WARWICK, RI, FEBRUARY 11, 2010: On the heels of the announcement earlier this month of its new CEO, Dennis F. Walsh, Home Loan Investment Bank announced today the appointment of two additional executives to its senior management team. The two new executives include Katherine Marien, Senior Lending Officer, and Charles Berkeley, Vice President of Finance.
Ms. Marien has served in the credit and financial management services industry for 25 years. She most recently served at the Senior Vice President of Marketing for Newtek Business Services of New York. Prior to that, she served as Division President of Media Finance for Textron Financial Corporation in Providence.
Mr. Berkeley has specialized in auditing financial services companies during his tenure at the international public accounting firm of KPMG LLP, where he served as a Senior Associate. Prior to that, he worked for Citizens Bank. He is a Certified Public Accountant and will officially join Home Loan in March.
The Bank also announced today the voluntary infusion of an additional $5 million of capital in December 2009 to enhance the Bank’s financial strength as well as to fortify an already strong capital base.
“We believe the capital infusion is a sign of prudence and faith in our organization” said Home Loan’s CEO, Mr. Walsh. “For 35 years, Home Loan has been a high-performing and extremely profitable bank with capital and profitability ratios higher than its peers nationwide. We recognize the value of this institution and our reinvestment in this business will get Home Loan back on track for 2010.”
The Bank also announced that it expects to report a $7.1 million loss for the fourth quarter of 2009, closing the year much as expected given the troubled economy and the reported devaluation of some of the bank’s real estate related assets. In closing out its books for the past year, Home Loan enters 2010 with a renewed sense of optimism for the banking industry as a whole and for Home Loan, specifically. “We’re frankly relieved to place 2009 behind us,” said Home Loan’s President, Mr. Brian J. Murphy. “Although we weathered the storms of the 2008-2009 banking crisis quite well, we now look forward to our renewed stability, thanks in large measure to the infusion of capital, improvements in our underwriting process for our real estate portfolio, and enhancements to our senior management team. We sincerely believe the fourth quarter loss will be the end of a difficult chapter in the Bank’s history.”
Home Loan is a top 30 SBA 7(a) lender by origination volume nationwide. The Bank is also a top 5 USDA Business and Industry lender by origination volume nationwide. All deposits are insured for up to $250,000 in accordance with federal insurance guidelines.
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