SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 12, 1994
Lomas Financial Corporation
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(Exact name of registrant as specified in its charter)
Delaware 1-6868 75-1043392
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
1600 Viceroy Drive, Dallas, Texas 75235
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 879-7000
None
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(Former name or former address, if changed since last report)
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Lomas Financial Corporation
Form 8-K
Item 5. Other Events.
Pursuant to General Instruction F to Form 8-K, the Registrant
hereby incorporates by reference the press release attached as
Exhibit 1 hereto.
Item 7. Financial Statements and Exhibits.
(a) None.
(b) None.
(c) Exhibits.
1. Press Release of Lomas Financial Corporation dated
January 12, 1994.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
LOMAS FINANCIAL CORPORATION
(Registrant)
By: /S/GARY WHITE
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Gary White
Senior Vice President - Control
Date: January 13, 1994
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INDEX TO EXHIBITS
Exhibit No. Description Page No.
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1 Press Release of Lomas Financial 5
Corporation dated January 12, 1994.
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Exhibit 1
FOR IMMEDIATE RELEASE Contacts: Bert Byerley
212/879-5588
Gary White
214/879-5540
Kevin McGarry
214/879-5545
GARY H. KELL NAMED PRESIDENT OF LOMAS MORTGAGE USA
DALLAS--January 12, 1994--Lomas Financial Corporation (NYSE:LFC)
announced today that Gary H. Kell, currently the Company's principal
mortgage production officer, has been promoted to the office of
president of Lomas Mortgage USA, the Company's mortgage banking
subsidiary.
Mr. Kell succeeds Michael E. Patrick who, this week and for
personal reasons, resigned his positions as executive vice president
of the Company and president of the mortgage banking unit. For an
interim period, Mr. Patrick will remain as president of the Company's
information systems division.
Jess Hay, the chairman and chief executive officer of Lomas,
stated that "the promotion of Gary Kell to the presidency of Lomas
Mortgage USA is an appropriate and richly deserved recognition of his
extensive experience in the mortgage industry, of his leadership
skills and of his major contributions to the creation and nurturing of
the Company's mortgage and servicing production franchises which
during the last 12 months have added more than $15 billion principal
-more-
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LOMAS FINANCIAL CORPORATION -2- January 12, 1994
amount of mortgage loans to the Company's mortgage servicing
portfolio. He is an outstanding leader and is universally respected
throughout our industry. He is destined to provide new thrust and
enthusiasm to our mortgage banking operations."
The Company also announced that it currently is in the process of
rationalizing its operations, with a view to decreasing expenses and
enhancing productivity. Under the planned program, the Company's work
force will be reduced by approximately 180 permanent and 40 temporary
employees prior to the end of January. The cost of accomplishing the
reduction in force is expected to be approximately $5 million, which
amount has been charged to income in the December quarter. The staff
reduction is expected to reduce future operating expenses by $8
million or more per year.
Finally, the Company announced that a consortium of lenders, led
by Texas Commerce Bank and Bank One, Texas, has increased its
aggregate warehouse line of credit to Lomas Mortgage USA from $317.5
million to $580 million. This increase expands Lomas Mortgage USA's
total short term warehouse credit availability to $780 million and
will enable the Company to continue increasing its direct loan
originations and related warehousing of such loans pending delivery to
permanent investors.
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