E*TRADE Group (ETFC)

[Joemoney]

Interesting: Former E*Trade Employees Form Financial Services Company

ARLINGTON, Va. -(Dow Jones)- Three former E*Trade Group Inc. employees formed a financial services company, Emerge Financial Corp., that will focus on asset management and banking.

In a press release Thursday, the new firm said it will be based in the Washington -area and will be developed in phases.

The first phase calls for the immediate development of a consumer lending conduit to generate a variety of residential mortgage loans and other consumer assets.

In the second phase, Emerge Financial plans to acquire an underutilized bank or thrift with growth potential.

The three former E*Trade employees serving as principals in the new venture are Steven Dervenis, former chief executive of E*Trade Global Asset Management; Douglas Bream, former director of E*Trade Global Asset Management; and Kenneth Campbell, former director of E*Trade Global Asset Management and vice president of E*Trade Mortgage.

http://biz.yahoo.com/djus/020530/200205301236000588_1.html