Toronto, Ontario, July 11, 2017 - First National Financial Corporation (TSX: FN, TSX: FN.PR.A, TSX: FN.PR.B) (the “Company” or “FNFC”) today announced that Robert Pearce has been appointed to its Board of Directors.
Mr. Pearce brings over 35 years of experience in financial services and risk management to the Board including over 25 years in personal and commercial banking with Bank of Montreal. His most recent role was as President and CEO of Bank of Montreal’s Personal and Commercial Banking in Canada where his responsibilities included residential mortgage lending, commercial lending, and consumer lending products including credit cards. Subsequent to his retirement, Mr. Pearce has remained active in consumer lending and electronic payments as a Director with Canada Guaranty Mortgage Insurance Company, CPI Card Group, First American Payment Systems and through other activities.
Mr. Pearce will provide his counsel to the Board as a whole and will also serve as a member of both the Audit and Governance Committees of First National.
“Rob is an accomplished business leader and an experienced board member in both the public and private sectors,” said Stephen Smith, Chairman of the Board of Directors of the Company. “With over two decades of direct consumer lending experience earned in serving one of the largest lenders in the country, he is a strong addition to our Board.”
About First National Financial Corporation
First National Financial Corporation (TSX: FN, TSX:FN.PR.A, TSX:FN.PR.B) is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With almost $100 billion in mortgages under administration, First National is Canada’s largest non-bank originator and underwriter of mortgages and is among the top three in market share in the mortgage broker distribution channel. For more information, please visit www.firstnational.ca.
Certain information included in this news release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will, "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future financial position, business strategy and strategic goals, product development activities, projected costs and capital expenditures, financial results, risk management strategies, hedging activities, geographic expansion, licensing plans, taxes and other plans and objectives of or involving the Company. Particularly, information regarding growth objectives, any future increase in mortgages under administration, future use of securitization vehicles, industry trends and future revenues is forward-looking information. Forward-looking information is based on certain factors and assumptions regarding, among other things, interest rate changes and responses to such changes, the demand for institutionally placed and securitized mortgages, the status of the applicable regulatory regime and the use of mortgage brokers for single family residential mortgages. This forward-looking information should not be read as providing guarantees of future performance or results, and will not necessarily be an accurate indication of whether or not, or the times by which, those results will be achieved. While management considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward looking-information is subject to certain factors, including risks and uncertainties listed under ‘‘Risk and Uncertainties Affecting the Business’’ in the MD&A, that could cause actual results to differ materially from what management currently expects. These factors include reliance on sources of funding, concentration of institutional investors, reliance on relationships with independent mortgage brokers and changes in the interest rate environment. This forward-looking information is as of the date of this release, and is subject to change after such date. However, management and First National disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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