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): August 2, 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.)
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) 879-4000
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
August 2, 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 and
Controller
Date: August 4, 1994
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INDEX TO EXHIBITS
Exhibit No. Description Page No.
- ----------- ----------- --------
1 Press Release of Lomas Financial 5
Corporation dated August 2, 1994
Exhibit 1
FOR IMMEDIATE RELEASE Contacts: Bert Byerley
- --------------------- 214/879-5588
Gary White
214/879-5540
Kevin McGarry
214/879-5545
JESS HAY, LONG-TIME HEAD OF LOMAS FINANCIAL CORPORATION,
ANNOUNCES INTENTION TO RETIRE AS CHAIRMAN AND CEO
DALLAS--August 2, l994--Lomas Financial Corporation (NYSE:LFC)
announced today that it had been advised by Jess Hay, the Company's
long-time chairman and chief executive officer, that he intended to
retire on December 31, l994.
Mr. Hay, who over three decades built Lomas into one of the
nation's leading diversified mortgage banking institutions, and who
subsequently and successfully led the Company through a financial and
operational restructuring made necessary by the collapse of the Texas
real estate market, advised the Company's board of directors at its
regular meeting today of his intention to retire. Mr. Hay, 63, will
continue to serve as chairman and chief executive officer of Lomas
until the selection of a successor. After retirement Mr. Hay will
continue as a member of the board and will become a consultant to the
Company as well as its chairman emeritus.
Mr. Hay, who has been chief executive officer of Lomas since l965
and its chairman since l969, said: "The last five years have been a
challenging and difficult period for Lomas. Disruptions related to
mortgage portfolio runoff rates were particularly acute in the first
nine months of fiscal l994 and resulted in very substantial operating
losses for the period, but we currently are making progress. Single-
family mortgage refinancings have declined dramatically, a factor
which will contribute significantly to the restoration of our mortgage
banking operations to profitability in fiscal 1995. The remaining
debt of our ST Lending subsidiary, which in June l992 totaled $240
million, currently stands at just $24 million and should be completely
retired by year end. As a result, STL now reasonably is expected to
provide incremental liquidity for Lomas commencing in l995, which is
two years earlier than initially expected.
-more-
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Exhibit 1
(Continued)
Lomas Financial Corporation Page Two August 2, 1994
"These developments represent the substantial completion of the
Company's financial restructuring, which we launched in l989.
Together, they signal the clear prospect of both improved operating
results and an enhanced financial condition in the near future.
"Accordingly, after 29 years as the Company's chief executive
officer, I have decided that this is an appropriate time for me to
retire, and to turn over the reins of this fine company to new
leadership. I am very proud to have been a part of Lomas' hundred-
year history. I also am deeply grateful for the opportunity to have
worked with the thousands of dedicated employees who have served Lomas
so faithfully throughout my tenure and who together constitute one of
the most effective, creative and collegial organizations in the
mortgage banking industry.
"I look forward to a continuing affiliation with the Company and
to assisting the accomplishment of an orderly transition to new
leadership when my successor is selected, which should be within the
next few months."
Mr. Hay's external activities have been and remain extensive.
For l2 years beginning in l977, he served as a member of the Board of
Regents of The University of Texas System, and for 2-1/2 years of
those l2 years he served as the board's chairman. During the last 25
years, he also has served on the boards of directors or trustees of
Southern Methodist University, the United States Chamber of Commerce,
the Texas Association of Independent Colleges and Universities, the
National Association of Real Estate Investment Trusts, The Dallas
Citizens Council, The Greater Dallas Chamber of Commerce, The Zale
Lipshy University Hospital of The University of Texas Southwestern
Medical School at Dallas, The Southwestern Medical Foundation, The
Dallas Museum of Fine Art, and the Methodist Hospital of Dallas.
Mr. Hay currently serves as chairman of the Texas Foundation for
Higher Education and as a member of the board of the Texas Higher
Education Legislative Political Action Committee and as Chairman of
Governor Ann Richards' Advisory Committee on Alternative Uses of the
Assets of the Superconducting Super Collider. He also formerly served
as chairman of Child Care Partnership of Dallas, and is an active
advocate of enhancements to our nation's education enterprise at all
levels: child care, preschool, elementary, secondary and higher
education.
Mr. Hay has been an active participant in the political process
since l950, and in l977 and l978 he served as National Finance
Chairman of the Democratic National Committee.
-more-
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Exhibit 1
(Continued)
Lomas Financial Corporation Page Three August 2, 1994
Mr. Hay also serves on the boards of directors of Exxon
Corporation, Southwestern Bell Corporation, The Dial Corporation, and
Trinity Industries, Inc.
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