Cenlar FSB Announces Major Executive Change

EWING, N.J., Jan. 8 /PRNewswire/ -- Michael W. Young, founding President, Chief Executive Officer and Chairman of the Board of Cenlar FSB, announces the first major change in its executive management since its incorporation in 1984.

Effective January 1, 2008, Gregory S. Tornquist, President of Cenlar FSB will be named Chief Executive Officer in addition to retaining the title of President of Cenlar FSB and President of Cenlar Capital Corporation. Since joining Cenlar in 1987, he has played a lead role in the company's servicing and subservicing business, becoming Chief Financial Officer in 1998, Executive Vice President in 2004, and President in 2006. He was elected to the Cenlar Capital Corporation Board of Directors in 1999 and Cenlar FSB Board of Directors in 2005. A graduate of Rutgers University with a degree in economics, he earned a Masters Degree in business administration from Rider University.

Mr. Tornquist will advance to the position of President of the New Jersey Mortgage Bankers Association in 2008 and has served on the association's Board of Governors.

Mr. Young will continue to serve as Chairman of the Board of Cenlar FSB and Cenlar Capital Corporation, focusing on strategic planning, financial issues and industry relations.

"I am pleased and proud to announce the promotion of Gregory Tornquist to Cenlar's executive management position," Mr. Young said. "He is an outstanding professional whose talent, experience and insight will be critical in charting the course through a complex business environment that demands dedication, commitment and knowledge to be successful."

Cenlar FSB is a privately owned, $550 million asset federally chartered savings bank specializing in mortgage and HELOC subservicing, handling over 400,000 mortgages annually from all 50 states through its customized private label service to its client base, which includes banks, credit unions, thrifts, mortgage bankers, REITs and GSEs. Cenlar is ranked as the leading subservicer in the nation, servicing a variety of loan products nationwide.

More information on Cenlar FSB can be found on the company's website at www.cenlar.com. Cenlar's executive offices are located in Ewing, New Jersey.