Sterling Bancorp Announces Senior Management Changes; Luis Massiani to Transition to COO, Bea Ordonez to Join as CFO

Rhea-AI Summary

Sterling Bancorp (NYSE: STL) announced a management transition in its leadership. Luis Massiani will become Chief Operating Officer while retaining his role as President of Sterling National Bank until February 28, 2021. He will succeed as COO after his tenure as CFO. Bea Ordonez will join as Executive Vice President and assume the CFO role from March 1, 2021. She brings over 20 years of financial services experience, including her previous role at OTC Markets Group. This transition aims to enhance leadership depth and strengthen the company's business operations.

Positive

• Luis Massiani's transition to COO is expected to strengthen leadership and operational management.
• Bea Ordonez's extensive experience in financial services is likely to enhance financial oversight and strategic direction.

Negative

• Concerns regarding continuity in leadership as Massiani shifts roles; potential experience gaps during the transition.

PEARL RIVER, N.Y., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL) (the “Company”), parent company of Sterling National Bank (the “Bank”), announced today that Luis Massiani will transition to the role of Chief Operating Officer of the Company and continue his position as President of the Bank. Luis will maintain his duties as CFO of the Company and the Bank through February 28, 2021, at which time he will fully transition to COO of the Company. In connection with Luis’ transition, Bea Ordonez has joined the organization as Executive Vice President and will assume the role of CFO of both the Company and the Bank effective as of March 1, 2021. Upon assuming the role of CFO, Bea will oversee all aspects of financial management for the Company and the Bank.

As COO of the Company and President of the Bank, Luis will lead the Bank’s three front-line business units including the corporate, consumer and digital banks, as well as the Bank’s technology and operations areas. Luis joined Sterling Bancorp in 2012 as Executive Vice President and Chief Financial Officer.

Bea has over 20 years of experience in the financial services industry, and most recently was CFO of OTC Markets Group, a financial services company that provides trading, market data and corporate services. Prior to joining OTC Markets Group, Ms. Ordonez served for 13 years as Chief Operations Officer and Managing Director of Convergex Group, a global brokerage and trading-related services provider.

“Bea is a great addition to our senior management team,” said Sterling Bancorp CEO Jack Kopnisky. “Her background and expertise in senior leadership roles with various companies across the financial services industry will bring added management depth and perspective to Sterling. Bea will be a great cultural fit given her long history working in relationship-centric, technology driven companies. We are truly excited to welcome Bea to Sterling”.

Kopnisky added, “Luis has demonstrated tremendous leadership, dedication, and strategic and financial acumen as CFO of the Company and President of the Bank. His transition to this new role is an outstanding opportunity for both Luis and the Company. I look forward to working with Luis, Bea and our entire executive leadership team in the years ahead as we continue to focus on creating a diversified, growing and high performing bank.”

About Sterling Bancorp

Sterling Bancorp, of which the principal subsidiary is Sterling National Bank, specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within the communities we serve through a distinctive team-based delivery approach utilizing highly experienced, fully dedicated relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.

STERLING BANCORP CONTACT:
Emlen Harmon, Senior Managing Director – Investor Relations 
212.309.7646

Sterling Bancorp
Two Blue Hill Plaza, Second Floor
Pearl River, NY 10965

T 845.369.8040
F 845.369.8255

http://www.sterlingbancorp.com

FAQ

What management changes were announced by Sterling Bancorp on January 11, 2021?

Sterling Bancorp announced that Luis Massiani will transition to Chief Operating Officer while continuing as President of Sterling National Bank. Bea Ordonez will join as CFO starting March 1, 2021.

Who is Bea Ordonez and what is her role at Sterling Bancorp?

Bea Ordonez has over 20 years of financial services experience and will assume the role of Chief Financial Officer of Sterling Bancorp and Sterling National Bank effective March 1, 2021.

What impact may the leadership transition have on Sterling Bancorp?

The transition is expected to strengthen leadership and operational management. However, there are concerns regarding continuity and potential experience gaps.