The Green Point Savings Bank moved toward fulfilling its obligations to regulators Wednesday by appointing several new members to its management team.
The team includes an executive in charge of strategic planning who will evaluate potential acquisitions, new products, and market expansion.
Green Point promised as part of its agreement last year with the New York State Banking Department to develop a strategic business plan that would reinvest the approximately $1.5 billion in capital raised from its conversion to public ownership. Green Point had been depositor-owned.
Treasurer Becomes CFO
Among the new appointments, Charles P. Richardson, 47, was promoted to executive vice president. He will also fill the vacant position of chief financial officer.
Mr. Richardson had previously served as treasurer. He continues to report to Thomas C. Johnson, chairman, president, and chief executive officer.
Two of the new appointees have extensive regulatory experience. Howard C. Bluver, 38, will join the thrift on June 30 as senior vice president and general counsel. Mr. Bluver has served in the Office of Thrift Supervision since 1987.
Kevin Stein, 33, has been appointed senior vice president of strategic planning. Previously he was with the Federal Deposit Insurance Corp.
Mary Beth Farrell, 37, joins the thrift as controller after seven years at Citicorp, where she was most recently director of accounting policy and taxes for the Chicago bank.
Mr. Bluver and Mr. Stein will report directly to Mr. Johnson, and Ms. Farrell will report to Mr. Richardson.
"We were looking for people with a national view who could identify opportunities in other markets that might be attractive to us," Mr. Richardson said.
He said the thrift's goal is to boost return on equity back to the 14% to 15% range that Green Point enjoyed before the conversion. The thrift's ROE is now between 8% and 9%.
Green Point specializes in providing loans to low-income and minority borrowers in the New York metropolitan area. The thrift originates about $1 billion in loans annually.
Green Point must also appoint three new outside directors to its board as part of its agreement with state regulators. Mr. Richardson said the thrift is interviewing candidates.
