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Paul Colasono Joins Franklin Credit Management Corporation as
Chief Financial Officer
NEW YORK, April 15 /PRNewswire-FirstCall/ -- Franklin Credit Management
Corporation (OTC:FCSC) (BULLETIN BOARD: FCSC) , a specialty consumer finance
company primarily engaged in the acquisition, origination, servicing and
resolution of performing, subperforming and nonperforming residential mortgage
loans, today announced that Paul D. Colasono has joined the Company's executive
management team as Chief Financial Officer.
Mr. Colasono has thirty years of management experience in finance, accounting,
controllership, strategic planning, and mergers and acquisitions in the retail
banking and mortgage banking industry. From 2003 to present, he was an
independent business consultant providing strategic and financial consulting
services. From 1997 through 2001, he was Vice President and Controller at GE
Capital Mortgage Services Corporation, with responsibility for all accounting,
controllership, treasury and capital markets functions.
From 1981 until 1997, Mr. Colasono served in various management capacities at
The Dime Savings Bank of New York. From 1994 to 1997, he was Senior Vice
President, Chief Administrative Officer and Chief Financial Officer of the
mortgage banking division. From 1990 through 1994, Mr. Colasono was President
and CEO of The Dime Savings Bank of New Jersey, a subsidiary of The Dime
Savings Bank of New York. From 1984 to 1990, he served as Executive Vice
President / Director of Strategic Planning, and from 1982 to 1984 he was First
Senior Vice President and Controller of The Dime Savings Bank of New York
Mr. Colasono began his career at The Chase Manhattan Bank, N.A. in 1969, and he
earned his MBA and BS (Accounting) degrees from St. John's University.
"We are delighted to welcome Paul to our executive team as the Company's new
Chief Financial Officer," commented Jeffrey Johnson, Chief Executive Officer of
Franklin Credit Management Corporation. "We look forward to Paul playing a key
role in formulating and executing our growth strategy within the non-prime
mortgage industry."
The Company also announced that Alan Joseph has resigned from his position as
CFO in order to pursue other business interests. "Alan has been a terrific CFO
and contributed greatly to the performance of Franklin Credit Management during
the past several years," noted Johnson. "More importantly, Alan has been a
great friend to the Franklin family, and we wish him the best in his future
endeavors."
About Franklin Credit Management Corporation
Franklin Credit Management Corporation (together with its wholly-owned
subsidiaries, the "Company") is a specialty consumer finance company primarily
engaged in the acquisition, origination, servicing and resolution of
performing, subperforming and nonperforming residential mortgage loans. The
Company acquires mortgage loans, generally in pools at discounts from their
aggregate contractual balances, from a variety of mortgage bankers, banks, and
other specialty finance companies, and, through its wholly-owned subsidiary,
Tribeca Lending Corp., also originates subprime mortgage loans. Real estate is
acquired in foreclosure or otherwise and is also generally acquired at a
discount relative to the appraised value of the asset. The Company conducts
its business from its executive and main office in New York City and through
its website http://www.franklincredit.com/. Its common stock trades on the OTC
Bulletin Board under the symbol "FCSC".
Statements contained herein that are not historical fact may be forward-
looking statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are subject to a variety of risks and uncertainties. There are a
number of important factors that could cause actual results to differ
materially from those projected or suggested in forward-looking statements made
by the Company. These factors include, but are not limited to: (i)
unanticipated changes in the U.S. economy, including changes in business
conditions such as interest rates, and changes in the level of growth in the
finance and housing markets; (ii) the status of relations between the Company
and its sole Senior Debt Lender and the Senior Debt Lender's willingness to
extend additional credit to the Company; (iii) the availability for purchases
of additional loans; (iv) the availability of sub-prime borrowers for the
origination of additional loans; and (v) other risks detailed from time to time
in the Company's SEC reports. Additional factors that would cause actual
results to differ materially from those projected or suggested in any forward-
looking statements are contained in the Company's filings with the Securities
and Exchange Commission, including, but not limited to, those factors discussed
under the caption "Real Estate Risk" in the Company's Annual Report on Form
10-K and Quarterly Reports on Form 10-Q, which the Company urges investors to
consider. The Company undertakes no obligation to publicly release the
revisions to such forward-looking statements that may be made to reflect events
or circumstances after the date hereof or to reflect the occurrences of
unanticipated events, except as otherwise required by securities and other
applicable laws. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The
Company undertakes no obligation to release publicly the results on any events
or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
For further information, please contact:
Jeffrey Johnson, CEO of Franklin Credit Management Corporation at 212-925-8745
DATASOURCE: Franklin Credit Management Corporation
CONTACT: Jeffrey Johnson, CEO, Franklin Credit Management Corporation,
+1-212-925-8745,
Web site: http://www.franklincredit.com/