Fremont Gets OK for New Management

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Fremont General Corp. said Friday that it has received federal and state approval for its new executive management team at its banking subsidiary, Fremont Investment & Loan.


Stephen Gordon will serve as chairman and chief executive, while David DePillo will serve as vice chairman and president.


The Santa Monica-based lender said in November that it was reshuffling its management as it tries to stay afloat during the ongoing real estate slide and credit crunch. Fremont, like many other banks, was hit hard by the weakening subprime mortgage market this year and has scrambled to remain solvent. The company shuttered its subprime lending unit earlier this year.

Shares in Fremont went up 6.9 percent to $2.94 in early trading Friday on the New York Stock Exchange.

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