Cenlar FSB, a privately owned, federally chartered wholesale bank and mortgage subservicer, announced that the bank’s chief executive officer, Gregory Tornquist, is also now the bank’s chairman of the board. Tornquist was also named the chairman of the board of the bank’s holding company, Cenlar Capital Corporation

In addition to his role as CEO, Tornquist is also the bank’s president and he will continue in those roles in addition to his new role as chairman of the board.

As chairman, he succeeds the previous chairman of the board, Michael Young, who led the company from the time of its incorporation in 1984. Young will continue with Cenlar in the role of vice chairman of the board to both Cenlar FSB and Cenlar Capital Corporation.

“Having Greg expand into the role of chairman of the board completes a succession strategy that we embarked upon several years ago,” Young said in announcing the board decision.

“Our clients and their borrowers will continue to be exceptionally well served by having Greg at the helm,” Young continued. “He possesses the talent, experience, vision, and drive to take us forward, having already shepherded this company and its clients through the most turbulent years the modern mortgage business has ever experienced.”

Since joining Cenlar in 1987, Tornquist played a lead role in the company's servicing and subservicing business having served as chief financial officer and executive vice president prior to moving to his current positions. He was elected to Cenlar Capital's board of directors in 1999 and Cenlar FSB's board in 2005.

“I am honored by the trust the board of directors of Cenlar has placed in me,” Tornquist said. “Cenlar is committed to helping clients meet the needs of an ever-changing business. Leading our stellar team forward in support of our clients is my number one priority.”