July 20, 2007

CONTACT:
Karen Shakoske
VP - Director of Marketing Communications
215-665-4458
kshakoske@jmsonline.com

JANNEY MONTGOMERY SCOTT LLC
CONTINUES TO GROW

Announces Additions to Research Department

Philadelphia, PA - July 20, 2007 ----- Janney Montgomery Scott LLC (“Janney”), one of the nation’s oldest and largest full-service regional investment and investment banking firms, announces the hiring of Mr. Kevin B. Reynolds as Director/Research and Mr. Douglas B. Rainwater as a Research Analyst, both covering financial institutions. They join Janney from the Stanford Group of Memphis, Tennessee.

As Senior Vice President - Senior Equity Research Analyst with Stanford, Mr. Reynolds was responsible for developing the financial institutions vertical, evaluating the equity investment opportunities of hundreds of financial institutions headquartered in the South. He also developed several of Stanford’s key research publications, including the Group’s quarterly industry outlook and earnings preview, monthly statements, and an internal piece for sales and trading designed to highlight weekly focus ideas. Earning his bachelors and masters degrees in business administration from the University of Memphis' College of Business and Economics, Mr. Reynolds also holds his Chartered Financial Analyst designation. With 12 years of industry experience, his role at Janney will be to expand coverage in the financial institution sector.

Mr. Rainwater also brings nearly 12 years of professional experience to Janney, working most recently as lead Research Analyst in Institutional Equity Research - Financial Institutions, with the Stanford Group. Supporting the publication of equity research on nearly 33 publicly-traded financial institutions in the Southeast - as well as other publications and marketing materials - Mr. Rainwater marketed research to both the institutional and retail sectors of Stanford. He received his bachelor of science in business administration from the University of Central Florida and his masters of business administration from the University Tennessee. Mr. Rainwater also holds the CFA® and CPA designations. His primary role at Janney will also be to expand coverage of the financial institution sector.

Roy Blumberg, Senior Vice President and Director of Research, commented, “Kevin and Doug both bring a tremendous amount of insight and experience to Janney. Their breadth of knowledge over the range of investment issues facing financial institutions will augment the Firm’s presence within that sector.”

Both Mr. Reynolds and Mr. Rainwater will work out of Memphis, TN.

Celebrating its 175th anniversary this year, Janney traces its roots to 1832, when Thomas Watson purchased what today is the second oldest continuously operated membership on the New York Stock Exchange. Since then, through a number of mergers and acquisitions, Janney has grown into one of the few remaining strong and growing regional firms, and one of the oldest in the nation.

About Janney Montgomery Scott LLC
Founded in 1832, Janney is an integral part of the nation’s financial history, holding the second oldest continuously operated membership in the New York Stock Exchange. The Firm ranks as a major, full service securities broker/dealer, providing individual, corporate and institutional investors with comprehensive financial services and investment banking expertise. With headquarters in Philadelphia, PA, Janney operates through a network of nearly 100 branches with 900 Financial Consultants. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company. Penn Mutual ranks as one of the 15 largest mutual insurance companies in the nation, with more than $14 billion in assets. Janney Montgomery Scott LLC is a member of the New York Stock Exchange, National Association of Securities Dealer and the Securities Investor Protection Corporation.

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