ES Bancshares in Staten Island, N.Y., announced a collaborative agreement with one of its investors.
The company said in a press release that it appointed Tom Thiel, a principal at JWTT, to its board. He also joined the board of the $630.5 million-asset Empire State Bank.
JWTT is a broker-dealer that specializes in financial services companies.
Thiel and JWTT agreed to support the ES Bancshares board through the 2025 annual meeting. The investors also granted ES Bancshares and its directors a right of first refusal to buy their stock should they decide to sell any before the 2025 annual meeting.
“We believe that the most-effective way to compete in today’s challenging financial services environment is to stockpile outstanding banking talent,” Phil Guarnieri, ES Bancshares’ CEO, said in the release.
“By adding a first-class talent like Tom to the board, we have enhanced our ability to build or organization and increase stockholder value,” he added.