Herald National Bank Announces Board Changes
February 17 2011 - 4:00PM
Business Wire
Herald National Bank (NYSE AMEX: HNB), a full-service commercial
bank, today announced changes to its Board of Directors.
The bank announced that Justin R. Green, Vice President of
Palladium Equity Partners LLC, was appointed to the Board. Mr.
Green replaces David Perez, a Palladium Managing Director, who
resigned concurrent with the appointment of Mr. Green. Palladium
Equity Partners is a significant investor in the bank which may
appoint one director, pursuant to the terms of its stock purchase
agreement with the bank.
Mr. Green joined Palladium in 2004 and is involved in making and
overseeing the firm’s investments in the financial and business
services sectors. Before joining Palladium, he worked in the
investment banking division of Citigroup’s Global Corporate and
Investment Bank (formerly Salomon Smith Barney). Mr. Green earned a
B.S. in Economics magna cum laude and an M.B.A. with honors from
the Wharton School of the University of Pennsylvania. He has served
as a member of the bank’s Advisory Board.
The bank also announced that James K. Schmidt will be resigning
from the Board of Directors effective March 31, 2011. Mr. Schmidt’s
resignation resulted from his inability to serve on the Board of
the bank while also serving on the Board of another depository
institution located in Boston, Massachusetts.
Matt Seiden, President and Chief Executive Officer of The Seiden
Group, Inc., an independent advertising and brand strategy agency
based in New York City, will become the new lead independent
director upon the departure of Mr. Schmidt. Mr. Seiden has served
as a member of the Herald Board since its inception in 2008.
His clients include such blue-chip companies as Bayer, Bausch
& Lomb, Shire and The Visiting Nurse Service of New York. The
agency has also worked extensively in the financial services
industry, with clients such as Republic National Bank of New York,
Bank Hapoalim and Signature Bank. Mr. Seiden managed the
advertising campaign for Republic National Bank and was
instrumental in the branding campaign for Signature Bank. Mr.
Seiden is a graduate of Washington University where he earned a
Bachelor of Arts in psychology and of New York University where he
earned a Master of Business Administration. Mr. Seiden is a board
member of L&M Development Partners, the Arthritis Foundation NJ
Chapter and Down The Block, a New Jersey not-for-profit.
Mr. Schmidt said, “I regret that my other Board commitments
require me to relinquish my seat on the Herald Board. However, Matt
Seiden’s experience with the bank, his knowledge of the New York
metro area and work with the financial services industry make him
an optimal candidate for lead independent director.”
Commenting on the changes in the Board, Raymond A. Nielsen,
Chairman and CEO, stated, “Both Justin and Matt bring tremendous
talent to the Herald Board of Directors that will be essential in
helping the bank move forward with our strategic vision. I believe
our Board members collectively have a tremendous skill set which
adds to the value of our franchise.”
About Herald National Bank
Herald National Bank (NYSE AMEX: HNB) is a relationship-based
banking institution dedicated to serving the commercial and private
banking needs of small to mid-size businesses, their owners,
executives and senior managers, as well as high-net-worth
individuals in the New York metropolitan area. Herald National Bank
presently has three offices located in Manhattan (623 Fifth
Avenue), Brooklyn (1333 60th Street), and Melville, Long Island (58
South Service Road). For more information, visit
www.heraldnb.com.
Forward Looking Statements Disclaimer
Certain matters in this press release constitute forward-looking
statements that involve assumptions and potential risks and
uncertainties, which are made in a manner consistent with the safe
harbor provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward looking statements involve known and
unknown risks, uncertainties, and other factors that may cause the
actual results, performance and achievements of Herald National
Bank to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These factors include: general
economic, capital market and business conditions; risks arising
from litigation or similar proceedings; interest rate fluctuations;
levels of delinquent loans; employee turnover; government
regulation; legislation affecting the banking industry, and those
other factors discussed in the filings of Herald National Bank with
the Office of the Comptroller of the Currency. Herald National Bank
undertakes no obligation, and expressly disclaims any obligation,
to update publicly or revise any forward-looking statement, which
speaks only as of the date it is made, whether as a result of new
information, future events or otherwise.
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