Matrix Bancorp, Inc. Announces Appointment by Matrix Capital Bank of New Regional President for Its Proposed Fort Collins, Colo
May 04 2006 - 5:00AM
Business Wire
Branch Will Mark Company's Fifth Proposed Community Bank Location;
Temporary Facility to Open in the Interim While Permanent Site is
Sought Matrix Bancorp, Inc. (Nasdaq:MTXC) (the "Company") announced
today that its Matrix Capital Bank subsidiary has appointed Tim
Ostic as regional president for its fifth community bank branch, to
be located in Fort Collins, Colo. A specific branch site is being
determined. In the interim, Matrix Capital Bank of Fort Collins
will operate from a temporary location at 2815 East Harmony Road,
Suite 108, which is expected to be operational by mid-May 2006.
Ostic, whose banking career spans more than 20 years, will oversee
operations of the Bank's planned facility in Fort Collins. Most
recently, Ostic was regional president at Centennial Bank of the
West (Nasdaq:CBHI), in Fort Collins. He joined the Bank in 2000 as
a loan officer and quickly moved up the ranks to become president
of the Harmony Road branch in 2002 and then regional president in
2005. As regional president, he headed the branch and was
responsible for oversight of four other bank branches in the area.
Previously, Ostic was vice president at 1st Choice Bank in Fort
Collins. He also served as a loan officer for First National Bank
in Fort Collins and a consumer loan officer at Rocky Mountain Bank
in both Cheyenne, Wyoming and Fort Collins. He began his career as
branch manager for a finance company in Modesto, Calif. "Tim is an
excellent addition to the regional president banking team we are
building. He has spent 11 of his 20 years in the banking and
financial services industry working in Fort Collins, serving its
growing business community. His roots and relationships will serve
our Bank well, as we establish a presence in this important
market," noted Scot T. Wetzel, the Company's president and chief
executive officer and chairman, president and chief executive
officer of Matrix Capital Bank. Wetzel also said: "Tim's
appointment marks the fifth regional president put in place since
announcing our plans to redirect our Company's business and
operations toward community banking back in December 2005. We are
swiftly fulfilling the goals we set forth in our expansion plan and
are on target to operate five to seven branches in the next three
to five years. Fort Collins will prove to be a key new marketplace
for our Bank." Ostic also discussed his position: "The career
opportunity with Matrix affords me the extraordinary chance to help
build a new brand in a prosperous business community. This is a
great professional opportunity, which I believe will prove to be
both exciting and rewarding. "Fort Collins is perceived as the
gateway to the Front Range of Northern Colorado, and as we build
our presence here, we will service a wide array of customers
throughout the area. It truly is a vibrant community that boasts
much opportunity. While we are moving quickly to secure a location
for our new branch, the temporary location on East Harmony Road
will initially serve our customers well. We look forward to
bringing our banking philosophy to business and retail customers
throughout Fort Collins." Ostic, a Fort Collins resident since
1994, lives here with his wife and two children. He received his
Bachelor of Arts degree in journalism from University of Idaho.
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 the second or third quarter
of 2006, after receiving applicable regulatory and shareholder
approvals. At December 31, 2005, the Company reported total
consolidated assets of $2.1 billion, total loans of $1.4 billion,
total deposits of $1.1 billion and total consolidated shareholders
equity of $180.7 million (includes proceeds used for the Company's
January 2006 tender offer). 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; and 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, 2005, filed with the Securities and
Exchange Commission on March 15, 2006; and the uncertainties set
forth from time to time in the Company's periodic reports, filings
and other public statements.
Matrix Bancorp (NASDAQ:MTXC)
Historical Stock Chart
From Jan 2025 to Feb 2025
Matrix Bancorp (NASDAQ:MTXC)
Historical Stock Chart
From Feb 2024 to Feb 2025