First Investors Funds Shareholders Approve Agreement Required for Company's Acquisition by Foresters™

NEW YORK, Nov. 30, 2010 /PRNewswire/ -- First Investors Consolidated Corporation (FICC) today announced that at a special meeting held on November 19th, the shareholders of each of its First Investors Funds approved a new investment advisory agreement with First Investors Management Company (FIMCO), the investment adviser for the Funds. The agreement will become effective on the closing of the pending acquisition of FICC -- the parent company of FIMCO -- by The Independent Order of Foresters, which was announced in September. FICC currently maintains 27 retail mutual funds as well as 12 funds in its life insurance portfolio.

At the November 19th meeting, shareholders also approved the election of six Trustees to the Funds' boards, including five current independent Trustees and one new Trustee. The new Trustee, Mr. Christopher H. Pinkerton, is affiliated with Foresters and will assume his Trustee position following completion of the FICC acquisition by Foresters, which is scheduled for December 31, 2010.  The acquisition is subject to various conditions, including regulatory approvals in the United States and Canada. At that time, Mr. Pinkerton will also assume responsibility as FICC's President and CEO, in addition to his current role as President of Foresters' U.S. Division.

FICC, or "First Investors," is a privately-held 80 year-old financial services company with US$6.8 billion in assets under management, providing a broad range of investment and life insurance products and services through its nationwide network of more than 700 sales professionals and 400 employees operating out of 46 offices in 26 states.

Founded in 1874 as a fraternal benefit society, Foresters is a member-based insurance organization with assets of C$6.2 billion and surplus of C$1.4 billion and more than 765,000 members in Canada, the United States and United Kingdom.  Foresters has operated in the United States for more than 100 years. Upon completion of the transaction, FICC will continue to operate with its current management and staff as a standalone entity within Foresters' U.S. Division, and will market its products and services under the First Investors brand.  

About First Investors Consolidated Corporation

First Investors Consolidated Corporation (FICC), together with its subsidiaries, is a privately-held diversified financial services organization that provides investment management services to the broad middle market as the investment advisor to, and the distributor for, the First Investors family of mutual funds and life insurance products.  The First Investors family of companies includes: First Investors Corporation (FIC), a registered broker-dealer; First Investors Management Company, Inc. (FIMCO), a registered investment advisor responsible for portfolio management of the First Investors funds; Administrative Data Management Corporation (ADM), a transfer agent; and First Investors Life Insurance Company (FIL).

Since its founding in 1930, First Investors has followed the guiding principle of personal service to connect "Main Street to Wall Street," by addressing the financial needs of middle market investors. With corporate headquarters in New York City and administrative offices and a data center in Edison, New Jersey, the company had assets under management (AUM) of US $6.8 billion on behalf of approximately 500,000 accounts as of November 19, 2010. The company's web address is www.firstinvestors.com

About Foresters
Founded in 1874 as a fraternal benefit society, Foresters™ champions the well-being of families through quality life insurance, unique member benefits and inspiring community activities. Foresters has assets of $6.2 billion with liabilities of $4.8 billion resulting in a surplus of $1.4 billion (all figures in Canadian dollars as of December 31, 2009) and maintains an "A" (Excellent) rating by A.M. Best*. Foresters shares its financial strength with more than 765,000** members in Canada, the United States and the United Kingdom. Foresters Equity Services, Inc.***, a wholly owned subsidiary of Foresters, offers investment products in the U.S. Unity Life of Canada****, a wholly owned subsidiary of Foresters, represents Foresters in Canada.  For more information, please visit www.foresters.com.

Foresters™ is a trademark of The Independent Order of Foresters, a fraternal benefit society, Toronto, Canada M3C 1T9.

*An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. In assigning Foresters rating, A.M. Best stated that Foresters rating outlook is "stable", which means it is unlikely to change in the near future, assuming Foresters financial strength is maintained and operations grow. A.M. Best assigns ratings from A++ to F, A++ being superior ratings and A and A- being excellent ratings.

**Includes total number of UK Child Trust accounts

*** Investments offered through Foresters Equity Services, Inc. Member FINRA, SIPC, 6640 Lusk Blvd., Suite A-202, San Diego, CA 92121 T. 858 550 4844.

**** Unity Life of Canada, a Foresters company, is a wholly owned subsidiary of The Independent Order of Foresters.

SOURCE First Investors Consolidated Corporation