This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

PMC Commercial Trust Announces End Of Strategic Review And Executive Changes

Nathan Cohen, who has been serving as Chairman of the Special Committee, stated, "the strategic alternatives evaluation process did not result in the consummation of a strategic relationship or other transaction and at this time, we have concluded that focusing on new and independent strategic growth initiatives in addition to executing our current business plan is in the best long-term interests of our shareholders."

Changes to PMC Commercial Trust's Executive Management

The Company also announced today that in connection with its new strategic growth initiatives, it has effected a change in its Chief Executive Officer.  Effective as of October 26, 2012, Lance B. Rosemore is no longer the Company's Chief Executive Officer.  Mr. Rosemore has been CEO of PMC Commercial Trust since its formation in June 1993 and was responsible for the development and execution of the Company's tactical and strategic plans that have maintained the Company's profitability.  Mr. Rosemore will continue to work with the Company in a consulting capacity to help ensure a smooth transition.

The Company has entered into a separation agreement with Mr. Rosemore.  The Company will record a one-time severance charge of approximately $2.2 million during the fourth quarter of 2012 related to the separation agreement.

The Board of PMC Commercial Trust announced that it has promoted Jan F. Salit, previously the Company's Chief Operating Officer and Chief Investment Officer, to Chief Executive Officer.  As Chief Executive Officer, Mr. Salit will be responsible for taking a significantly more proactive approach to developing the Company's strategic growth initiatives that are being implemented to exploit the Company's core competencies, capitalize on opportunities to drive long-term growth and maximize value for our shareholders.  Mr. Salit has been the Chief Operating Officer and Treasurer of the Company since October 2008.  He has also been the Company's Chief Investment Officer since January 1994 and Executive Vice President since 1993. Mr. Salit's primary areas of responsibility have included oversight of the Company's day-to-day operations including the supervision of credit, marketing, legal and human resources functions.  Prior to joining the Company, from 1979 to 1992, Mr. Salit was employed by Glenfed Financial Corporation and its predecessor company, Armco Financial Corporation, a commercial finance company, holding various positions including Executive Vice President and Chief Financial Officer.

Mr. Salit stated, "Mr. Rosemore has been instrumental in the growth and success of PMC Commercial Trust and its predecessor PMC Capital.  While he will no longer be involved in day-to-day operations, the Company will continue to benefit from his experience and knowledge of the Company's operations in his role as a consultant to the Company."

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs