Multi-Bank Securities, Inc. Announces New CFO

DETROIT, MICHIGAN -- Multi-Bank Securities, Inc., (MBS), has named Mark A.Cleland as their new Chief Financial Officer. Mr. Cleland replaces Ranjit Singh, who has been appointed to the Board of Directors of MBS's holding corporation and has accepted a new challenge in another role with Golden Telecom, Inc. (NASDAQ: GLDN) as Director of Corporate Finance and Head of Investor Relations in their Moscow, Russia office.

Cleland will be leaving his current post at Raymond James and Associates as Vice President of Administration and will be joining MBS on Monday, January 10, 2005.

"Mark (Cleland) brings a world of financial service experience to our ever growing stable of talent", said Dave Maccagnone, CEO of MBS. Formerly, Cleland held the leadership position of Chief Financial Officer at Roney & Co. for eight years prior to the Raymond James acquisition. His 20 years of experience are complemented by Mark's educational background that includes a Bachelor Degree in Accounting and a Master of Science in Finance Degrees. He is a licensed C.P.A., and has attained Series 7, 24, 27, 63 licenses. He further holds the position of a Security Industry Arbitrator for the NASD.

Multi-Bank Securities, Inc., (MBS), a member of NASD, SIPC, MSRB, is an institutional fixed income securities broker/dealer with offices in Pleasant Ridge, MI and Ft. Lauderdale, FL. They provide institutional customers throughout the US with a full array of service capabilities that include underwriting of negotiable CD's at both locations.

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