COLUMBIA, S.C. Resource Bancshares Mortgage Group announced Monday that Douglas K. Freeman, the companys chief executive officer, has been named chairman of the board.
Doug has done an extremely effective job in re-charting a new course for RBMG, said outgoing chairman Boyd M. Guttery. He has earned the respect of our shareholders, Wall Street, Main Street, his colleagues at the company, and on the board.
Mr. Guttery, who was elected chairman in January, will continue to serve on the board.
Mr. Freeman, who joined Resource in January after serving as president of Bank of America Corp.s consumer finance group, has led the company through a difficult period. Resource began losing money in the third quarter last year, and has reported losses in each subsequent quarter. Over the last four quarters it has lost $22.8 million.
Resources board has also authorized the repurchase of an additional $5 million of common stock. Since Sept. 30 the company has repurchased 84,000 shares at an average cost of $5.81 per share.