Northeast Community Bancorp (NECB) in White Plains, N.Y., has promoted Jose Collazo to become its president.
Collazo, who remains Northeast Community's chief operating officer, succeeded Kenneth Martinek, effective immediately, the $470 million-asset company said in a press release Friday. Martinek remains the company's chairman and chief executive.
Northeast Community said that splitting the roles will allow Martinek to focus more on the company's strategic direction and governance, while overseeing efforts to improve the loan portfolio. Martinek said an increased regulatory burden from the Dodd-Frank Act also influenced the decision.
"It's really difficult to have your hand in the day-to-day operations and still keep an good handle on the regulatory requirements and on changes to the regulations," Martinek said in the release. "This will really allow me to focus more on the overall governance. I will still keep an eye on loan-portfolio origination and things like that, but my role will really be to guide the bank and help it grow."
Northeast Community has spent recent years focusing on its expansion into Massachusetts.