GMAC Bank Announces New Chief Financial Officer

HORSHAM, Pa. - GMAC Bank has named Brian Kuelbs its chief financial officer, responsible for all financial activities at GMAC Bank. Functional groups reporting to the CFO include treasury services, mortgage portfolio management, and accounting/control functions within the bank.

"Brian brings extensive investment experience and knowledge of the mortgage business to the Bank," said Jay Barr, president of GMAC Bank. "Brian's talent is invaluable, as we continue to grow our investment portfolio and build a world class investment management team at GMAC Bank. Our objective is to contribute significantly to the earnings and diversification objectives of GMAC as a whole." Our strategy is comprised of three primary goals:

Growth of GMAC Bank's balance sheet with high quality assets, efficiently sourced primarily from existing GMAC and GMACR loan origination franchises to generate material and consistent earnings growth; Create incremental and low cost liquidity; and Offer business and consumer-banking products that improve cost efficiency and produce new customer relationships. Kuelbs previously served as chief of staff for GMAC Residential Holding Corp. His responsibilities included strategic planning and communications for holding company business units (GMAC Home Services, GMAC Mortgage, GMAC Bank). Kuelbs previously served as president of GMAC Mortgage asset management and CORE Cap, Inc. In this capacity, he managed all aspects of the business, including portfolio management, asset/liability management, structured finance and financial reporting. Prior to that, Kuelbs served as vice president of capital markets and manager of the residential mortgage origination trading desk for GMAC Mortgage Corporation.

Kuelbs earned a bachelor's degree in business administration from the University of Wisconsin - Madison, with majors in mathematics, quantitative analysis, and finance. He earned a master's degree in business administration, with a concentration in finance, and received honors from the University of Notre Dame Graduate School of Business.