Consumer Credit Counseling Service of Los Angeles —CCCS-LA— Merges with Sister Northern California Agencies

Business Wire, Dec 29, 2003

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Dec. 29, 2003

As of December 31, 2003, CCCS-LA's merger with two sister Northern California agencies -- Consumer Credit Counseling Service of the Sacramento Valley and Consumer Credit Counseling Service of Mid-Counties (Stockton), will become official. In a time of reduced funding support from the creditor community, the merger will enable the combined agencies to survive and thrive in an environment of constant change.

For the time being, each CCCS will retain use of their well-recognized and highly-respected names in each local area. A new board of directors, selected from the boards of the agencies participating in the merger, will oversee the direction of the new organization.

"Improved cost-efficiencies gained from the merger will allow us to pass these savings on to our clients and future clients by keeping our costs and fees low," said Peter Lake, president/CEO of CCCS-LA. "By bringing the strengths of these agencies together, our clients will benefit from a broader range of quality services, updated technological systems and enhanced operational efficiency." With wider geographic coverage and diversification, an expanded client base, economies of scale and the opportunity to recognize and redesign outdated processes, the new agency will gain a competitive advantage.

Peter Lake will be the president/CEO of the merged organization. Kathleen Stutts, former president/CEO of CCCS of the Sacramento Valley, will serve as the executive V.P. responsible for human resources, service quality assurance and client retention. Paul LaMarche, past president/CEO of CCCS of Mid-Counties, was named executive V.P. responsible for all counseling services, including housing-related counseling. David Bazart, formerly the COO of CCCS-LA, will continue in this capacity in the merged agency.

"At CCCS-LA, we're looking forward to bringing new and enhanced solutions to common financial and procedural problems and forging new strategic partnerships with colleagues from our fellow agencies," Lake added. "We'll work hard to keep a local presence in each area, with special consideration to the continuation of in-person counseling and education in each geographic area, as well as a continual focus on top-notch customer service."

Established in 1966, CCCS-LA is a non-profit organization dedicated to helping individuals and families learn how to prevent and solve financial difficulties. The organization offers personal finance education, confidential individual counseling, and the implementation of debt reduction plans. A Housing and Urban Development approved counseling agency, CCCS-LA also offers home pre-purchase counseling and education, reverse mortgage counseling, as well as default and foreclosure prevention and intervention.

Appointments for low-cost, confidential, debt counseling in person or by phone may be made by calling 800-750-2227. For more information, visit www.cccsla.org.