1st Metropolitan Opens 17 New Branches During First Half of 2004; Mortgage Broker Continues Expansion Efforts

Business Wire, July 26, 2004

CHARLOTTE, N.C. -- 1st Metropolitan Mortgage, a leading mortgage broker and a division of Empire Equity Group, Inc., has opened 17 offices since the beginning of 2004, demonstrating the company's commitment to increasing its MetroBranches nationwide. These new offices also reflect the importance 1st Metropolitan puts in giving mortgage professionals the opportunity to tap their entrepreneurial skills. Of the new branches, 13 are in new markets for 1st Metropolitan, including Champaign, Illinois; Decatur, Georgia and National City, California.

"We have been able to bring some of the best and brightest mortgage professionals into the company because we offer the support they need to be successful," said Daniel Jacobs, chief executive officer for 1st Metropolitan. "At the same time, these MetroBranches are examples of the business model we'd like to promote. We have provided back office, marketing and compliance support as well as the latest technology, which allows branches to focus on what they do best, originate loans and serve their customers."

1st Metropolitan's centralized corporate office makes it easy for branches to call one number and receive the assistance they need - when they need it - in order to close loans more efficiently. The company also has a competitive compensation plan in which branch managers can select the program that best fits the needs and dynamics of their office. The branches are also eligible for 1st Metropolitan's signing bonus program, which encourages retention and growth at the local level. The program allows branch managers to select a target origination volume and receive a bonus based on reaching the target. Top producing managers have the opportunity to make bonuses of $10,000, $50,000 or $100,000.

"1st Metropolitan is constantly looking for branch managers who, as mortgage originators, have proven they know their community well enough to originate a substantial number of loans," Jacobs said. "We offer these professionals the opportunity to further establish their careers in the mortgage industry while giving 1st Metropolitan the chance to become established new markets."

"This is an exciting time for us because not only are we able to offer our branches some of the mortgage industry's leading technology, we also provide access to a variety of new programs that, if used properly, will ensure a branch's success," said Carly Fulmer, director of branch services. "With our preferred lenders and signing bonus programs and our continuous attention to regulatory oversight, 1st Metropolitan allows branches to truly be in the mortgage business instead of having to spend a lot of time on administrative tasks."

About 1st Metropolitan Mortgage

1st Metropolitan Mortgage, based in Charlotte, N.C. and a division of Empire Equity Group since 2002, is a leading mortgage brokerage, offering products from such companies as Countrywide Home Mortgage, Chase Mortgage and Wells Fargo. 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 The Art of Being 1st: Opportunities Amid Change. 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.