NewtekOne, Inc. Announces Peter Downs has been named President of Newtek Bank, N.A.
Rhea-AI Summary
NewtekOne (NASDAQ: NEWT) has announced key leadership changes, with Peter Downs appointed as President of Newtek Bank, N.A. and Frank M. DeMaria as CFO of the Company. The announcement follows the bank's successful transformation since acquiring National Bank of New York City in January 2023.
The bank has achieved notable performance metrics in 2024, including a 42% efficiency ratio, 6% return on assets, and 40%+ return on tangible common equity. Additional appointments include Thomas Soucy as Chief Credit Officer, Nicholas Leger as CFO of non-bank subsidiaries, and Andrew Kaplan joining the bank's board.
The company continues to leverage its technology platform, including The Newtek Advantage®, NewTracker®, and Newtek File Vault™, to provide business and financial solutions to independent business owners through their 24/7/365 service model.
Positive
- Strong financial performance with 42% efficiency ratio
- Impressive 6% return on assets
- High 40%+ return on tangible common equity
- Successful transformation from single-branch to national digital bank
- Recent successful ALP securitization completed
Negative
- None.
News Market Reaction
On the day this news was published, NEWT gained 2.02%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
BOCA RATON, Fla., April 23, 2025 (GLOBE NEWSWIRE) -- Boca Raton, FL, April 23, 2025 - NewtekOne, Inc. (the “Company”) (NASDAQ: NEWT) announced that Peter Downs has been named President of Newtek Bank, N.A. (the “Bank”). In addition, Frank M. DeMaria has been named Chief Financial Officer of the Company, with Scott Price maintaining the role as Chief Financial Officer of Newtek Bank, focusing on developing and executing the Bank's financial strategy.
Barry Sloane, CEO, President and Chairman, said, “We acquired National Bank of New York City on January 6, 2023, and, after a relatively condensed nine operating quarters, couldn’t be more pleased with our progress. We integrated and transformed a single-branch, OCC-chartered, manual-process bank in Flushing, NY, into what we believe to be a state-of-the-art, technology-enabled digital bank with a national presence. The Bank’s
Mr. Sloane continued, “We will continue to make management changes with a focus on helping to grow and shape the Company in our quest to embrace technology and provide financial and business solutions to our independent business owner clients. We are also thrilled to have, today, reported another successful ALP securitization and look forward to reporting and discussing our quarterly financial results and anticipated progress for the rest of 2025.”
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. Information regarding loan and deposit metrics consist of preliminary estimates and are subject to change with our filings with regulatory agencies and the filing of the Company's Form 10-Q for the period ended March 31, 2025. 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) 273-8292 / browe@newtekone.com
FAQ
What are the key performance metrics of Newtek Bank (NEWT) in 2024?
Who is the new President of Newtek Bank (NEWT) in 2025?
What technology platforms does NewtekOne (NEWT) use for its banking services?
When did NewtekOne (NEWT) acquire National Bank of New York City?
