One to Watch: Piermont Bank
New York-based Piermont Bank, which is described as ‘In Organization’ on Linkedin, is another soon-to-launch bank we here at Talent Ticker have been keeping an eye on.
Originally due to launch Q1 2019, the bank’s opening has reportedly been delayed indefinitely with no alternative launch date proposed. With the bank’s future already seemingly up in the air, here’s what we know about them and their staffing so far:
Piermont will be a national chartered commercial bank headquartered in Midtown Manhattan, at 4 Bryant Park, New York City. They will specialise in helping their clients build and grow privately-owned businesses, specifically family-run SMEs, providing a range of services, including loans, depositary and treasury management products, and international wires. There has also been talk of longer-term goals, with the bank aiming towards expansion into other urban coastal communities.
According to their application with the Securities and Exchange Commission, three former Execs of East West Bank are already attached to the bank: Steve La Fredo, Johan Seo, and Wendy Cai-Lee as Chief Banking Officer, General Counsel and Chief Risk Officer, and President and Chief Executive Officer respectively. Their application to the FDIC also stated that they planned to raise $100m in capital, in preparation for the bank’s launch. Piermont have already received conditional approval from the OCC and FDIC for deposit insurance.
Unless a new launch date is formalised soon, those already linked to the bank could begin looking to alternative, more secure opportunities elsewhere. However, if a launch date does materialise, we would be expecting the bank to start hiring as they prepare to go public. Either way, we’ll be watching and waiting to keep you in the loop.
Follow Piermont Bank’s story on Talent Ticker with the latest developments: