TORONTO, March 21, 2017 /CNW/ - Street Capital Group Inc. ("Street Capital" or the "Company") (TSX: SCB), announced today that Lazaro DaRocha, President of the Company and President of its wholly-owned subsidiary, Street Capital Bank of Canada ("Street Capital Bank"), has announced his intention to retire effective September 30, 2017. Ron Lalonde has been appointed as Chair of a search committee to find a suitable replacement.
"My partners and I started Street Capital Financial 10 years ago with a vision to provide access to mortgage credit through strong broker relationships and outstanding service," said Lazaro DaRocha, President of Street Capital Group Inc. "I am proud of what we have achieved over that period, growing our insured mortgage book to over $27 billion and ultimately receiving a Schedule I bank licence, late last year. The achievement of a Schedule I bank licence was the culmination of four years of intense effort, one of the great pleasures of my career and a pivotal turning point in the direction of this company. With this milestone behind us, I am taking this opportunity to step down to spend more time with my family. I would like to thank all of our employees, our senior management team and, our board of directors for their hard work, dedication, and guidance throughout the course of our journey."
"I sincerely thank Lazaro for his significant contribution to Street Capital over the past several years," said Ed Gettings, Chief Executive Officer of Street Capital Group Inc. "Lazaro played an instrumental role in growing Street Capital Financial and in preparing the Company to operate as a Schedule I bank. His guidance and hard work has helped to establish a strong team, robust infrastructure and strategy that will position Street Capital Bank to continue to generate sustainable growth in the future."
About Street Capital Group Inc. (www.streetcapitalgroup.ca)
Street Capital Group Inc. (TSX: SCB) is a public company operating through its wholly-owned subsidiary, Street Capital Bank of Canada, a federally regulated Schedule I Bank offering residential mortgage loans with the strategic goal of introducing additional retail banking products in the coming years. Street Capital Bank of Canada sources its mortgage products primarily through a network of independent mortgage brokers across Canada with whom it has built relationships. Street Capital Bank of Canada offers a broad line-up of high ratio and conventional mortgages to borrowers and either sells the mortgages it underwrites to top tier financial institutions or holds them on balance sheet. Street Capital Bank of Canada lends throughout all of the Provinces of Canada (other than Quebec) and has offices in Ontario, Alberta and British Columbia. For more information please visit www.streetcapital.ca.
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Street Capital Group Inc.'s expectations, should be considered as forward-looking statements and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.
Such statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond the Company's control, actual results may differ materially from the expectations expressed in the forward-looking statements. The Company undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events.
SOURCE Street Capital
For further information: W.E. Gettings, Chief Executive Officer, Street Capital, firstname.lastname@example.org; Jonathan Ross, LodeRock Advisors Inc., Investor Relations, email@example.com, Tel: (416) 283-0178