FBR & Co. Announces Eric F. Billings' Decision to Retire as Chairman

The Board of Directors of FBR & Co.

today announced that Eric F. Billings, Founder and Chairman of FBR, has decided to retire as Chairman and will be not be seeking re-election to the Board at the Company's Annual Shareholder Meeting, in order to focus on his other business activities. Billings' retirement will be effective as of June 5, 2012, the date of the Annual Shareholder Meeting. The Board of Directors intends to elect Richard J. Hendrix, Director, President and Chief Executive Officer of FBR, Chairman at the Annual Meeting.