New Penn Financial Grows with Addition of Preferred Trust

March 2011 - New Penn Financial, LLC, a leading nationwide lender, announced that mortgage lender Preferred Trust has joined New Penn, creating a mortgage lending firm with 24 branch offices and over 400 employees.Preferred Trust has built a substantial presence in the traditional retail mortgage business, operating 12 retail centers in the southeastern US. The addition complements New Penn's call center-based model, virtually doubling New Penn's retail branch offices and enhancing the company's national presence.

The combined organization will bring best-in-class products, technology and customer service to the mortgage industry. Preferred Trust and New Penn customers will benefit from the unique and substantial experience each management team brings to the table.

New Penn's President and CEO, Jerry Schiano, said, "Bringing our two companies together was a strategically sound move, and made possible by a shared vision for significant growth. We gain a strong retail franchise as well as the leadership experience of Charles Rogers, Anthony Giglio and Lee Cove, each of whom brings impressive credentials to our enhanced company."

Charles Rogers, former CEO of Preferred Trust, will become Senior Vice President and head of New Penn's retail division, and will report directly to Schiano. He will be charged with continuing to grow the company's retail mortgage business.

Commenting on the move, Rogers said, "For some time we have been looking for the right partner to help us grow. We determined that Preferred Trust could grow its business and better serve its customers by joining forces with New Penn, a company with similar values and a strong lending platform. By leveraging New Penn's technology and wide array of mortgage products, we will be able to provide better solutions and service for our customers."

In addition to the physical expansion, New Penn plans to bolster its product menu by adding proprietary loan products in the near future.