Sterling Bank, SVB, Wells Fargo: The Biggest Banking Moves in June

Sterling Bank, SVB, Wells Fargo: The Biggest Banking Moves in June

Sterling Bancorp – Thomas O’Brien has been named chairman, president and CEO of Sterling Bancorp and its banking subsidiary Sterling Bank & Trust.


The appointment follows the resignation of Thomas Lopp in May, in the wake of problems with Sterling’s Advantage Loan program that are still being investigated by regulators. The bank announced a first-quarter loss of $27.8 million, including the impact of the COVID-19 pandemic.


Benjamin Wineman, chairman of the special committee of independent directors of Sterling Bank, said: “We believe Tom is well-positioned to lead Sterling through its current regulatory and operational challenges while providing clear strategic direction during these difficult economic times for the Bank and our customers.”


O’Brien admitted he had not actively sought the position but said he had seen the company’s “firm commitment” to undertaking the remedial work necessary to successfully resolve the regulatory enforcement action against the bank and ongoing government investigations, repair the bank’s reputation and address forthrightly the multiple issues from the past”.


O’Brien is currently a consultant to Sterling’s board of directors, was previously vice chairman of New York City-based Emigrant Bank until March this year.


He has led several US banks as president and CEO, including Sun National Bank, State Bank of Long Island, Atlantic Bank of New York and North Side Savings Bank. O’Brien has also served on the boards of Bank United and North Fork Bank. While at Atlantic Bank he oversaw its acquisition by New York Commercial Bank in 2006.


Silicon Valley Bank – Mark Rohrwasser has been appointed SVB’s chief information officer. The bank said his arrival would “strengthen SVB’s technology capabilities and oversee technology operations, engineering, architecture and networking”.


He joins from Equifax where he was international CIO for Equifax, ..

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