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Bank Execs Promoted, Recruited and Released

Recent executive activity at financial institutions

April 27, 2011


A new rule will require banks to disclose how their executives are incentivized. The proposed regulation comes as dozens of recent banking executive appointments have been announced.

The Securities and Exchange Commission's proposed rule would require certain financial institutions with $1 billion or more in assets to disclose the structure of their incentive-based compensation practices and prohibit compensation arrangements that "encourage inappropriate risks," according to an announcement.

The rule, resulting from Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would require institutions to annually report incentive-based compensation to the SEC, prohibit arrangements that encourage inappropriate by providing excessive compensation or that could lead to material financial losses for the firm, and develop policies and procedures that ensure and monitor compliance with requirements related to incentive-based compensation, the SEC said.

Institutions with $50 billion or more in assets would have additional requirements, including deferral of incentive-based compensation of executive officers and approval of compensation for people whose job functions give them the ability to expose the firm to a substantial amount of risk, the SEC said in the announcement.

John Harvey is at the helm of Wells Fargo Bank International as chief executive officer after serving on interim basis upon the departure of Neil Ryan, $1.3 trillion Wells Fargo & Co. recently announced. Previously, the 20-year wholesale and international banking veteran was Wachovia's chief operating officer for the Europe, Middle East and Africa region, according to an announcement by $1.3 trillion Wells Fargo & Co.

TD Bank has a new regional president, Rob Hoak, for the South Carolina and Wilmington, N.C., markets. He will lead Linda McGuigan, the newly appointed retail banking senior vice president for those markets, and Dixon Woodward and David Lominack, both market presidents for newly created or combined regions, the $616 billion (Canadian dollars) holding company reported.

SunTrust Banks Inc. recently appointed Kevin Blair as its Georgia region chairman, president and CEO and William Peele as its Mecklenburg/South Carolina region president and CEO. They respectively replace William Haile and Carl Wicker Jr. due to retirement plans, the $173 billion banking behemoth said in separate announcements.

Blair's most recent position in his 13-year run at SunTrust was geographic banking administration officer, while Peele, who joined SunTrust in 2002 after working for Huntington National Bank and Barnett Bank, served as the Atlanta region's commercial line of business manager, Atlanta-based SunTrust added.

The U.S. Department of the Treasury appointed John Durrett to the Ally Financial Inc. Board of Directors, announced the $172 billion holding company formerly known as GMAC Inc. Durrett is currently a strategic advisor to Serent Capital, a San Francisco-based private equity firm, serves on the boards of two of its portfolio companies and is a director emeritus of McKinsey & Co. Inc., where he completed a 27-year career in 2007.

Durrett's appointment is part of the Obama Administration's "ongoing commitment to prudent stewardship of TARP investments," the Treasury Department said in a separate announcement.

At Fifth Third Bank, Guy Salander was promoted to community banking executive for Michigan's Shiawassee County. He has been with $110 billion, Cincinnati-based Fifth Third since 1997, serving in several roles, including mortgage sales manager, reported.

Former Citibank North America Chairman and CEO Peter Knitzer recently joined E*Trade Bank as president and executive vice president. The 25-year banking veteran, who served several senior roles at Citigroup from 1996 to 2010, succeeds Robert Burton, who retired at the end of March, $48 billion parent E*TRADE Financial Corp. announced.

At $13.6 billion Flagstar Bancorp Inc., five executive hires took place during the first quarter, as part of an effort to transform Flagstar to a full-service, super-community bank and expand its commercial-lending business, the Troy, Mich.-based holding company announced.

Steven Issa, a former Sovereign Bank EVP and managing director, was brought on as commercial banking EVP and managing director and New England market president. Meanwhile, Michael Tierney, former Bluewater Bank Group President and CEO, is the new retail banking EVP and managing director and Midwest market president; John Chipman, who reports to Issa and is former president and CEO of Mass Mutual Asset Finance, was hired to oversee Flagstar's specialty lending division; Michael Maher came on board as EVP and chief accounting officer; and Daniel Landers was hired as EVP and chief credit officer, Flagstar said.

Sterling Savings Bank appointed EVP Carol Mangan and SVP Robert Weisel to the roles of Oregon market president and Seattle/Puget Sound area market president, respectively. In addition to being directly responsible for increasing Sterling's community involvement and public awareness of commercial banking in those areas, they will be indirectly responsible for the home loan division and other business lines.

Mandan joined $9 billion Sterling in 2001, recently overseeing its commercial group, while Weisel has served Sterling since July 2004, most recently fulfilling a special-assets position that focused on commercial and industrial credit resolution, the Spokane, Wash.-based company reported.

The board of directors at $4 billion Dime Community Bancshares Inc. now counts with the expertise of Kathleen Nelson and Robert Golden, who were also appointed to the board of subsidiary The Dime Savings Bank of Williamsburgh, the Brooklyn, N.Y.-based parent announced.

Nelson currently serves as managing principal of Bay Hollow Associates and president of KMN Associates LLC, the commercial real estate advisory and consulting firms she respectively co-founded and founded. She also sits on the boards of real estate investment trust CBL & Associates Properties Inc. and Apartment Investment and Management Co., as a trustee of the International Council of Shopping Centers and on the advisory boards of Castagna Realty Co., Beverly Willis Architecture Foundation and the Anglo American Real Property Institute. Among numerous other leadership roles, she was the former managing director and group leader of the mortgage and real estate division of TIAA-CREF, according to Dime.

Golden recently retired after serving Prudential since 1976, most recently as Prudential Financial Inc. EVP of Corporate Operations and Systems for 13 years, Dime said.

As six board members resigned at $4 billion Central Pacific Financial Corp., the company welcomed two new members, James Burr and Alvaro Aguirre. The changes came on the heels of a $325 million private placement on Feb. 18 involving recapitalization agreements with affiliates of The Carlyle Group and Anchorage Capital Group LLC.

Burr, managing director for The Carlyle Group and a member of Carlyle's Financial Institutions Group, previously served as corporate treasurer during 16-year tenure at Wachovia, Honolulu-based Central Pacific said. Aguirre, currently chairman of Cygnus Business Media, held advisory and principal investing roles at Sullivan & Cromwell, Morgan Stanley and Warburg Pincus.

The exiting directors from both the parent company and subsidiary Central Pacific Bank are Richard Blangiardi, B. Jeannie Hedberg, Ronald Migita, Mike Sayama, Maurice Yamasato and Dwight Yoshimura, while Jeffrey Cavanaugh resigned from the bank's board. Nonetheless, Central Pacific said it looks forward to working with these business leaders at an advisory level.

Superior Bancorp, a $3 billion thrift holding company, recently appointed C. Marvin Scott as chairman and CEO and Rick Gardner as president to replace retiring chairman, president and CEO C. Stanley Bailey.

Scott has served as company vice chairman and Superior Bank CEO and president since joining in 2005. His 40-year banking resume includes senior leadership positions with Silver Acquisition Corp., Superior Financial Corp., Hancock Bank, AmSouth Bank and Crestar Bank, Superior said.

Gardner, who joined Superior in 2005 and has served as company vice chairman and Superior Bank president and COO, served leadership roles with Silver Acquisition Corp., Superior Financial Corp., First Commercial Mortgage and Metmor Financial, according to the announcement.

In Tyson's Corner, Va., Cardinal Bank added Cheryl Steinbacher as SVP, director of human resources. Previously, she served Indiana's Integra Bank for six years in human resources and leadership development roles, $2 billion Cardinal Financial Corp. announced.

Last week, Cardinal announced the hiring of David Frasier as EVP, director of audit. His 30-year-plus career in auditing and accounting for the financial services industry includes serving as audit director for Fulton Financial Corp.

arlier this month, Jeffrey DiMeglio joined Virginia-based Cardinal as SVP, market executive for the Washington, D.C., and Maryland regions. He was president and owner of KKP Business Solutions, recognized as "Business Citizen of the Year" and "Entrepreneur of the Year" by the McLean Chamber of Commerce. Prior to owning his business, he was vice president of George Mason Bank's commercial and real estate lending division.

The boards of $737 million First Northern Community Bancorp and First Northern Bank grew to eleven members, with the addition of Richard Martinez. He is a partner in Triad Farms, a diversified row crop farm that operates property in California's Solano and Yolo counties, chairman of the Dixon Joint Powers Authority for Regional Drainage and board member of the Dixon Resource Conservation. $737 million.

Bank of Manhattan created a new position, making Rick L. Sowers EVP and chief banking officer. Sowers served as the bank's COO since 2008 and is now responsible for the company's marketing, business development, relationship management and service delivery functions, $153 million holding company Manhattan Bancorp announced.

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Coco Salazar
has been covering the mortgage industry since 2003 for

e-mail: [email protected]

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