FirstCity Financial Corporation operates as a multi-national specialty financial services company. The company operates in two segments, Portfolio Asset Acquisition and Resolution, and Special Situations Platform. The Portfolio Asset Acquisition and Resolution segment acquires and resolves portfolios of under-performing and non-performing loans, performing loans, and other assets, which are generally acquired at a discount to their legal principal balance or appraised value; services, manages, resolves, or disposes various portfolio assets acquired by the company, its acquisition partnerships, or other related entities. The Special Situations Platform business segment provides investment cap...
6400 Imperial Drive
Waco, TX 76712
Founded in 1950
FirstCity Financial Corp. Announces Executive Changes
Jun 1 13
Certain funds managed by Värde Partners Inc. have completed the acquisition of FirstCity Financial Corp. Under the terms of the transaction, Mark Horrell, who previously served as senior vice president and head of U.S. acquisitions of FirstCity, was appointed CEO of FirstCity, succeeding James Sartain. Sartain will retire and join Värde as a consultant. Terry DeWitt, senior vice president and head of global acquisitions of FirstCity, and James Holmes, senior vice president and managing director of FirstCity, will become chief credit officer and COO, respectively. FirstCity will retain its headquarters in Waco, Texas, and will maintain its office in Dallas.
FirstCity Financial Corp. Announces Executive and Board Changes; Amends Certificate of Incorporation
May 23 13
As previously disclosed on December 21, 2012, FirstCity Financial Corporation entered into an agreement and plan of merger, dated as of December 20, 2012 with Hotspurs Holdings LLC and Hotspurs Acquisition Corporation. As of the effective time of the Merger on May 17, 2013, all of the directors of FirstCity resigned from FirstCity's board of directors and its committees thereof. On May 17, 2013, Terrence R. DeWitt, James E. Dunbar, James C. Holmes, Mark B. Horrell, Marcia L. Page and Jeffrey A. Thuringer were elected as new directors of FirstCity immediately following the effective time of the merger. Immediately following the effective time of the merger on May 17, 2013, each of FirstCity's officers other than Mark B. Horrell, James C. Holmes, Terrence R. DeWitt, and Lotte D. Bostick was removed pursuant to action by FirstCity's board of directors. As a result, immediately following the effective time, each of William P. Hendry, C. Ivan Wilson, James T. Sartain, James W. Moore, Joe S. Greak, J. Bryan Baker, and Suzy Taylor ceased to be an officer of FirstCity. On May 17, 2013, immediately following the effective time of the merger, the FirstCity board of directors elected the following persons to the following offices of FirstCity: Mark B. Horrell, President and Chief Executive Officer; Terrence R. DeWitt, Executive Vice President and Chief Credit Officer; James C. Holmes, Executive Vice President and Chief Operating Officer; Lotte D. Bostick, Senior Vice President and Secretary; Kathy McNair, Senior Vice President, Assistant Treasurer and Assistant Secretary; Brent D. McKenzie, Senior Vice President; Steven Hornbaker, Senior Vice President. As previously disclosed on December 26, 2012, Terrence R. DeWitt, James C. Holmes and Mark B. Horrell entered into management agreements with parent setting forth the terms and conditions of each executive's employment after the closing of the merger.
Pursuant to the merger agreement, at the effective time of the merger, the company's certificate of incorporation, as in effect immediately prior to the effective time of the merger, was amended and restated in its entirety. In addition, pursuant to the terms of the merger agreement, at the effective time of the merger on May 17, 2013, the bylaws of merger subsidiary as in effect immediately prior to the effective time of the merger became the bylaws of the company.