Omni Financial Services Announces Management Change and Restructuring
September 16 2008 - 2:28PM
Business Wire
Omni Financial Services, Inc. (PINK: OFSI.PK) (�OFSI�), parent
company of Omni National Bank, announced today that it implemented
a reduction in force (�RIF�) to reduce expenses and to maximize
organizational efficiency primarily at its headquarters located in
Atlanta, Georgia and in its Tampa, Florida office. In
Atlanta,�19�people representing�approximately�20% of the workforce
were terminated, along with 2 employees representing 20% of the
Tampa, Florida workforce. Two employees at other office�locations
were also terminated in the RIF. Stephen M. Klein, the Bank�s
chairman and chief executive officer, advised that the reduction in
force included Irwin M. Berman, OFSI�s president and the Bank�s
chief risk manager. Mr. Klein commented, �Irwin has been a partner
and friend and has made invaluable contributions to the enterprise
over the past 8 years. His breadth of experience, both in our bank
and in the�industry generally, has served us well. Unfortunately,
though, from a cost reduction standpoint, we�ve had to make some
very difficult decisions as we traverse the troubled banking
landscape.� Klein added, �We wish Irwin the best and hope that he
will choose to remain a member of our Board of Directors. If he
does so, I am certain that his counsel would remain an integral
part of our Board�s decision making over the immediate future.� �We
targeted a 20% reduction in our staff in Atlanta and Tampa,
including senior level management,� said Connie Perrine, the Bank�s
president. �We are reassessing all of our business units, our
internal risk management, controls and policies, and we are making
changes to improve operations.� About Omni Omni Financial Services,
Inc. is a bank holding company headquartered in Atlanta, Georgia.
Omni Financial Services, Inc. provides a full range of banking and
related services through its wholly owned subsidiary, Omni National
Bank, a national bank headquartered in Atlanta, Georgia. Omni has
one full service banking location in Atlanta, one in Dalton,
Georgia, four in North Carolina, one in Chicago, Illinois, one in
Dallas, Texas, one in Houston, Texas and one in Tampa, Florida. In
addition, Omni has loan production offices in Charlotte, North
Carolina, Birmingham, Alabama, and Philadelphia, Pennsylvania. Omni
provides traditional lending and deposit gathering capabilities, as
well as a broad array of financial products and services, including
specialized services such as community redevelopment lending, small
business lending and equipment leasing, and asset-based lending.
Omni Financial Services, Inc.'s common stock trades via the Pink
Sheets under the symbol "OFSI.PK." Additional information about
Omni National Bank is available on its website at www.onb.com.
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