Cannatti Joins 1st Metropolitan as EVP of Sales, Branch Development; Industry Veteran to Lead Continued Expansion Efforts

Business Wire, Feb 16, 2004

Business Editors

CHARLOTTE--(BUSINESS WIRE)--Feb. 16, 2004

1st Metropolitan Mortgage, a national mortgage broker and a division of Empire Equity Group, Inc., announced it has hired Mike Cannatti as the executive vice president of sales and branch development. He will be responsible for recruiting and branch development for 1st Metropolitan.

"Mike will help us to keep our focus on the opportunities amid the changes in the industry, which is our theme for this year," said Daniel Jacobs, chief operating officer for 1st Metropolitan. "We see those opportunities despite the downturn in the industry, and we understand there is an art to being first. To that end, Mike will help us further hone the business strategy we've created to allow for the success of our branches and ultimately the company."

Cannatti will help branches develop individual business plans that will incorporate the needs of the market they serve and the goals of the branch managers. He will also help branch managers with staffing and marketing.

To be more proactive in the recruiting process, Cannatti will enhance 1st Metropolitan's efforts to find the most qualified branch managers by looking nationally for highly productive originators with management skills. In order to implement this hiring initiative, Cannatti will develop and restructure the recruiting and sales management staff at 1st Metropolitan.

Cannatti has a strong background in the mortgage industry that started in 1976. His career focus has been creating and improving efficiencies that have added value to the companies, its investors and customers. He also has created infrastructures that focus on recruitment and retention of mortgage professionals. Cannatti started his mortgage experience by rising through the ranks of loan originations, secondary marketing, COO and eventually CEO at Austin Mortgage & Trust Co. in Austin, Texas. Since then, he's been responsible for retail and wholesale production sales and operations for several mortgage companies in Texas. He was the regional manager for Lincoln Service Mortgage Corp. and Olympia Mortgage Corp. in Atlanta, Georgia and Central Texas Area Manager with Bank of America Mortgage. More recently, Cannatti was in charge of recruiting and branch development for Prime Lending, Inc. in Austin.

"This is an extraordinary opportunity to enhance the current sales staff and branch network at 1st Metropolitan," Cannatti said. "I look forward to developing a matrix for recruiting new branch managers into our company. And, given 1st Metropolitan's concentration on the East Coast, I am very enthusiastic about further expansion of the Central and Western Division presence, especially in California, Nevada, Arizona, Colorado and Texas over the next 12 to 18 months."

About 1st Metropolitan Mortgage

1st Metropolitan Mortgage, headquartered in Charlotte, N.C. and a division of Empire Equity Group since 2002, is a national mortgage brokerage, offering products from such lenders as Countrywide Home Mortgage, Chase Mortgage and Washington Mutual. The company is licensed in 48 states with approximately 250 branches nationwide. Leveraging the 20 years of experience of its parent company, 1st Metropolitan has an aggressive business development strategy. 1st Metropolitan's strategic theme for 2004 is Opportunity Amid Change: The Art of Being 1st. For more information, visit www.1stmetro.com.

About Empire Equity Group, Inc.

Empire Equity Group has been in business since 1983 focusing heavily in the Northeastern United States. Since the acquisition of 1st Metropolitan, Empire has established development programs for branch managers, additional infrastructure to meet the needs of branches and installed the latest technology, such as an expanded intranet site and an innovative online loan origination system. For more information, call 704.552.0123.