Promontory Interfinancial adds two industry veterans to its board
WASHINGTON — Promontory Interfinancial Network has named banking industry veterans Camden Fine and Ed Yingling to its board and former American Banker Editor-in-Chief Rob Blackwell as its chief content officer and head of external affairs.
Fine was the head of the Independent Community Bankers of America for 15 years before retiring in 2018, while Yingling worked at the American Bankers Association for 26 years in various roles, including president and CEO.
After leaving ABA in 2010, Yingling worked as a partner at Covington & Burling until departing in 2018 to run Edward Yingling Government Affairs. Fine is now the president and CEO of Calvert Adivsors.
When they ran their respective trade groups, Fine and Yingling frequently had different perspectives about banking policy. The ICBA often took positions counter to the interests of large banks, but the ABA has both large banks and small banks among its members.
But the two say that their dual expertise will bring key perspective and industry knowledge to Promontory. The company provides vendor services to member banks, including a vehicle allowing institutions to offer full deposit insurance on accounts exceeding the federal insurance limit.
“I've always admired Ed. I thought he did a terrific job at the ABA, and while Ed and I candidly were on different sides of most policy issues. ... I always had a great deal of respect for Ed and there was nothing personal,” said Fine. “He brings a candidly more Wall Street perspective than I had. … I bring the community bank perspective primarily.”
Yingling agreed that he and Fine will be able to highlight banking trends to the company’s board, as well as legal expertise in regulatory issues dealing with deposits and deposit insurance.
“The two of us both bring valuable history and perspective on the industry and what its needs are and what institutions' needs are,” said Yingling.
Promontory CEO Mark Jacobsen said in a press release that he “could not be more excited” to add Fine and Yingling to the company’s board.
“The company and its network of financial institutions will benefit tremendously from their insights and expertise,” he said.
Blackwell, who joined Promontory after working for nearly two decades at American Banker, compared Fine and Yingling on the company’s board to “Professor X and Magneto [from the X-Men] teaming up.” (For those not up on their comic book history, Professor X and Magneto are arch rivals, leading opposing factions within the Marvel Comics universe.)
“They’ve been both friends and rivals in the past and so it’s exciting to see them working together again,” he said.
Both Fine and Yingling said Promontory’s reputation in the banking industry drove them to get more involved.
“Promontory is like the platinum standard among vendors in the financial services space, so, I was very, very flattered when [Jacobsen] called me one day and asked if I would consider serving on the board,” Fine said.
Meanwhile, Promontory also hired Blackwell to lead the company’s government and media affairs groups, where he will produce content and analysis deconstructing financial services policy and its impact on banks.
At American Banker, Blackwell covered the Federal Deposit Insurance Corp. and Fannie Mae and Freddie Mac and served as the Washington bureau chief before he was named editor-in-chief in 2017.
“As a reporter, I covered the launch of Promontory Interfinancial Network in 2003 and have watched it expand since then,” Blackwell said in the news release.“It’s known in the industry for having a great culture, and I’m excited to join it.”