BIRMINGHAM, Mich., April 5, 2011 /PRNewswire/ -- Shore Financial Services, Inc., one of the nation's leading mortgage lenders, has named Kip Kirkpatrick to the position of Chief Executive Officer. Kirkpatrick is currently President and CEO of Kirkpatrick & Company, a merchant banking firm based in Chicago.
"With the unprecedented changes in the mortgage business over the past several years, Shore has emerged as one of the largest, best-capitalized companies in the industry," said Jeffrey Ishbia, Chairman of Shore Financial. "Kip Kirkpatrick's unique combination of skills and experience will help Shore continue our rapid growth and take full advantage of our distinctive competitive position. Kip's proven leadership in financial services and expertise as a successful investor in highly regulated industries will be major assets as we continue building our resources and expanding our national profile."
"Shore Financial is a leader in the mortgage industry and has an outstanding track record of helping everyday Americans attain their dream of home ownership," Kirkpatrick said. "I look forward to working with Shore's proven management team to deliver the resources and direction needed to take the company's national profile even higher."
In addition to his position at Kirkpatrick & Company, Kirkpatrick has an extensive background at major financial institutions, including JPMorgan Chase and First Chicago. He was co-founding partner of Water Street Healthcare Partners, a leading private equity firm with more than $1 billion of capital under management. He also was one of the partners involved in the formation of One Equity Partners, the $5.5 billion private equity arm of JPMorgan Chase, where he completed more than $3 billion of transactions.
"Kip is knowledgeable in the ways of both Wall Street and Washington, D.C., and has helped a range of highly regulated businesses deal effectively with the regulatory landscape," said Robert Rahal, president of Shore Mortgage, the retail mortgage division of Shore Financial.
"The mortgage industry as a whole will benefit from Kip's fresh infusion of perspective and insight," said Mat Ishbia, president of United Wholesale Mortgage, the wholesale mortgage division of Shore Financial.
Jeffrey Ishbia also announced that Kathy Welty will continue as a key member of Shore Financial's senior management team as Chief Operating Officer. "Kathy's deep experience, sterling reputation and extensive relationships inside and outside the industry will help the company manage its growing range of opportunities," Ishbia said.
About Shore Financial Services, Inc.
Headquartered in Birmingham, Michigan, Shore Financial Services, Inc. provides mortgage services to consumers through Shore Mortgage and to brokers through United Wholesale Mortgage. Privately held, Shore Financial has operations in 47 states and the District of Columbia. More information about Shore Financial's operating groups is available at www.shoremortgage.com and www.uwmco.com.
SOURCE Shore Financial Services, Inc.