Lending Solutions Inc. said it has established a new employee stock ownership plan.
The Elgin, Ill-based provider of lending center services and consulting programs for financial institutions said the plan transfers 30% ownership to the employees of LSI through a defined contribution benefit plan and was formally introduced to employees on Jan. 11.
"Transitioning to an ESOP model gives us the opportunity to reward many of our long-term employees for their commitment and hard work over the years, as well as attract new employees," said Mark Johnson, chairman and principal stockholder of LSI.
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