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LML Payment Systems adds David Cooke to the board

21 May 2009  |  2436 views  |  0 Source: LML Payment Systems

Patrick H. Gaines, Chairman of LML Payment Systems ("the "Corporation") (Nasdaq:LMLP) is pleased to announce the appointment of David C. Cooke to the Board of Directors.

Mr. Cooke served as the Executive Director of the newly-created Resolution Trust Corporation ("RTC") from 1989 to 1992, where he was responsible for the RTC's organization, staffing and operation. While with the RTC Mr. Cooke oversaw the takeover of nearly 700 failing institutions and the development of innovative sales initiatives for managing and disposing of their assets.

Prior to the RTC, Mr. Cooke served as the sole Deputy to former FDIC Chairman, the late L. William Seidman. As Deputy, he served as chief of staff and directed or served on key management committees. He was actively involved in the development of the FDIC's resolution strategy for dealing with troubled financial institutions. Before joining Mr. Seidman, Mr. Cooke had over 15 years experience with the FDIC, advancing from commissioned bank examiner to management positions in bank supervision and corporate strategy where he helped develop strategies related to failing institutions and deposit insurance.

After leaving the RTC in 1992, Mr. Cooke spent eleven years as a senior-level consultant in the private sector, where he managed groups advising banks on emerging capital market developments and foreign governments and multi-lateral financial institutions on financial sector issues. In 2003, he was recruited by the FDIC to serve as its first Chief Learning Officer in charge of its new Corporate University. Mr. Cooke retired from the FDIC in 2006 and works part time as a consultant and teaches graduate level finance.

Mr. Cooke holds a B.S. degree in business from the University of Maryland, an M.B.A. in finance from George Washington University, and has completed the Stonier Graduate School of Banking at Rutgers University. He is a Certified Public Accountant and a Chartered Financial Analyst, and has taught undergraduate and graduate-level courses in finance at major universities.

"We are very pleased to welcome David Cooke to the Board of Directors of LML. David's extensive experience in the financial industry in both the public and private sectors will be a valuable asset to the Corporation and we are looking forward to working closely with him. We continue, however, to feel a deep sense of loss at the death of Bill Seidman, who had served on LML's board for 10 years and at the time of his passing also served as chairman of our Nominating and Corporate Governance Committee. I know I speak for everyone at LML when I say we were very fortunate to have had the benefit of Bill's experience and wisdom in our boardroom. His insightful guidance and counsel will be sorely missed," Mr. Gaines said.

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