NEW YORK--(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.