CALABASAS, Calif., Nov. 10 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) announced today that it has notified the
Federal Reserve Board (FRB) of San Francisco, the Office of the Comptroller
of Currency (OCC) and the Office of Thrift Supervision (OTS) of its intent
to convert its existing national bank charter to a federal savings bank
charter through which to conduct its banking services.
This decision comes after several months of strategic analysis and
deliberations based on the company's five-year strategic plan and business
model. Upon approval of the application, Countrywide Bank, N.A. would be
converted to a federal savings bank, and Countrywide Financial Corporation
would become a savings and loan holding company, with the OTS being the
regulator of both entities.
"In our continuous efforts to maximize efficiencies, the company has
determined that Countrywide is better positioned for future growth as a
savings institution with a single primary regulator as opposed to the
current dual-regulator structure," said Chairman & CEO Angelo R. Mozilo.
"Based on our analysis, we believe that the OTS's focus on the housing
market and its unitary supervisory approach aligns more closely with
Countrywide's existing business activities and future diversification
efforts. Countrywide continues to be committed to strong financial controls
and a comprehensive governance structure. We believe that the OTS will
assist us in continuing to fulfill this commitment in an efficient manner."
"The company has enjoyed a constructive and positive relationship with
the FRB and the OCC, and has benefited from the professional supervisory
guidance they have provided over the past five years," said Mozilo.
"Countrywide looks forward to the same positive relationship with the OTS
and its examiners when they become the company's primary banking
supervisor."
The company plans to announce the timing of the filing of its
conversion application with the OTS in the near future.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation is a diversified
financial services provider and a member of the S&P 500, Forbes 2000 and
Fortune 500. Through its family of companies, Countrywide originates,
purchases, securitizes, sells, and services prime and nonprime loans;
provides loan closing services such as credit reports, appraisals and flood
determinations; offers banking services which include depository and home
loan products; conducts fixed income securities underwriting and trading
activities; provides property, life and casualty insurance; and manages a
captive mortgage reinsurance company. For more information about the
Company, visit Countrywide's website at http://www.countrywide.com.
This Press Release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
regarding management's beliefs, estimates, projections, and assumptions
with respect to, among other things, the Company's future operations,
business plans and strategies, as well as industry and market conditions,
all of which are subject to change. Actual results and operations for any
future period may vary materially from those projected herein and from past
results discussed herein. Factors which could cause actual results to
differ materially from historical results or those anticipated include, but
are not limited to: competitive and general economic conditions in each of
our business segments; changes in general business, economic, market and
political conditions in the United States and abroad from those expected;
loss of investment grade ratings that may result in an increase in the cost
of debt or loss of access to corporate debt markets; reduction in
government support of homeownership; the level and volatility of interest
rates; changes in interest rate paths; changes in generally accepted
accounting principles or in the legal, regulatory and legislative
environments in the markets in which the Company operates; failure to
attract and retain a highly skilled workforce; the ability of management to
effectively implement the Company's strategies; and other risks noted in
documents filed by the Company with the Securities and Exchange Commission
from time to time. Words like "believe," "expect," "anticipate," "promise,"
"plan," and other expressions or words of similar meanings, as well as
future or conditional verbs such as "will," "would," "should," "could," or
"may" are generally intended to identify forward-looking statements. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements.
SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
CONTACT:
Countrywide Financial Corporation,
+1-800-796-8448, pressroom@countrywide.com
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