Amalgamated Bank in New York appointed its outside counsel, Derrick Cephas, to be its president and chief executive Wednesday, succeeding the retiring Gabriel Caprio.
Mr. Cephas, 53, a partner at Cadwalader, Wickersham & Taft LLP, will take over in January.
Before spending 11 years at Cadwalader Wickersham, he was New York's superintendent of banking under Gov. Mario Cuomo.
Founded by the Amalgamated Clothing Workers of America in 1923, the $4 billion-asset Amalgamated is commonly known as "America's Labor Bank." Mr. Cephas is promising to continue its role as a bank for union members, but in a press release he said he wanted to "expand its reach" to include small businesses, nonprofits, and "progressive organizations."
Mr. Caprio, 67, who announced his retirement plans Wednesday, will continue as CEO until Jan. 1. After that he will work in a consulting role to assist Mr. Cephas with his transition, an Amalgamated spokesman said.
