– USA, CA – UCP, Inc. (NYSE:UCP) together with the Company’s largest shareholder, PICO Holdings, Inc. (NASDAQ: PICO), today announce an agreement to nominate Keith M. Locker to the board of directors. In connection with the addition of Mr. Locker the number of directors on the UCP Board will increase from six to seven members, effective as of immediately prior to the 2017 Annual Meeting of Stockholders of UCP.
Mr. Locker has more than 30 years and $60 billion of major national market experience in real estate finance, private placements, debt and equity capital markets, governance, transaction structuring and risk management. Since May 2003, Mr. Locker has served as CEO and President of Inlet Capital Management, LLC, or Inlet, an investment and asset management firm focused on the commercial real estate industry. Mr. Locker has over 15 years of experience serving on public company boards, including Sunstone Hotel Investors (NYSE: SHO), New York REIT (NYSE: NYRT), The Mills Corporation and Glenborough Realty Trust. Mr. Locker was previously a Managing Director in the Real Estate Investment Banking Divisions at Deutsche Bank Securities, Inc. and Bear, Stearns & Co. Inc. Mr. Locker earned a B.S./B.A. degree from Boston University School of Management in 1983 and an M.B.A. degree from the Wharton School of the University of Pennsylvania in 1988.
Additionally UCP and PICO have agreed to jointly propose amendments to UCP’s charter and bylaws.
About UCP, Inc.
UCP is a homebuilder and land developer with expertise in residential land acquisition, development and entitlement, as well as home design, construction and sales. UCP operates in the States of California, Washington, North Carolina, South Carolina and Tennessee. UCP designs and builds single-family homes for a variety of lifestyles and budgets through its wholly-owned subsidiary, Benchmark Communities, LLC.
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