NewtekOne, Inc. Hires Andrew Kaplan as Chief Strategy Officer

Rhea-AI Summary

NewtekOne, Inc. (NASDAQ: NEWT) has appointed Andrew Kaplan as Chief Strategy Officer, effective September 3, 2024. Kaplan brings over 35 years of experience in banking and financial services, specializing in creating and managing diverse business lines. His most recent role was Chief Digital Officer at Flagstar Bank, where he led a digital transformation resulting in significant deposit growth. Kaplan's expertise spans retail products, third-party financial solutions, treasury management, and retail branch expansion.

Barry Sloane, CEO of NewtekOne, expressed enthusiasm about Kaplan's ability to innovate and develop the company's banking and business services model. Kaplan's role is expected to expedite the growth of the Newtek Advantage®, offering commercial clients value-added business solutions beyond traditional depository relationships.

Positive

• Appointment of Andrew Kaplan as Chief Strategy Officer with 35+ years of banking and financial services experience
• Kaplan's proven track record in digital transformation, resulting in multi-billion-dollar deposit growth at his previous position
• Expected acceleration of Newtek Advantage® growth, potentially enhancing commercial client offerings
• Kaplan's expertise aligns with NewtekOne's focus on innovative banking and business services

Negative

• None.

BOCA RATON, Fla., Sept. 03, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ: NEWT) has hired Mr. Andrew Kaplan as Chief Strategy Officer, effective today.

Mr. Kaplan comes to NewtekOne with over 35 years of experience in banking and financial services, with the focus on creating and managing diverse business lines such as payments, digital banking, retail banking, premier banking, and marketing. Most recently, Mr. Kaplan was the Chief Digital Officer at Flagstar Bank, N.A., where he helped transform a dormant digital brand to a leading digital bank and developed a new vertical for the bank, resulting in multi-billion-dollar deposit growth and a 17x increase in accounts in 24 months, with a comprehensive risk and control framework. Prior to Flagstar Bank, Andrew held multiple senior positions in banking areas where he managed the development and growth of key initiatives in areas such as retail products and services, third-party financial solutions, treasury management services, institutional deposits, and retail branch expansion. Andrew began his career in financial services as an investment broker as well as a senior consultant at Citibank Investment Services.

Andrew holds a B.B.A. from Pace University where he graduated Cum Laude, an MBA from Fairfield University, is a graduate of the National School of Banking in Fairfield, CT, and earned a certificate from the Wharton School of Business in Transformative Financial Services & Strategies. Andrew also holds FINRA series 7, 24 and 63 licenses and is licensed for Life, Accident & Health Insurance.

Barry Sloane, Chairman, President and Chief Executive Officer commented, “Andrew is a rare find in a sea of banking talent. We are extremely fortunate that Andrew sees the opportunity at NewtekOne to innovate and develop our banking and business services model, which isn't primarily focused on non-interest-bearing deposits and low-margin loans and assets. In order to win over clients and continue to develop best-in-class offerings, Andrew recognizes the client experience and value proposition that must be offered to commercial customers blending state-of-the-art software with people and processes, so that our relationship with NewtekOne’s clients can be counted on to improve the daily operations of our business clientele. Andrew’s addition to NewtekOne’s team of professionals will also expedite the anticipated growth of the Newtek Advantage^®, which offers our commercial clients value-added business solutions in addition to a depository relationship versus the industry norm of merely sweeping funds into low- or non-interest-bearing accounts. Andrew’s 35 years of experience, particularly in digital banking and product and process development, will help expand and magnify our growth initiatives.” 

Andrew Kaplan said, "I am excited to join this amazing team as Chief Strategy Officer. NewtekOne is uniquely positioned to deliver best-in-class financial solutions for independent business owners, including payments, payroll, technology, insurance, lending, and banking services. I look forward to leveraging our comprehensive offerings to drive growth, enhance client success, and solidify our leadership position in the market."

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, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.

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. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences and are subject to change, possibly materially. See “Note Regarding Forward-Looking Statements” and the sections entitled “Risk Factors” in the NewtekOne’s 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: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com

FAQ

Who is NewtekOne's new Chief Strategy Officer and when does he start?

Andrew Kaplan is NewtekOne's new Chief Strategy Officer, starting his role on September 3, 2024.

What is Andrew Kaplan's background and experience before joining NewtekOne (NEWT)?

Andrew Kaplan has over 35 years of experience in banking and financial services. His most recent role was Chief Digital Officer at Flagstar Bank, where he led a successful digital transformation. He has expertise in areas such as payments, digital banking, retail banking, and marketing.

How might Andrew Kaplan's appointment impact NewtekOne's (NEWT) business strategy?

Kaplan's appointment is expected to accelerate the growth of Newtek Advantage®, enhance the company's banking and business services model, and potentially improve offerings for commercial clients by blending state-of-the-art software with people and processes.

What specific achievements did Andrew Kaplan accomplish at Flagstar Bank before joining NewtekOne (NEWT)?

At Flagstar Bank, Andrew Kaplan transformed a dormant digital brand into a leading digital bank, resulting in multi-billion-dollar deposit growth and a 17x increase in accounts within 24 months, while implementing a comprehensive risk and control framework.