Citizens Mortgage has hired an industry veteran to head its risk management efforts.
Don M. Lashbrook was named senior vice president at the Atlanta-based mortgage company.
Until January, Mr. Lashbrook headed Barnett Mortgage Corp.'s secondary marketing operations. He resigned during a management shake-up before the Jacksonville, Fla., lender agreed to a joint venture with BancBoston Mortgage Corp.
"I will have some control over production here," Mr. Lashbrook said in a telephone interview. He said he wanted to be more involved in that area, a goal he was unable to achieve at Barnett.
President and chief operating officer John F. Karaszewski said he planned to bolster Citizens' originations through its bank branches, as well as though acquisition opportunities and telemarketing.
Mr. Lashbrook joined Citizens on March 18. Citizens is a wholly owned subsidiary of Citizens Bank of Rhode Island, which is owned by Royal Bank of Scotland.
Mr. Lashbrook, known as Dusty, joined Barnett in February 1994. Previously, he was senior vice president at Maryland National Mortgage Corp., where he also headed secondary marketing.
While at Maryland National, Mr. Lashbrook met Mr. Karaszewski, then senior vice president in charge of production at PNC Mortgage.
According to industry sources, Mr. Lashbrook's departure from Barnett was sparked by the imminent joint venture with BancBoston Mortgage, which will be staffed primarily with BancBoston employees.
Under the joint venture, loan servicing will be handled by BancBoston employees, while the production will remain with Barnett.
Citizens Mortgage operates on the East Coast, with 24 production offices. The lender originated $362 million of home mortgages in the first half of 1995, and serviced almost $9 billion as of June 30, 1995.
No comment on Mr. Lashbrook's hiring was available from Citizens' executive offices.
