7/14/03: Entrust Financial Services, Inc. Posts a 50% Increase in Production for Quarter 2 of 2003
Entrust Financial Services, Inc. Posts a 50% Increase in Production for Quarter 2 of 2003 and Announces a New Member of the Executive Team
MONDAY, JULY 14, 2003 4:09 PM
- PR Newswire
DENVER, Jul 14, 2003 /PRNewswire-FirstCall via COMTEX/ -- The Board of Directors of Entrust Financial Services, Inc. ("Entrust" or the "Company ") (OTC Bulletin Board: ENFN), is pleased to announce that Entrust Mortgage, Inc. a wholly owned subsidiary of the Company, expects to report an increase of approximately 50% in loan production results for the quarter ending June 30, 2003 versus the quarter ending June 30, 2002. For the three months ended June 30, 2003 Entrust expects to report loan fundings of approximately of $86Million versus approximately $57Million in loan fundings in the three months ended June 30, 2002. Loan production for the first six months of 2003 is expected to be approximately $144Million versus $106Million in loan production in the first six months of 2002. The funding volume for June 2003 is expected to be a record month, with loan fundings of approximately $30Million. Michael Ebinger, Entrust's Chief Operating Officer added, "Our focus on expanding our solid foundation with key executive level, sales, and production staff hires has caused our loan fundings to increase dramatically without compromising our Gold Standard Service commitment. Our operations and sales force have never been stronger and we look forward to continued growth for the foreseeable future."
Also, the Company announces the addition of Jeffery D. Rudolph to the Executive team in the position of Chief Financial Officer. Scott Sax, Entrust President and CEO, commented, "We are thrilled to find a CFO who can provide the vision, advice, and leadership that is necessary for the Company's next phase of development and who can help us achieve the goals that we have all been striving toward. Jeff comes to the company with glowing recommendations and credentials. Jeff has vast business experience with 17 years as a CPA out of Coopers and Lybrand, an MBA from of the University of Denver in 1989, and many years as a CFO, COO, and Board member of several successful companies in various industries." David Hite has resigned as CFO of the Company to pursue other opportunities; however, he remains a Director of the Company.
About Entrust:
Entrust Financial Services, Inc. (OTC Bulletin Board: ENFN), is a publicly traded holding company with its core focus on mortgage banking, through its wholly owned subsidiary, Entrust Mortgage, Inc. Entrust Mortgage markets consumer financial products, including first and second mortgages, and home equity loans. Entrust Mortgage specializes in limited documentation loans for good credit quality borrowers. Entrust Mortgage, licensed as a mortgage banker in 37 states, provides its mortgage banking services to its contracted network of mortgage brokers that currently exceed 5,000 brokers and services directly to the consumer via its expanding retail network.
Note: A number of statements contained in this news release are forward- looking statements, as defined in the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors described in the Company's filings with the Securities and Exchange Commission, including its annual and quarterly reports. The actual results that the Company may achieve may differ materially from any forward- looking statements due to such risks and uncertainties.
Contact: Krista Sweat (ksweat@entrustfs.com)
Entrust Financial Services, Inc.
6795 E. Tennessee Ave., 5th Floor
Denver, CO 80224
800-304-0326 or 303-322-6999 ext. 257
SOURCE Entrust Financial Services, Inc.
Krista Sweat of Entrust Financial Services, Inc.,
+1-800-304-0326, +1-303-322-6999, ext. 257, ksweat@entrustfs.com
(ENFN)
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