Signature Bank in New York has added former Rep. Barney Frank to its board.
The $29 billion-asset company said in a press release Wednesday that Frank will fill a seat previously held by Alfred DelBello, a former lieutenant governor of New York who died last month. This is Frank's first appointment to a bank board, a Signature spokeswoman said.
Kathryn Byrne, a New York accountant, will succeed DelBello as the company's lead independent director, the spokeswoman added.
Frank, a Democrat from Massachusetts who co-authored the Dodd-Frank Act, was "instrumental in crafting the short-term $550 billion rescue plan in response to the nation's financial crisis," Signature said in its release. Frank also chaired the House Financial Services Committee from 2007 to 2011.
Frank will join former Sen. Alfonse D'Amato on the board. D'Amato was a Republican from New York who once chaired the Senate Banking Committee
"We specifically seek members whose deep and broad experience will prove impactful to the bank, those who share diverse perspectives and possess strong decision-making capabilities," Scott Shay, Signature's chairman, said in Wednesday's release.