Toronto-based Street Capital Group Inc. on Tuesday announced that Lazaro DaRocha, president of the company and its wholly owned subsidiary, Street Capital Bank of Canada, intends to retire effective Sept. 30.
Street Capital board member Ron Lalonde has been appointed as chairman of a search committee to find a suitable replacement.
“My partners and I started Street Capital Financial 10 years ago with a vision to provide access to mortgage credit through strong broker relationships and outstanding service,” says DaRocha, in a statement.
“I am proud of what we have achieved over that period, growing our insured mortgage book to over $27 billion and ultimately receiving a Schedule I bank licence, late last year. The achievement of a Schedule I bank licence was the culmination of four years of intense effort, one of the great pleasures of my career and a pivotal turning point in the direction of this company,” he says.
DaRocha plans to spend more time with his family.
“Lazaro played an instrumental role in growing Street Capital Financial and in preparing the company to operate as a Schedule I bank. His guidance and hard work has helped to establish a strong team, robust infrastructure and strategy that will position Street Capital Bank to continue to generate sustainable growth in the future,” adds Ed Gettings, CEO of Street Capital Group.
Photo copyright: vichie81/123RF