Provident New York Bancorp (PBNY) in Montebello, N.Y., has established a wealth management services division that will be led by of its top executives.
The new division will complement wealth management products and services Provident already offers through third-party and affiliated providers, Chief Operating Officer Rodney Whitwell said in a news release Monday. Whitwell will co-head the unit with David S. Bagatelle, its New York City metro market president.
The new practice "is a significant expansion with dedicated resources designed to provide a full array of wealth management options to our growing and sophisticated client base," Whitwell said.
The $3.2 billion-asset bank has also hired Brahna Singer as wealth management sales manager. She will be responsible for building the retail wealth management program and managing the financial and wealth advisors. She was most recently national sales manager for Banco Popular North America’s Popular investment division.
Michael J. Desmond has joined the bank as senior wealth management advisor and will be responsible for the wealth management platform for the New York City metro market. He was most recently managing director of wealth management for Herald National Bank.
Provident has been rapidly expanding in recent months with the addition of several commercial banking teams in the New York City market. It is also in the process of buying the $450 million-asset Gotham Bank of New York, a commercial bank with one branch in midtown Manhattan.