New York Community Bank hired a new general counsel, the bank said in a Friday press release.
Bao Nguyen was a partner at the law firm Skadden, Arps, Slate, Meagher & Flom. He will serve as the bank’s general counsel and chief of staff, effective immediately, the bank said.
Nguyen served from 2018 to 2021 as principal deputy chief counsel with the Office of the Comptroller of the Currency.
Nguyen “oversaw significant policy decisions, rulemaking, transaction reviews and enforcement matters” at the OCC and advised banks, fintechs and private equity firms “on the regulatory aspects of complex transactions, charters, compliance matters and enforcement issues,” NYCB said in its release Friday.
His hiring likely reflects an attempt by new management at NYCB to bring the bank to the right side of regulators. The Hicksville, New York-based lender in January disclosed a $252 million fourth-quarter loss over commercial real estate exposure. The announcement sent the bank’s share price into a tailspin that continued despite a CEO change and the hiring of new risk and audit executives. The bank last month received a $1.05 billion capital infusion from investors led by former Treasury Secretary Steven Mnuchin. Otting was named CEO in connection with the transaction.
“It was important to appoint leaders ... with the requisite large bank experience and proven track record in building a high-performing financial institution with a strong risk and compliance framework,” Otting wrote in a memo seen Friday by The Real Deal.
Nguyen is expected to replace Patrick Quinn as NYCB’s general counsel, although the press release didn’t reference Quinn as the current GC.
Quinn joined NYCB in 2003 as part of the bank’s merger with Roslyn Bancorp and served as chief corporate governance officer and corporate secretary before becoming general counsel. Quinn’s LinkedIn profile did not include his departure from NYCB as of early Monday morning.
The bank announced other executive changes, including Craig Gifford, a 15-year veteran of U.S. Bank, joining NYCB as CFO, effective immediately.
NYCB also hired Scott Shepherd as its head of CRE lending. Shepherd replaces John Adams in leading NYCB’s CRE function, The Real Deal reported.
NYCB also brought aboard James Simons to serve as a special adviser, with particular focus on credit administration, portfolio management and lending projects.
“We are thrilled to welcome Craig, Bao, Scott and James to our executive team,” said Joseph Otting, incoming NYCB CEO. Otting is the former head of the Office of the Comptroller of the Currency. “Their collective expertise and deep industry knowledge will be instrumental in driving our strategic initiatives forward and solidifying our position as a leading regional bank.”
