News from the Wire

First Annapolis announces formation of a commercial risk and compliance practice

Monday, August 06, 2007 — 19:29:11 (EDT)

Linthicum, Maryland, Aug. 6, 2007: First Annapolis is pleased to announce the launch of a Commercial Risk and Compliance practice. The new practice will provide advice, analysis, and support to transaction processors, commercial card issuers, and the payments businesses of financial institutions.

Raymond Carter, a Senior Manager who joined First Annapolis in 2000, will manage the new specialized practice. He brings proven experience in the areas of credit and risk management policies, merchant acquiring risk including Visa Acquirer Risk Program ("ARP") reviews, loan reviews, allowance for loss modeling, M&A advisory due diligence, and strategy development.

“We feel there is a rising level of risk in many payments markets and a greater need for focus and specialized support" noted Mr. Carter regarding the formation of the practice. “Ray’s sixteen years of experience across financial services and payments, including stints as a regulator and in public accounting, will further strengthen the suite of services we offer to our B2B clients. The formation of a Commercial Risk practice is consistent with our commitment to bring innovative, value-conscious, and specialized support to our customers” commented First Annapolis Managing Partner Marc Abbey.

First Annapolis has a strong history of providing clients with commercial risk and compliance support including performing over half of all Visa ARPs since the program's inception in 2004 (merchant acquiring). Additionally, First Annapolis conducts loan reviews, evaluates underwriting policies and workflows on behalf of commercial card lenders, provides due diligence support, and develops strategies to address business opportunities and challenges.

Prior to joining First Annapolis, Ray Carter worked at Ernst & Young LLP’s Financial Services Industry group where he was responsible for internal and external audits of commercial loan portfolios and developed solutions related to underwriting and credit operations processes, allowances for loan loss reserve models and strategies, commercial loan collections and recoveries, and portfolio risk management. Prior to joining Ernst & Young, Ray held various audit and bank regulator positions with S&T Bank and The Pennsylvania Department of Banking. Mr. Carter received his M.S. in Industrial Administration from Carnegie Mellon University’s Graduate School of Industrial Administration (now the Tepper School of Business) with concentrations in finance, accounting, and information systems management. He also earned a B.S. in management and accounting from the University of Pittsburgh, graduating Magna Cum Laude.

First Annapolis is a management consulting and M&A advisory firm with a focus on the financial services industry and a specialty in payment-related products, services, and delivery. Our clients include financial institutions, payment networks, service providers, retailers, affinity groups, manufacturers, trade associations, and government agencies. We offer a full range of services including strategy development, program diagnostics, portfolio/risk management, and performance benchmarking. First Annapolis also offers a suite of specialized M&A advisory services that complement our consulting practice. Ray Carter can be reached at 410-865-8859 or raymond.carter@firstannapolis.com .

Source: Company press release

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Source: Company press release.