MINNEAPOLIS, July 29 /PRNewswire/ -- Arcadia Financial Ltd. (NYSE: AAC)
announced today the appointment of Cortes DeRussy as Executive Vice President,
Originations. In this position, DeRussy will be responsible for all
origination, sales and marketing functions of the company. Effective August
17, DeRussy will report directly to Richard A. Greenawalt, Arcadia's President
and Chief Executive Officer.
DeRussy joins Arcadia from Bank One Credit, the auto finance subsidiary of
Bank One, most recently as Senior Vice President and National Sales Manager.
At Bank One, DeRussy was responsible for the management and profitability of
its 22 full service origination centers and worked with the company's Risk
Management department to successfully implement a new risk-based decisioning
and pricing program.
DeRussy has more than 35 years of experience in the financial services
industry and is the co-founder of ICON Capital Corporation, a leasing company.
Richard A. Greenawalt commented, "Cortes brings to the company his extensive
knowledge and experience of the financial services industry. We are excited
about this new addition to our management team at Arcadia."
Arcadia Financial Ltd. is a Minneapolis-based consumer financial services
company specializing in purchasing, selling and servicing retail installment
contracts for new and used automobiles originated in 45 states. The company,
founded in 1990, is the nation's largest independent provider of automobile
financing. Its 18 Regional Buying Centers are located in Arizona; northern
and southern California; Colorado; Florida; Georgia; Maryland; Massachusetts;
Minnesota; Missouri; New York; North Carolina; Ohio; Tennessee; north, south
and west Texas; and Washington.
SOURCE Arcadia Financial Ltd.
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CONTACT:
Scott R. Fjellman, Vice President, Investor
Relations of Arcadia Financial, 612-944-4582
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