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Provident of New York Names New CFO


Provident New York Bancorp (PBNY) has hired a veteran financial industry executive to be its next chief financial officer.

The $4 billion-asset parent company of Provident Bank said late Tuesday it has named Luis Massiani executive vice president and CFO. Massiani joins Provident from Credit Suisse Securities (CS), where he served as director of investment banking and focused on the banking and financial industries.

Massiani, who previously held a series of positions with Citadel Securities and Citigroup Global Markets , is expected to join the company on Dec. 5. He will succeed Stephen Masterson, who is stepping down for personal reasons.

"Luis joins Provident at an important time in our development," Jack Kopnisky, Provident's chief executive, said in a news release. "His experience in financial services, and banking in particular, will add significant value to the continued implementation of our growth strategy in the New York metropolitan area."

Provident, which has pursued a plan to boost its commercial lending in the New York City area, posted a profit of $2.3 million, compared with a loss of $493,000 a year earlier, for its fiscal-year fourth quarter, which ended Sept. 30. The company's results have been bolstered by its aggressive hiring of commercial lending teams away from rival banks.



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Image: Bloomberg

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