Madison National Bancorp Inc. of Melville, N.Y., said Monday that Daniel L. Murphy, a co-chairman of the company and its chief executive, died Sunday.
Murphy was 52. The cause of death was not disclosed.
Murphy co-founded the company in 2007 and had served as co-chairman and CEO of the banking unit, Madison National Bank.
He headed retail banking at Roslyn Savings Bank in New York for 15 years and later held the same post at New York Community Bancorp after it acquired Roslyn Savings Bank in 2003.
Madison National announced over the weekend that it had granted Murphy a medical leave of absence from his duties.
Michael P. Puorro, Madison National's co-chairman and president, will be responsible for the company's and bank's day-to-day operations.
He will also be in charge of completing Madison National's pending merger with the investment group FNBNY Bancorp Inc.
FNBNY is buying the $308 million-asset Madison National for $33.7 million in cash once the Federal Reserve Board approves its application to become a financial holding company.
If the deal doesn't close by the end of March, FNBNY has agreed to pay Madison National a $500,000 breakup fee.
Murphy is survived by his wife, an adult daughter, two adult stepchildren and a younger stepchild.
