The Bank Slate


New York Community hires Regions exec as chief risk officer

New York Community Bancorp in Hicksville has filled two high-profile vacancies.

The $113.9 billion-asset company said in a press release that it hired George Buchanan III as its chief risk officer and Colleen McCullum as chief audit executive.

Buchanan previously served in the credit review area at Regions Financial. McCullum was chief audit executive at United Community Bank.

“Over the last three weeks since being appointed as executive chairman, the company has taken swift action to improve all aspects of our operations,” Sandro DiNello, New York Community’s president and CEO, said in the release.

DiNello also address the material weakness disclosed earlier in the week.

“The leadership team identified the material weaknesses … and has been taking the necessary steps to address them, including appointing new executives,” he said. “Our allowance for credit losses considered these weaknesses and is not expected to change.”

Finally, he noted that the company has “strong liquidity and a solid deposit base.”

New York Community faced criticism when it was reported that its chief risk officer had quietly departed prior to its reporting of a large fourth-quarter loss. The loss widened to $2.7 billion when the company disclosed a large goodwill impairment charge.

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