Senior Financial Executive Appointed by President as URI,s New VP for Business and Finance

KINGSTON, R.I. -- Monday, March 8, 1999 -- Dennis E. Stark, of Pawtucket, R.I., a senior financial executive and bank chief financial officer with more than 30 years of experience in the finance industry, has been appointed to the position of vice president for business and finance at the University of Rhode Island, it was announced today by URI President Robert L. Carothers. Stark,s appointment is effective March 22.

An MBA graduate of the Harvard Business School, Stark most recently was a partner with Financial Management Partners, a Maryland/Rhode Island-based firm that provides consulting services in the areas of financial analysis, acquisitions and mergers. He has been a lead player in more than 20 profitable mergers and acquisitions, including commercial banks, thrifts, consumer finance, and mortgage banking companies. He is also credited with leading four acquisitions that doubled the size of a large community bank.

"I am very pleased that we have been able to bring Dennis Stark to URI. His energy and enthusiasm are well known in Rhode Island, and his knowledge of financial management is just exceptional," said Carothers. "At a time when the University has both great financial opportunities and great challenges before us, Dennis will bring a fresh and creative approach to managing our resources and helping us to realize our aspirations,." added the president.

As URI,s vice president, Stark will direct and coordinate the creation and implementation of short-term and long-term goals for University finance and administration. He will manage overall fiscal control, including budget, audit, and financial policy development. Stark will also direct the planning and financing of all capital improvements, new construction, major renovations, facilities expansion, and property acquisitions.

The Budget Office, Human Resources, Facilities and Operations, the Administrative Computer Center and the Public Safety functions all report to the vice president. As part of the president,s executive team, Stark will represent the University before national, state and local governmental, educational and civic groups.

"I,m excited about this opportunity to join the University and further its educational mission in a cost-effective way," said Stark. "It has been one of my goals to add onto my career a financial position in the public sector. The challenge is the same in the private or public arena"to find creative ways to make the system work better," he added.

From 1992-95, Stark was executive vice president, chief financial officer, treasurer, and corporate secretary at Eastern Bank in Lynn, Mass., a bank with $2 billion in assets, 28 branches, and 870 employees. At Eastern Bank, he directed the Finance Division, including the Controller,s and Internal Audit departments, with 30 employees and a budget of $9 million. He played a major role in increasing the bank,s net income from $200,000 to $22 million. He was responsible for the acquisition of three commercial banks, doubling Eastern,s assets to $2 billion and increasing its Trust Department assets to $850 million.

Stark also held the position of senior vice president and chief financial officer at Cenfed Bank, Pasadena, Calif., with 18 offices and 280 employees. He directed a staff of 50 and was instrumental in positioning the bank for growth from $1.1 billion in 1992 to $2 billion by 1996. While at Cenfed, he also led a $27.5 million initial public stock offering.

Stark began his career at Old Stone Bank, Providence in 1965. He was appointed executive vice president and chief financial officer in 1975, charged with directing the Finance and Administration Group of 300. He also played a key role in growth from a $300 million mutual savings bank to a $700 million bank holding company to a $3.7 billion diversified unitary thrift holding company.

He was executive vice president and chief financial officer at Dime Bank of New York from 1986-88, and a partner with Bank Management Partners of Cranston, R.I., from 1989 -1990.

Among other community volunteer positions, Stark serves as chairman of the Finance Commission of the Diocese of Rhode Island, is a member of the Board of Directors of the Preservation Society of Pawtucket, and chairman of the Strategic Planning Committee of the Heritage Trust of Rhode Island. He has also held past volunteer positions with the R.I. Philharmonic and Trinity Repertory Company.

Stark earned his bachelor of science degree in economics and accounting from Illinois Wesleyan University, and has held the Sanxay Fellowship in Economic Analysis and International Economics at Princeton University.

Stark replaces Vern Wyman, who served as interim vice president since June 30, 1998, when Ken Kermes, who joined the University in December 1994 as vice president for business and finance, left to return to the private sector. Kermes served as vice president for about 3 1/2 years, joining the University in December 1994.

For More Information: Linda A. Acciardo (401) 874-2116