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October 13, 1997
AAMES FINANCIAL CORPORATION ANNOUNCES BOARD CHANGES; CHAIRMAN
GARY JUDIS TO LEAVE THE BOARD WHEN HIS TERM EXPIRES
Contact:
David Sklar
Executive Vice President, Finance
Aames Financial Corporation
213/210-5276
Steve Hawkins
Sitrick And Company
(310) 788-2850, ext. 736
LOS ANGELES - October 13, 1997 - Aames Financial Corporation (NYSE: AAM) today announced that
Chairman Gary K. Judis and Director Joseph R. Cerrell will not
seek re-election to the company's board of directors and will
leave the board, effective November 19, when their directorship terms
expire.
Georges C. St. Laurent, Jr., 61, former chairman and chief executive
officer of Western Bank, Oregon, a subsidiary of Washington Mutual,
Inc.; and George W. Coombe, Jr., 72, a senior fellow at Stanford
Law School and former general counsel for the Bank of America;
have been nominated and their appointments are subject to election
by shareholders at the company=s annual meeting to be held November
19, 1997. A new chairman will be elected after the new board is
finalized.
"After more than 30 years in the financial services business,
I am looking forward to spending more time with my family and
friends," said Mr. Judis. Chairman, former chief executive and
president of Aames since 1982, Mr. Judis, 59, has been a key executive
with Aames since it became a public company. Under his leadership,
Aames pioneered the concept of sub-prime home-equity lending,
as well as packaging those loans into pools for sale to institutional
investors. He oversaw the growth of Aames, as it filled a neglected
consumer need by providing loans to credit-impaired homeowners.
"Gary Judis has been a pioneer in our industry for more than three
decades," said Neil B. Kornswiet, president. "To a large extent
Aames' leadership position today is directly related to Gary's
valuable contribution. We will miss his leadership talents, but
we wish him well."
"We are also grateful for the many years of service that Joseph
Cerrell has given the company," continued Mr. Kornswiet. Mr. Cerrell,
62, chairman of Cerrell Associates, Inc., a public affairs consulting
firm, has been an original member of the Aames Board of Directors
since January 1992.
Mr. St. Laurent was chairman and chief executive officer of Western
Bank, Oregon from 1988 to 1997. He is currently a principal in
various real estate, agricultural and forestry related ventures
and also serves as a director of Baxter International, Inc. and
The Perkin Elmer Corp.
Mr. Coombe is a senior fellow at the Stanford Law School teaching
international commercial arbitration. From 1990 to 1995 he was
a partner in the law firm of Graham & James and from 1975 to 1990
he was executive vice president and general counsel of Bank of
America. From 1968 to 1975, Mr. Coombe served as assistant general
counsel and corporate secretary of General Motors Corporation.
"We are honored and privileged to add two new directors to the
Aames board with such extensive financial services backgrounds,"
said Cary H. Thompson, chief executive officer. "Their years of
experience will enable the company to continue to build upon its
leadership position."
Today's announcement coincides with the distribution of the company's
proxy statement prior to the annual meeting to be held November
19, 3 p.m., Hotel Inter-Continental, 251 S. Olive Street, Los
Angeles. The proxy solicits votes for directors, a stock ownership
plan and ratification of accountants.
Aames Financial Corporation is a leading home equity lender and
currently operates 59 Aames Home Loan offices in 23 states throughout
the United States. Its wholly owned subsidiary, One Stop Mortgage,
Inc. operates in 41 offices in 35 states.
SOURCE: Aames Financial Corporation
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