Amalgamated Bank in New York has named Edward Grebow, a former private-equity firm executive, as its president and chief executive.

Grebow replaces Derrick D. Cephas in those roles, the $4.5 billion-asset bank said Thursday.

Grebow is a former managing director of J.C. Flowers & Co., a private-equity firm. There, he oversaw the $25 billion attempted acquisition of student lender of SLM Corp. Prior to that, he served as president of ULICO Inc., which owns the Union Labor Life Insurance Co., and helped that company recapitalize itself.

Cephas, who announced his plans to leave Amalgamated in March, took the helm union-owned bank in January 2006.

A former superintendent of banks for the state of New York, Cephas announced earlier this week that he has joined law firm Weil, Gotshal & Manges and will lead its financial institutions regulatory practice group.

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