FBR Opens New Cleveland Office; Continued Expansion Targets Financial Institutions And Middle Market Companies

Investment Banking Industry Consolidation Accelerates;

New Offices and Expanded Depth the Result for FBR



Apr 03, 2001, 01:00 ET from Friedman, Billings, Ramsey Group, Inc.

    ARLINGTON, Va., April 3 /PRNewswire/ -- Friedman, Billings, Ramsey Group,
 Inc. (NYSE:   FBR) announced today that as part of its expansion in the U.S. and
 overseas it has opened a new office in Cleveland.  FBR now has 14 offices in
 the U.S. and in Europe.
     Initially staffed with three investment banking professionals and focused
 on financial institutions and other middle market companies based in the
 Midwest, the Cleveland office will leverage FBR's core strengths and provide a
 full scope of investment banking services, including financial advisory,
 mergers and acquisitions, and equity and debt capital markets raising.
     Led by Charles Crowley, the Cleveland office will serve new and existing
 clients throughout the region.  Mr. Crowley, who was a Managing Director at
 McDonald Investments Inc., focused on mergers and acquisitions, as well as on
 corporate financings for financial services companies in the Midwest.  Under
 his leadership, McDonald was one of the top three advisers in the country in
 bank M&A deals (ranked by the number of transactions) in 1999 and 2000,
 according to Sheshunoff Information Services, a division of Thompson
 Financial.
     "Charlie is a seasoned banker with a proven track record of providing
 sound and valuable advice to Midwestern clients," Eric F. Billings, FBR's Co-
 Executive Officer and Vice Chairman said.  "Under his leadership, FBR's new
 Cleveland office will enable us to expand our investment banking and research
 capabilities even further, with an even greater focus on companies in the
 Midwest."
     Joining Mr. Crowley will be Michael C. Voinovich, and Jason K. Wolfe.  The
 three, who all worked in the Financial Services Group at McDonald, will
 augment FBR's existing team of 39 financial institution investment bankers and
 research analysts.  Plans call for the office to add additional investment
 bankers, analysts, and institutional brokerage professionals by the end of the
 year.
     "This expansion, the third new office we've opened this year, is part of
 our continuing diversification and expansion of our revenue streams across our
 capital markets, investment banking, and asset management platforms," Mr.
 Billings said.  "The turbulence we've all seen in the markets over the last
 several months translates into an opportunity for us to take advantage of the
 changing capital flows and the occasion to hire extremely talented
 professionals," he added.
     Billings noted that so far in 2001, FBR has lead managed three secondary
 offerings for financial services and real estate companies -- and is ranked
 fourth (year to date) in lead equity underwritings in the financial services
 sector by CommScan EquiDesk.  In all, FBR has raised a total of $185 million
 through these three transactions.
     And, according to CommScan EquiDesk, FBR is ranked the #1 best performer
 in terms of the after-market performance of its underwritings in 2001 in the
 financial sector, and the #2 best performer in terms of the after-market
 performance of its underwritings in 2001 across all sectors.
     "As capital continues to rotate into the financial institution sector -- a
 sector that has been virtually dormant for the last several years -- the
 opportunity to provide the full range of investment banking services to
 companies in those sectors increases dramatically," Rock Tonkel, FBR's Senior
 Managing Director for Financial Institutions Investment Banking said.  FBR has
 focused expertise in four sectors -- financial institutions, real estate,
 technology, and energy and is broadening its scope to cover middle market
 companies in other industries.
     During the first quarter of 2001, FBR has expanded its businesses, opening
 new offices in Dallas and New York City; hiring a total of 48 new employees,
 including investment bankers, analysts, institutional brokers, sales traders,
 traders, and asset management professionals; and completing the acquisition of
 Bethesda, Md.-based Rushmore Trust and Savings, FSB (now FBR National Bank &
 Trust), and its parent company, Money Management Associates LP (MMA).
     Mr. Crowley, who will be a Managing Director at FBR, was head of the
 Financial Services Group at McDonald, a company he joined in January 1990.
 Prior to Joining McDonald, Mr. Crowley was a Vice President at Trident
 Financial Corporation in Raleigh, NC and Washington, DC. Mr. Crowley graduated
 with a B.S. degree in accounting and an M.B.A. in finance from the Wharton
 School of the University of Pennsylvania.
     Mr. Voinovich joined McDonald in December 1998 and served as an Associate
 in the Financial Services Group there.  Previously, he was a Management
 Associate in the corporate finance group at KeyCorp.  Mr. Voinovich graduated
 with a B.S. degree in business administration from John Carroll University.
     Mr. Wolfe joined the Financial Services Group at McDonald as an Analyst in
 April 2000.  Previously, he was an analyst with BP Oil and Exploration.  He
 graduated with a B.S. degree in Chemical Engineering from Case Western Reserve
 University.
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) is a holding company
 for investment banking, institutional brokerage, and specialized asset
 management products and services.  FBR provides capital and financial
 expertise throughout a company's lifecycle and affords investors access to a
 range of proprietary financial products and services.  Headquartered in
 Northern Virginia, home to an array of leading global companies, FBR has
 offices in Arlington and Reston, Va., Bethesda, Md., Boston, Charlotte,
 Chicago, Cleveland, Dallas, Irvine, Ca., New York, Portland, Seattle, London,
 and Vienna.  For more information, see http://www.fbr.com .
 
     Statements concerning future performance, developments, negotiations or
 events, expectations or plans and objectives for future operations or for
 growth and market forecasts, and any other guidance on present and future
 periods, constitute forward-looking statements that are subject to a number of
 factors risks and uncertainties that might cause actual results to differ
 materially from stated expectations or current circumstances.  These factors
 include but are not limited to competition among venture capital firms and the
 high degree of risk associated with venture capital investments, the effect of
 demand for public offerings, activity in the secondary securities markets,
 available technologies, competition for business and personnel, and general
 economic, political and market conditions.
 
 

SOURCE Friedman, Billings, Ramsey Group, Inc.
    ARLINGTON, Va., April 3 /PRNewswire/ -- Friedman, Billings, Ramsey Group,
 Inc. (NYSE:   FBR) announced today that as part of its expansion in the U.S. and
 overseas it has opened a new office in Cleveland.  FBR now has 14 offices in
 the U.S. and in Europe.
     Initially staffed with three investment banking professionals and focused
 on financial institutions and other middle market companies based in the
 Midwest, the Cleveland office will leverage FBR's core strengths and provide a
 full scope of investment banking services, including financial advisory,
 mergers and acquisitions, and equity and debt capital markets raising.
     Led by Charles Crowley, the Cleveland office will serve new and existing
 clients throughout the region.  Mr. Crowley, who was a Managing Director at
 McDonald Investments Inc., focused on mergers and acquisitions, as well as on
 corporate financings for financial services companies in the Midwest.  Under
 his leadership, McDonald was one of the top three advisers in the country in
 bank M&A deals (ranked by the number of transactions) in 1999 and 2000,
 according to Sheshunoff Information Services, a division of Thompson
 Financial.
     "Charlie is a seasoned banker with a proven track record of providing
 sound and valuable advice to Midwestern clients," Eric F. Billings, FBR's Co-
 Executive Officer and Vice Chairman said.  "Under his leadership, FBR's new
 Cleveland office will enable us to expand our investment banking and research
 capabilities even further, with an even greater focus on companies in the
 Midwest."
     Joining Mr. Crowley will be Michael C. Voinovich, and Jason K. Wolfe.  The
 three, who all worked in the Financial Services Group at McDonald, will
 augment FBR's existing team of 39 financial institution investment bankers and
 research analysts.  Plans call for the office to add additional investment
 bankers, analysts, and institutional brokerage professionals by the end of the
 year.
     "This expansion, the third new office we've opened this year, is part of
 our continuing diversification and expansion of our revenue streams across our
 capital markets, investment banking, and asset management platforms," Mr.
 Billings said.  "The turbulence we've all seen in the markets over the last
 several months translates into an opportunity for us to take advantage of the
 changing capital flows and the occasion to hire extremely talented
 professionals," he added.
     Billings noted that so far in 2001, FBR has lead managed three secondary
 offerings for financial services and real estate companies -- and is ranked
 fourth (year to date) in lead equity underwritings in the financial services
 sector by CommScan EquiDesk.  In all, FBR has raised a total of $185 million
 through these three transactions.
     And, according to CommScan EquiDesk, FBR is ranked the #1 best performer
 in terms of the after-market performance of its underwritings in 2001 in the
 financial sector, and the #2 best performer in terms of the after-market
 performance of its underwritings in 2001 across all sectors.
     "As capital continues to rotate into the financial institution sector -- a
 sector that has been virtually dormant for the last several years -- the
 opportunity to provide the full range of investment banking services to
 companies in those sectors increases dramatically," Rock Tonkel, FBR's Senior
 Managing Director for Financial Institutions Investment Banking said.  FBR has
 focused expertise in four sectors -- financial institutions, real estate,
 technology, and energy and is broadening its scope to cover middle market
 companies in other industries.
     During the first quarter of 2001, FBR has expanded its businesses, opening
 new offices in Dallas and New York City; hiring a total of 48 new employees,
 including investment bankers, analysts, institutional brokers, sales traders,
 traders, and asset management professionals; and completing the acquisition of
 Bethesda, Md.-based Rushmore Trust and Savings, FSB (now FBR National Bank &
 Trust), and its parent company, Money Management Associates LP (MMA).
     Mr. Crowley, who will be a Managing Director at FBR, was head of the
 Financial Services Group at McDonald, a company he joined in January 1990.
 Prior to Joining McDonald, Mr. Crowley was a Vice President at Trident
 Financial Corporation in Raleigh, NC and Washington, DC. Mr. Crowley graduated
 with a B.S. degree in accounting and an M.B.A. in finance from the Wharton
 School of the University of Pennsylvania.
     Mr. Voinovich joined McDonald in December 1998 and served as an Associate
 in the Financial Services Group there.  Previously, he was a Management
 Associate in the corporate finance group at KeyCorp.  Mr. Voinovich graduated
 with a B.S. degree in business administration from John Carroll University.
     Mr. Wolfe joined the Financial Services Group at McDonald as an Analyst in
 April 2000.  Previously, he was an analyst with BP Oil and Exploration.  He
 graduated with a B.S. degree in Chemical Engineering from Case Western Reserve
 University.
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) is a holding company
 for investment banking, institutional brokerage, and specialized asset
 management products and services.  FBR provides capital and financial
 expertise throughout a company's lifecycle and affords investors access to a
 range of proprietary financial products and services.  Headquartered in
 Northern Virginia, home to an array of leading global companies, FBR has
 offices in Arlington and Reston, Va., Bethesda, Md., Boston, Charlotte,
 Chicago, Cleveland, Dallas, Irvine, Ca., New York, Portland, Seattle, London,
 and Vienna.  For more information, see http://www.fbr.com .
 
     Statements concerning future performance, developments, negotiations or
 events, expectations or plans and objectives for future operations or for
 growth and market forecasts, and any other guidance on present and future
 periods, constitute forward-looking statements that are subject to a number of
 factors risks and uncertainties that might cause actual results to differ
 materially from stated expectations or current circumstances.  These factors
 include but are not limited to competition among venture capital firms and the
 high degree of risk associated with venture capital investments, the effect of
 demand for public offerings, activity in the secondary securities markets,
 available technologies, competition for business and personnel, and general
 economic, political and market conditions.
 
 SOURCE  Friedman, Billings, Ramsey Group, Inc.