INVESTMENT BANKING GROUP (IBG), Union Planters National Bank - Memphis, Tennessee

Vice President - Investment Banking: Mr. Brown led the team that orchestrated the reinvestment strategy for the largest branch acquisition in the savings and loan industry prior to 1985. Independent American Savings (ISA) of Dallas, Texas bought over $650 million in deposits from United Savings of Houston, Texas.

Mr. Brown's team researched the tax and regulatory ramifications of using options on Treasury bond futures to enhance a $500 million Treasury bond portfolio. The outcome was an innovative "covered call" program that he implemented for ISA. This program returned his client over 18% at a time when the 30-year Treasury was yielding about 13%.

From December 1984 through March 1986 he traded over $5 billion in registered securities for ISA, which netted them a $55 million profit.

Mr. Brown also led the team that planned the acquisition strategy for Indiana National Bank (INB) when Indiana banking was deregulated in 1984. Through his teams' research on regulatory and tax consequences for the assignment of value to acquired loan portfolios, it was determined that acquired loan portfolios could be evaluated by FNMA and GNMA guidelines. Then, after acquired, dissected into categories that could be sold into the secondary market to generate enough profit to almost entirely pay for the acquisition. This was the first time a "source of funds" could be identified other than the traditional, 1. Infusion of Capital, or 2. A Secondary Stock Offering.

During Indiana National's 1985 acquisitions, Mr. Brown personally traded over $3 billion in loan offerings on their behalf. He sold all types of mortgage and consumer loans in the secondary market. His responsibilities included the creation, and explanation of all Representations and Warrants for both the buyers and the sellers.

OTHER ACCOMPLISHMENTS WHILE AT UNION PLANTERS' IBG

• Bought and sold over $75 Billion in registered securities and bond futures on behalf of his clients.
• Became efficient with, and sold the IBG's proprietary computerized portfolio analysis and asset/liability management systems.
• Worked on Wall Street and The Chicago Board of Trade.
• Keynote speaker to numerous FSLIC and FDIC functions concerning investment strategies for financial institutions.
• Mr. Brown's generated over $40 million in gross revenues for Union Planters from 1984 thru 1986.