SAN RAMON, Calif., April 28, 2002 (PRIMEZONE) -- FiNet.com, Inc. (Nasdaq:FNCM) ("FiNet" or the "Company") announced today that it has appointed Bill Dallas to serve on its Board of Directors, effective March 26, 2002.
Mr. Dallas will also serve as the Chairman of the recently formed Strategic Business Committee of FiNet's Board of Directors. The Strategic Business Committee will advise the board on current market trends and strategic positioning of the Company in order to evaluate and capitalize on developing opportunities within the mortgage and real estate services market. The Strategic Business Committee is expected to identify opportunities for FiNet and enhance the Company's responsiveness to current and future market conditions
Mr. Dallas has served as the Chief Executive Officer of Affinity Corporation since September 2001 and has also served as the company's Chairman of the Board since April 2001. Affinity Corporation, a private technology company, is the lending industry's leading provider of fraud prevention and data quality services.
Mr. Dallas is the founder of First Franklin Financial Company, and has served as its Chairman and CEO since 1981, currently as Chairman Emeritus. First Franklin Financial is the nation's leading non-prime wholesale lender, and is now a subsidiary of National City Bank (NYSE:NCC).
Mr. Dallas also co-founded two banking institutions: in 1995 Mr. Dallas was a co-founder of Heritage Bank of Commerce (Nasdaq:HTBC), a community business bank serving Silicon Valley; and in 1998, Mr. Dallas co-founded California Oaks State Bank in Thousand Oaks. Mr. Dallas is a Certified Mortgage Banker and is a board advisor to Factual Data Corporation (Nasdaq:FDCC), a Colorado-based credit services provider.
Mr. Dallas also currently serves as a director of the following companies: LoanCity.com, a provider of mortgage infrastructure technology and mortgage products based in San Jose, California; Diversified Capital, a mortgage brokerage in northern California; WMC Mortgage (formerly Weyerheauser Mortgage Company), a leading wholesale originator based in Woodland Hills, California; Oaks Christian Schools, a private school in Westlake Village, California; and Sherwood Country Club of Thousand Oaks, California.
Most recently, Mr. Dallas assisted David Murdock with the process and transaction of taking Castle & Cooke, Inc. (NYSE:CCS), a publicly traded company, private in a $750 million transaction. Additionally, Mr. Dallas co-founded B&B Restaurant Ventures LLC, the holding company to a new specialty coffee/cafe company named Sugarbeat Cafe, and a FOX Sports Grill joint venture with Fox Sports.
Mr. Dallas is also Chairman of the Board of California Lutheran University.
"I am excited to join the FiNet.com team and my industry colleagues Dan Rawitch and Matt Soto. I believe the Company's recent progress and technology platform, combined with my industry experience, should have a positive effect on the growth and performance of the Company's businesses. I am looking forward to the challenges and future successes of the Company as we increase our presence in the industry."
Dan Rawitch, Chief Executive Officer of FiNet.com, stated, "We are very pleased to have Bill join FiNet.com. The Company is positioned for a higher-growth stage and we believe that Bill's industry expertise will benefit FiNet tremendously. We look forward to working with Bill and eagerly anticipate his contributions to the Company's long-term success."
About FiNet.com
FiNet.com, Inc., through its wholly owned subsidiaries, is a leading e-commerce provider of financing services that facilitate home ownership, including a variety of technology and loan products and automated services for mortgage broker businesses, real estate broker businesses and for consumers. The Company offers online solutions to mortgage broker businesses through Monument Mortgage at www.monument.com, to real estate broker businesses at www.homewardsolutions.com and residential financial services directly to consumers at www.finet.com.
Safe Harbor Certain statements in this press release, including statements regarding the anticipated development and growth of the Company's business, and the intent, belief or current expectations of the Company, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Investors are encouraged to read the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2001, which is on file with the Securities and Exchange Commission.