Newtek Merchant Solutions Hires John O’Connor as Chief Revenue Officer

Rhea-AI Summary

NewtekOne (NASDAQ: NEWT) has appointed John O'Connor as Chief Revenue Officer of its payment processing subsidiary Newtek Merchant Solutions (NMS). O'Connor, formerly chief growth officer at Nationwide TFS and a 30-year Citigroup veteran, will focus on promoting NewtekOne's business solutions to NMS's merchant processing clients.

O'Connor will emphasize NMS's integration with Newtek Bank's zero-fee business banking services and higher interest rates through the Newtek Advantage portal. The platform processes over $5.5 billion in merchant payments volume and offers enhanced features including faster money transfers, transaction transparency, and unified management of refunds, chargebacks, ACH, and Fed wires.

The strategic hire aligns with NewtekOne's mission to serve the estimated 30+ million independent business owners in the United States, aiming to drive growth in business deposit accounts and average account balances.

Positive

• Appointment of experienced executive with 30+ years of banking industry expertise
• Integration of merchant processing with zero-fee banking services
• Substantial existing payment processing volume of $5.5 billion
• Strategic focus on growing business deposit accounts and balances

Negative

• None.

News Market Reaction

+0.58%

1 alert

+0.58% News Effect

On the day this news was published, NEWT gained 0.58%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BOCA RATON, Fla., March 11, 2025 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the “Company”) (NASDAQ: NEWT) announced today that its payment processing subsidiary Newtek Merchant Solutions (“NMS”) has hired John O’Connor as Chief Revenue Officer. Initially, Mr. O’Connor will support NMS’s efforts to make its merchant processing clients aware of the vast array of business and financial solutions offered by NewtekOne and its subsidiaries, including business checking and savings accounts with no fees and attractive interest rates. Most recently, Mr. O’Connor was chief growth officer for Nationwide TFS, LLC, a financial technology company and the largest electronic payments provider for the Chapter 13 bankruptcy industry. Prior to Nationwide TFS, John spent more than 30 years at Citigroup in various leadership roles responsible for directing the design and delivery of market programs at scale. Mr. O’Connor holds an M.B.A. from Hofstra University and a B.S. in business administration from Boston University School of Management.

Barry Sloane, President, Chairman and CEO said, “John is a great addition to the NMS team. His experience assimilating and directing marketing programs should help the Company progress to its goal of driving growth in business deposit accounts as measured by both number of accounts and average business account deposit balances. John’s core focus as Chief Revenue Officer for NMS will be to work with our staff to transition new and existing NMS clients to utilize the Newtek Advantage’s connectivity between a merchant processing account and a bank account. With NMS’ over $5.5 billion of current merchant payments processing volume for its clientele and John’s unique and dedicated skill sets, we are excited about the results he can achieve. The fact that Newtek Bank offers zero-fee based business banking and typically offers higher rates than the non-interest-bearing accounts offered by many of its competitors, is something John will be emphasizing with NMS’s customer service representatives. The ability to move money into bank accounts sooner and give the client transparency with respect to batches of refunds, chargebacks, and authorized transactions, with a similar view regarding ACH and Fed wires, all in the Newtek Advantage unique business portal, gives us the advantage of acquiring business transactional deposits at better cost to us and at a better value for our clients. His addition also aligns with NetwekOne’s mission of delivering business and financial solutions to independent business owners in the United States, which are estimated to exceed 30 million businesses.”

Mr. O’Connor commented, “I am excited to be a part of the incredible organization at NewtekOne. The opportunity to be part of a company with such unmatched customer solutions and visionary leadership inspired me to join this team, and I look forward to contributing to the Company's continued success.”

About NewtekOne, Inc.

NewtekOne^®, Your Business Solutions Company^®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries (collectively, “NewtekOne”), provides a wide range of business and financial solutions under the Newtek^® brand to independent business owners. Since 1999, NewtekOne has provided state-of-the-art, cost-efficient products and services and efficient business strategies to independent business owners across all 50 states to help them grow their sales, control their expenses, and reduce their risk.

NewtekOne’s and its subsidiaries’ business and financial solutions include: banking (Newtek Bank, N.A.), Business Lending, SBA Lending Solutions, Electronic Payment Processing, Accounts Receivable Financing & Inventory Financing, Insurance Solutions and Payroll and Benefits Solutions. In addition, NewtekOne offers its clients the Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting and Web Services) provided by Intelligent Protection Management Corp. (IPM.com).

Newtek^®, NewtekOne^®, Newtek Bank^®, National Association, Your Business Solutions Company^®, One Solution for All Your Business Needs^® and Newtek Advantage are registered trademarks of NewtekOne, Inc.

Note Regarding Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the rules and regulations of the Private Securities Litigation and Reform Act of 1995 are based on the current beliefs and expectations of NewtekOne's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. See “Note Regarding Forward-Looking Statements” and the sections entitled “Risk Factors” in our filings with the Securities and Exchange Commission which are available on NewtekOne's website (https://investor.newtekbusinessservices.com/sec-filings) and on the Securities and Exchange Commission’s website (www.sec.gov). Any forward-looking statements made by or on behalf of NewtekOne speak only as to the date they are made, and NewtekOne does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

SOURCE: NewtekOne, Inc.

Investor Relations & Public Relations
Contact: Bryce Rowe
Telephone: (212) 273-2858 / browe@newtekone.com

FAQ

What role will John O'Connor play as Chief Revenue Officer at Newtek Merchant Solutions (NEWT)?

O'Connor will focus on transitioning NMS clients to use Newtek Advantage's integrated merchant processing and banking services, emphasizing zero-fee business banking and higher interest rates.

How much merchant payment volume does Newtek Merchant Solutions (NEWT) currently process?

NMS processes over $5.5 billion in merchant payments volume for its clientele.

What banking features does NEWT offer through the Newtek Advantage portal?

The portal offers zero-fee business banking, higher interest rates, faster money transfers, and transparency for batches, refunds, chargebacks, ACH, and Fed wire transactions.

What is John O'Connor's professional background before joining NEWT?

O'Connor was chief growth officer at Nationwide TFS and spent over 30 years at Citigroup in leadership roles, with an MBA from Hofstra University.