Newtek Bank, N.A. Hires Ms. Jennifer Merritt As Chief Operating Officer Of Digital Banking Operations, Effective November 27, 2023
Portfolio Pulse from Benzinga Newsdesk
NewtekOne, Inc. (NEWT) has announced the hiring of Ms. Jennifer Merritt as Chief Operating Officer of digital banking operations for its subsidiary, Newtek Bank, N.A., effective November 27, 2023. Merritt brings over a decade of experience in digital banking and product development, having previously worked at Live Oak Bank, First Bank, and Wells Fargo. The company expects her leadership to transform its deposit-raising success into more and lower-cost transactional depository accounts, and to continue growing commercial bank deposits from independent business owners in 2024.
November 28, 2023 | 1:36 pm
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POSITIVE IMPACT
Jennifer Merritt's appointment as COO of digital banking operations at Newtek Bank, N.A. is expected to positively impact NewtekOne's strategy to lower costs and diversify depository accounts, which could lead to increased investor confidence in the company's growth prospects.
The hiring of Jennifer Merritt with her extensive experience in digital banking and product development is likely to be viewed positively by investors. Her background suggests she could be instrumental in improving operational efficiencies and developing Newtek Bank's online banking platform, which aligns with the company's goals to reduce costs and attract commercial clientele. This strategic move could potentially lead to improved financial performance and lower cost of funds for NewtekOne, thus positively impacting the stock price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80