(Source: PRNewswire)ARLINGTON, Va., June 5 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. (d/b/a Arlington Asset Investment Corp.) (NYSE: FBR) ("The Company") announced today a number of corporate actions resulting primarily from its Annual Shareholders' meeting held June 1, 2009. The shareholders approved all proposals included in the Proxy Statement dated April 30, 2009. Therefore, effective June 10, 2009 the Company will:

-- Change its name to Arlington Asset Investment Corp., and

-- Begin trading on the NYSE under the trading symbol "AI"

Furthermore, effective today, the Company is also implementing a Shareholder Rights Plan designed to preserve the value of certain tax assets.

New Corporate Direction

These actions are in furtherance of the strategic shift the Company initiated by recently selling its control position in FBR Capital Markets Corporation. The completion of the sale partially monetized Arlington's investment in FBR Capital Markets. The Company plans to deploy the net cash proceeds for investments that offer current income as well as capital appreciation potential, and which may utilize the Company's net operating loss carry-forwards ("NOLs") and net capital loss carry-forwards ("NCLs"). The Company expects the investments to include non-agency residential mortgage- backed securities and residential mortgage-backed securities guaranteed by a U.S. Government agency or U.S. Government-sponsored entity, among others. The Company may also consider opportunities for financial service operating businesses potentially in the form of a bank charter, and will seek to continue strengthening its balance sheet by converting long-term debt to equity through the extinguishment of the remaining $50 million of Trust Preferred securities at a discount to face value.

As of March 31, 2009, after giving effect to the recently completed sale of half its FBR Capital Markets stock position, the Company's Net Book Value per share would have been $92.2 million or $.60 per share. This adjusted book value reflects the remaining 16.7 million shares of FBR Capital Markets at $4.35 per share, the closing price on May 20, 2009 when the transaction was completed.

Shareholder Rights Plan

The Company's Board of Directors has adopted a shareholder rights plan (the "Rights Plan") designed to preserve shareholder value and the value of certain tax assets primarily associated with NOLs, NCLs and built-in losses under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended.

The Company plans to submit the continuation of the Rights Plan to a shareholder vote within the next 12 months, and the failure to obtain this approval will result in automatic termination of the Rights Plan.