Wednesday, September 17, 2008

Omni Financial Services Announces Management Change and Restructuring

BUSINESS WIRE --Omni Financial Services, Inc. (PINK: OFSI.PK) (“OFSI”), parent company of Omni National Bank, announced today that it implemented a reduction in force (“RIF”) to reduce expenses and to maximize organizational efficiency primarily at its headquarters located in Atlanta, Georgia and in its Tampa, Florida office. In Atlanta, 19 people representing approximately 20% of the workforce were terminated, along with 2 employees representing 20% of the Tampa, Florida workforce. Two employees at other office locations were also terminated in the RIF.

Stephen M. Klein, the Bank’s chairman and chief executive officer, advised that the reduction in force included Irwin M. Berman, OFSI’s president and the Bank’s chief risk manager. Mr. Klein commented, “Irwin has been a partner and friend and has made invaluable contributions to the enterprise over the past 8 years. His breadth of experience, both in our bank and in the industry generally, has served us well. Unfortunately, though, from a cost reduction standpoint, we’ve had to make some very difficult decisions as we traverse the troubled banking landscape.” Klein added, “We wish Irwin the best and hope that he will choose to remain a member of our Board of Directors. If he does so, I am certain that his counsel would remain an integral part of our Board’s decision making over the immediate future.”

“We targeted a 20% reduction in our staff in Atlanta and Tampa, including senior level management,” said Connie Perrine, the Bank’s president. “We are reassessing all of our business units, our internal risk management, controls and policies, and we are making changes to improve operations.”

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