, "Having served on the board since its inception, I am committed to overseeing the success of Sunset Financial as its new Chairman of the Board.  I am excited Charles Wolcott has agreed to join our Board and look forward to gaining valuable access to his many years of operational experience."

About Sunset Financial Resources

Sunset Financial Resources, Inc. is a self-managed real estate investment trust (REIT) that went public on March 17, 2004. Sunset Financial Resources seeks to deliver attractive dividend income and steady growth to its shareholders through the acquisition and management of a portfolio of high quality residential mortgage loans and well secured commercial mortgage bridge loans in the United States.

Certain statements in this news release may constitute "forward-looking statements" within the meaning of the federal securities laws and involve risks, uncertainties and other factors, which may cause the actual performance of Sunset Financial Resources, Inc. to be materially different from the performance expressed or implied by such statements. These risks include the failure of the Company to successfully execute its business plan, gain access to additional financing, the availability of additional loan portfolios for future acquisition, continued qualification as a REIT, the cost of capital, as well as the additional risks and uncertainties detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. 

DATASOURCE: Sunset Financial Resources, Inc.



CONTACT:  George Deehan of Sunset Financial Resources, [phone],

; or Jeffrey Goldberger, [phone],

, or Michael Cimini, [phone], ,

both of KCSA Worldwide for Sunset Financial Resources, Inc.

Copyright