Newtek Business Services in Boca Raton, Fla., has selected one of its own to become president of its newly acquired bank.
The company disclosed in a regulatory filing that Nicolas Young had also become chief operating officer of Newtek Bank.
Newtek said it agreed to pay Young an annual base salary of $500,000, though the amount will increase to $650,000 on March 1.
“Cash bonuses will be based on performance and will be determined during the term of the employment agreement and therefore cannot be disclosed as this time,” the filing said.
Young previously served as the company’s chief risk officer. Before that, he was the chief credit officer at Iberiabank.
Newtek recently became a bank holding company and bought the $206 million-asset National Bank of New York City. National Bank was rebranded as Newtek Bank.