SOURCE: Texas Mezzanine Fund

July 12, 2005 10:51 ET

Victor J. Elmore Named to Lead Texas Mezzanine Fund, Inc.

DALLAS, TX -- (MARKET WIRE) -- July 12, 2005 -- The Texas Mezzanine Fund (TMF) Board of Directors has elected Victor J. Elmore to serve as the Fund's President and Chief Executive Officer, and as a member of the board.

Before his appointment, Elmore had been Chief Financial Officer of the Southern Dallas Development Corporation, a post he held since 1996. He also served as CFO and Treasurer of the Texas Mezzanine Fund since 1999. Previously, Elmore, a Certified Public Accountant (CPA), had operated his own business consulting firm and had been with an international accounting firm.

"Mr. Elmore has the credentials and the experience to take the Texas Mezzanine Fund to the next level of excellence, building on its strong foundation and legacy of prudent investments," said Kenneth R. Dubuque, TMF Board Chairman.

The TMF Board also appointed Jim Reid as Senior Vice President for Business and Fund Development. Reid had served as the Fund's President since 1999.

The Texas Mezzanine Fund, headquartered in Dallas, is a Community Development Financial Institution (CDFI) providing services on a statewide basis. It finances growth-oriented businesses, which are located in low- or moderate-income communities and that provide jobs for low- to moderate-income persons. The Fund also finances single- and multi-family affordable housing developers and community facilities.

Since its inception, the Fund has provided more than $20,000,000 in loans and commitments to 85 businesses in 47 communities throughout the state, creating more than 1,000 new jobs. These loans and commitments have leveraged over $80,000,000 from banks and investors. Founded in 1999, the Texas Mezzanine Fund is capitalized by investments from banking and financial institutions throughout the state.

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