Midcoast hires Kislak's president as CEO.

Willard B. Soper 2d has resigned as president of J.I. Kislak & Co., Miami Lakes, Fla., to join Midcoast Mortgage Corp., Melville, N.Y., as president and chief executive officer.

Mr. Soper's move comes at a sensitive time for Kislak. The lender is in the throes of a significant merger with Farragut Mortgage Co., a publicly traded lender based in Mansfield, Mass.

Mr. Soper replaces William Hirschfeld, Midcoast's president and CEO for 35 years. who will remain as chairman of the board.

Mr. Hirschfeld said in an announcement that he hopes Mr. Soper's abilities will guide Midcoast to continued growth through the industry's continued consolidation.

The proposed merger of Kislak and Farragut should not be affected by Mr. Soper's departure, said Jay I. Kislak, the company's chairman and chief executive.

"It is a matter concerning the SEC," he said.

|An Offer He Couldn't Refuse'

Mr. Kislak emphasized that there were no disagreements that precipitated Mr. Soper's leaving.

"He got an offer he couldn't refuse." Mr. Kislak said. "He is a good man. We are sorry he is gone."

Mr. Kislak said the company, had employed a search company to help find Mr. Soper's replacement. He said several prospects were being considered.

Mr. Soper joined Kislak in 1991. Before that, he was president of Shawmut Mortgage Corp.

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