Mitchell F. Vernick Joins Transamerica Commercial Finance Corporation as President and CEO

Business Wire, July 14, 1997

SAN FRANCISCO--(BUSINESS WIRE)--July 14, 1997--Mitchell F. Vernick will join Transamerica Commercial Finance Corporation on July 21, 1997 as president and chief executive officer, it was announced by Transamerica Corporation Executive Vice President Robert A. Watson.

Transamerica Commercial Finance, based in Chicago, is the commercial lending subsidiary of Transamerica Corporation. Vernick's role will be to provide broad strategic focus for Transamerica's commercial lending operations to maintain their quality controlled growth and support expansion into new areas of commercial finance.

Vernick, 42, previously spent ten years with Heller Financial Corporation where he held various senior management positions culminating in his being named vice chairman. Prior to joining that company, Vernick held various positions with Citicorp Industrial Credit and Continental Illinois National Bank and Trust Company of Chicago.

"We are extremely pleased that Mitch Vernick will be joining Transamerica," said Watson, who is responsible for Transamerica's consumer and commercial lending operations. "He has outstanding credentials and an impressive track record in commercial finance. Our commercial finance business has performed extremely well in recent years. We have excellent capabilities, strong market positions, and are working on many new growth initiatives. Mitch will help us focus our efforts as we move forward."

Transamerica Commercial Finance Corporation's primary businesses are distribution finance, asset-based lending and insurance premium finance. Reporting to Vernick will be James L. Schoedinger, president and chief executive officer of Transamerica Distribution Finance, and Steven A. Read, president of Transamerica Business Credit Corporation, both of whom formerly reported to Watson.

Vernick received a bachelors and a masters degree from the University of Michigan and an M.B.A. from the Wharton School at the University of Pennsylvania.

San Francisco-based Transamerica Corporation, which had consolidated assets of $50 billion at March 31, 1997, provides specialized financial and life insurance products and services to individuals and organizations worldwide.

CONTACT: Transamerica Corporation

William H. McClave, 415/983-4087 (Press)

James F. McArdle, 415/983-5503 (Investment Community)