Form 8-K for FIRST CHESAPEAKE FINANCIAL CORP filed on August 11, 1998
UNITED STATES
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) July 9, 1998
FIRST CHESAPEAKE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
VIRGINIA 0-21912 54-1624428
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
12 OREGON AVENUE, PHILADELPHIA, PENNSYLVANIA 19148
(Address of principal executive offices)
Registrant's telephone number, including area code (215) 755-5691
(Former name or former address, if changed since last report.) Not applicable
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ITEM 5. OTHER EVENTS
First Chesapeake Announces New Mortgage Banking Subsidiary
Richard Chakejian, Jr., President of First Chesapeake Financial Corporation (the
"Company"), today announced the formation of a new subsidiary and the
acquisition of a Florida mortgage banking operation and appointment of Lester W.
Salzman as President of the newly formed subsidiary.
The new company will be known as First Chesapeake Funding Corporation with
operational headquarters in the Ft. Lauderdale, Florida metropolitan area and
will focus on the development of a comprehensive alternative documentation
product line on both the wholesale and retail levels.
"We are embarking on the first phase of our corporate expansion" noted
Chakejian. "Our funding group will be the cornerstone of our development. It
will provide the backbone of our organization's growth and is an indication of
the direction in which we plan to travel."
Salzman, who has more than 20 years of mortgage lending experience, most
recently served as executive vice president and sales manager for another
national publicly traded lender. Salzman also serves as a member of the
Company's Board of Directors.
"The opportunity to join First Chesapeake was enticing when I had the chance to
review the resumes of the new Board of Directors and executive staff. However,
it was the level of commitment by that Board and management which most convinced
me." Salzman explained.
"We have a clear agenda to move this operation forward" according to Salzman.
"At present, we have secured the ability to provide a comprehensive menu of
product to a wholesale client base of more than 400 clients. We will expand
these numbers through measured internal growth as well as prudent acquisitions."
The Company is a Virginia corporation that formerly engaged in the residential
and commercial mortgage banking business through origination, acquisition and
servicing of mortgage loans and mortgage loan servicing rights.
Statements in the press release concerning the Company's business outlook or
future economic performances, anticipated profitability, revenues, expenses or
other financial items, are forward-looking statements that are estimates
reflecting the best judgment of the Company based on currently available
information. Such forward-looking statements involve known and unknown risks,
uncertainties, contingencies and other factors that could cause results,
performance or achievements to differ materially from those stated. Such risks,
uncertainties, contingencies and other factors, many of which are beyond the
control of the Company, include overall economic and business conditions, trends
for the continued growth of the mortgage and financial services industry, the
realization of anticipated revenues, profitability and cost synergies, the
demand for the Company's products and services, pricing and other competitive
factors in the industry, new government regulations and/or legislative
initiatives, and other risks and uncertainties described in the Company's
reports and filings with the Securities and Exchange Commission. There can be no
such assurance that such factors will not affect the accuracy of such
forward-looking statements, and the Company assumes no obligation to update the
information in this release.
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Contact: Richard N. Chakejian, Jr., President
Mark E. Glatz, Chief Financial Officer
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
FIRST CHESAPEAKE FINANCIAL CORPORATION
Date: August 11, 1998 By: /s/ Richard N. Chakejian, Jr.
-----------------------------
Richard N. Chakejian, Jr. President
By: /s/ Mark Mendelson
-------------------------------------
Mark Mendelson, Chief Executive Officer
By: /s/ Mark E. Glatz
-------------------------------------
Mark E. Glatz, Chief Financial Officer
