Westar Financial Names James W. McCormick as Vice President of Risk Management
TUMWATER, Wash.--Aug. 27, 2001--Westar Financial Services Incorporated (OTC:WEST), the leading automobile e-finance company, today announced James W. McCormick has been appointed Vice President of Risk Management. His responsibilities include planning, directing and administering risk analysis and loss prevention programs including risk/reward criteria, underwriting policies and procedures, credit decision systems and related strategies for applicant and behavior scoring, predictive models and adaptive control systems."Jim's analytic abilities and experience in a wide range of credit management positions are real assets for us," said R. W. Christensen, Jr., Chairman and CEO. "His skills quantitative and modeling skills will help us continue to expand with very strong credit quality."
Formerly Senior Vice President at First Security Bank (now Wells Fargo & Co--NYSE:WFC), McCormick was responsible for a $9 billion portfolio of consumer financial instruments and led the company's consumer risk management and product development programs. Previously, he served as Senior Vice President and Manager, Risk Management for US Bank and The Associates Financial Services Company, managing portfolios with assets in excess of $35 billion at both institutions. McCormick also served in areas of similar and increasing responsibilities with Wells Fargo Bank and Household Credit Services. McCormick earned his undergraduate degree in Physics from Michigan State University and received an MBA in Finance from Golden Gate University. A former Officer of the United States Army, McCormick resides in Olympia, Washington.
In July, Westar posted its third consecutive profitable quarter, as revenues increased 292% to $146 million from $37 million in the first quarter ended June 30, 2000. First quarter net earnings increased to $866,000, or $0.37 per share. Operating earnings increased to $1.1 million or $0.48 per share, which is an improvement of $1.33 per share from the operating loss of $2.0 million, or $0.94 per share, posted in the first quarter a year ago.
WEST is the leading publicly traded automobile-oriented e-commerce financial portal and ASP. Westar originates, decisions, commits to, and fulfills consumer financings for itself or others. Westar completed the first entirely electronic Internet automobile purchase and lease transaction in October 1999. The company operates in the western states and nationally through alliances with AmSouth Bancorporation, Mellon Bank, USAA FSB and others.