Vrde Partners, Inc. ("Vrde" or the "Company") and FirstCity Financial Corporation (NASDAQ:FCFC,FirstCity) today announced that certain funds managed by Vrde completed the acquisition of FirstCity. As previously announced and pursuant to the terms of the transaction, Mark B. Horrell, who previously served as Senior Vice President and Head of U.S. Acquisitions of FirstCity, has been appointed Chief Executive Officer of FirstCity, succeeding James T. Sartain. Mr. Sartain will retire and join Vrde as a consultant. Additionally, Terry R. DeWitt, Senior Vice President and Head of Global Acquisitions of FirstCity, and James C. Holmes, Senior Vice President and Managing Director of FirstCity, will become Chief Credit Officer and Chief Operating Officer, respectively, and will assist Mr. Horrell in leading the operations of FirstCity. FirstCity will retain its headquarters in Waco and will maintain its office in Dallas, Texas.
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