Capmark Financial Group Inc. announced that it has closed its previously announced acquisition of Bluestem Brands Inc. With the closing of the acquisition, Mr. Steve Nave has become the company's Chief Executive Officer and has joined its Board of Directors. Mr. Gene Davis remains the company's Executive Chairman of the Board, and the Board has been expanded to permit twelve directors. Pursuant to its rights as holder of the preferred stock, Centerbridge intends to elect Mr. Jason Mozingo and two additional directors to the company's Board.

Mr. Mozingo is a Senior Managing Director at Centerbridge Partners, L.P. focusing on investments in the Retail and Consumer sectors. He also serves on the Boards of Directors of CraftWorks Restaurants & Breweries Inc., P.F. Chang's China Bistro, Billabong and GTH, LLC. Mr. John Poelker, a director of the company and President and Chief Executive Officer of CertusBank, has resigned from the Board effective immediately after the closing.