NewtekOne, Inc. Announces Peter Downs has been named President of Newtek Bank, N.A.

Core Insights - NewtekOne, Inc. has appointed Peter Downs as President of Newtek Bank, N.A. and Frank M. DeMaria as Chief Financial Officer of the Company, with Scott Price continuing as CFO of Newtek Bank [1][2] - The Company has successfully transformed the National Bank of New York City into a technology-enabled digital bank with a national presence, achieving a 42% efficiency ratio, 6% return on assets, and over 40% return on tangible common equity for 2024 [2] - Management changes are aimed at preparing NewtekOne for future growth, leveraging in-house developed applications to provide superior business and financial solutions to independent business owners [2] Company Overview - NewtekOne, Inc. is a financial holding company that offers a wide range of business and financial solutions to independent business owners across all 50 states [3] - The Company provides state-of-the-art, cost-efficient products and services, including banking, business lending, electronic payment processing, and technology solutions [4] Management Changes - In addition to the appointments of Peter Downs and Frank DeMaria, Thomas Soucy has been promoted to Chief Credit Officer, and Nicholas Leger has been appointed CFO of several non-bank subsidiaries [2] - Andrew Kaplan, the Chief Strategy Officer, has also been added to the board of Newtek Bank [2] Financial Performance - The Bank's efficiency ratio stands at 42%, with a return on assets of 6% and a return on tangible common equity exceeding 40% for the year 2024 [2]