FBR Elects Financial Services Executive as New Board Member
Ralph S. Michael to Become Ninth Member of the Board
PRNewswire - First Call
Arlington, Virginia

ARLINGTON, Va., June 8 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) today announced that financial services executive Ralph (Mike) S. Michael III has been elected as a new member of the company's Board of Directors, effective immediately.

On the FBR Board, Mike Michael joins FBR Chairman and Chief Executive Officer Eric F. Billings, Daniel J. Altobello, Peter A. Gallagher, Stephen D. Harlan, Russell C. Lindner, W. Russell Ramsey, Wallace L. Timmeny, and John T. Wall.

Mr. Michael, age 51, is the President and Chief Operating Officer of The Ohio Casualty Insurance Company. Mr. Michael is also a director of Key Energy Services, Inc., Integrated Alarm Services Group, Inc. and Cincinnati Bengals, Inc. In addition, he is a trustee of Xavier University in Ohio.

"We are extraordinarily pleased that Mike has agreed to join FBR's Board of Directors," said Eric Billings. "With more than twenty-five years of banking and capital markets experience, he brings significant knowledge of the industry and strategic insight to FBR. As we continue to expand our business, Mike's practical, thoughtful decision-making and senior management leadership skills will most certainly be highly valued."

Lead Director Dan Altobello said, "I very much look forward to the opportunity to work with Mike Michael on FBR's behalf. Mike has a tremendous record of performance in leading growth initiatives. His expertise and vision will serve all FBR shareholders well. We appreciate the assistance of ChampionScott Partners of Boston for leading the search which ultimately resulted in Mike's selection and election."

Prior to becoming President and COO of The Ohio Casualty Insurance Company in 2005, Mr. Michael served as Executive Vice President and Manager of Private Asset Management for U.S. Bank, National Association. In addition to Private Asset Management, Mike also served as Executive Vice President and Manager of West Commercial Banking and as President of U.S. Bank -- Oregon. For more than twenty years, Mr. Michael held numerous executive and management positions with PNC Financial Services Group in Pittsburgh, PA. Michael holds a B.S. in Economics from Stanford University, and an M.B.A. in Business Administration from the University of California at Los Angeles Graduate School of Management.

Friedman, Billings, Ramsey Group, Inc. provides investment banking*, institutional brokerage*, asset management, and private wealth through its operating subsidiaries and invests in mortgage-related assets and merchant banking opportunities. FBR focuses capital and financial expertise on eight industry sectors: consumer, diversified industrials, energy and natural resources, financial institutions, healthcare, insurance, real estate, and technology, media and telecommunications. FBR is headquartered in the Washington, D.C. metropolitan area with offices in Arlington, Va., Boston, Dallas, Denver, Houston, Irvine, London, New York, Phoenix, San Francisco and Seattle. Friedman, Billings, Ramsey Group, Inc. is the parent company of First NLC Financial Services, Inc., a non-conforming residential mortgage originator headquartered in Deerfield Beach, Florida. For more information, see http://www.fbr.com.

*Friedman, Billings, Ramsey & Co., Inc.

SOURCE  Friedman, Billings, Ramsey Group, Inc. 

-0- 06/08/2006 

For further information: Lauren M. Burk of Friedman, Billings, Ramsey Group, Inc., +1-703-469-1004, lburk@fbr.com/ /Web site: http://www.fbr.com / (FBR) CO: Friedman, Billings, Ramsey Group, Inc.; FBR; Ohio Casualty Insurance Company ST: Virginia IN: FIN SU: PER PT-PM -- DCTH042 -- 9087 06/08/2006 12:14 EDT http://www.prnewswire.com