Cenlar FSB Expands Role of CEO Tornquist To Include Board Chairman Responsibilities

EWING, N.J., Oct. 16, 2014 /PRNewswire/ -- Gregory S. Tornquist has been elected as chairman of the board to Cenlar FSB and its holding company, Cenlar Capital Corporation, effective January 1, 2015, the bank's board of directors announced. Cenlar FSB, a privately owned, federally chartered wholesale bank, is the nation's leading mortgage subservicer.

Tornquist has served as the bank's president and CEO since 2008, and will continue in those positions. He will succeed the current chairman of the board, Michael W. Young, who led the company from the time of its incorporation in 1984. Upon completion of the transition, Young will continue with Cenlar in the new role of vice chairman of the board to both Cenlar FSB and Cenlar Capital Corporation.

"This transition completes a succession strategy that we embarked upon several years ago," Young said in announcing the board decision. "Our clients and their borrowers will continue to be exceptionally well served by having Greg at the helm. He possesses the talent, experience, vision, and drive to take us forward, having already shepherded this company and its clients through the most turbulent years the modern mortgage business has ever experienced."

"I am honored by the trust the board of directors of Cenlar has placed in me," Tornquist said.  "Cenlar is committed to helping clients meet the needs of an ever-changing business. Leading our stellar team forward in support of our clients is my number one priority."

Since joining Cenlar in 1987, Tornquist has played a lead role in the company's servicing and subservicing business having served as CFO and EVP prior to his current position of President, CEO and Chairman of the Board. He was elected to Cenlar Capital's board of directors in 1999 and Cenlar FSB's board in 2005. A graduate of Rutgers University with a degree in economics, he earned a master's degree in business administration from Rider University.

Young started his career in 1962 as Vice President and Investment Officer at Jersey Shore Savings and Loan Association in Toms River, New Jersey. In 1969, he began working for Larson Mortgage Company, where he worked in residential marketing, then managed the company's commercial property division from 1972 to 1976. He was appointed President of Larson Mortgage Company in 1978. In 1984 he successfully negotiated Larson's acquisition of Centennial Savings and Loan Association, and led the reorganization of the two companies as Cenlar Capital Corporation and Cenlar FSB. Young earned a bachelor of science from Monmouth University in New Jersey. He was the 2012 chairman of the Mortgage Bankers Association.

About Cenlar FSB
Cenlar FSB, headquartered in Ewing, New Jersey is ranked the number one residential mortgage subservicer nationwide. Cenlar has serviced a wide variety of loan products nationwide to the mortgage industry since 1958. More information on Cenlar can be found on the company's website at www.cenlar.com.

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SOURCE Cenlar FSB

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