Regions taps corporate banking head, Detroit CU's first-ever woman CEO

August 16, 2024 2:53 PM

In this week's banking news roundup: Regions Bank hires next corporate banking group leader from within; Detroit CU names its first-ever woman CEO; United Community raises its quarterly dividend; and more.

Regions Bank looks inside for next corporate banking leader

Regions Financial has tapped Brian Willman to be the company's corporate banking group head when longtime executive Ronnie Smith retires from the post at the end of the year. Willman, who will report to President and CEO John Turner, joined Regions in 2009 and currently oversees commercial banking, the Birmingham, Alabama-based company said in a press release. Willman's previous roles at Regions include area president for south Alabama and the Florida Panhandle and chief operating officer for commercial banking. Nikki Stephenson, who is currently Regions' head of credit products, will succeed Willman as head of commercial banking, the release said. Stephenson, who came to Regions in 2009 after working at SunTrust Banks, will report to Willman, the release said. Smith started his banking career in 1981 at one of Regions' predecessor banks. He's led corporate banking since 2018. —Allissa Kline

Hand-out/One Detroit Credit Union

Detroit CU names first-ever woman CEO

One Detroit Credit Union in the Motor City said it promoted Portia Powell to become its next CEO. Currently the organization's chief experience officer, she will assume the top job in January, succeeding Hank Hubbard.

Powell will be the first woman and first African American to helm the $64 million-asset credit union in its 90-year history. "It's an honor to lead an institution that has been such a vital part of Detroit's fabric," Powell said in a press release. "I am committed to building on One Detroit's strong foundation while innovating to meet the needs of our members in a rapidly changing financial landscape." —Jim Dobbs

Greenville, South Carolina

Victor J. Blue/Bloomberg

United Community Banks increases dividend, share buybacks

The board of United Community Banks has raised the company's quarterly dividend and boosted its share repurchase program, increasing value for shareholders after a positive second quarter.

The $27.1 billion-asset bank lifted its dividend by 4% to 24 cents a share. The new payout, equal to 96 cents on an annual basis, delivers a yield of 3.4% based on Thursday's closing price of $28.46.

The dividend is payable Oct. 4 to shareholders of record as of Sept. 16.

United has been authorized to add $100 million to its share buyback program, which has been extended to Dec. 31, 2025.

Last month, the Greenville, South Carolina-based bank reported second-quarter net income of $66.6 million, up 5.3% from the year-ago period. Revenue rose 9% to $233 million. At the time, Chairman and CEO Lynn Harton said the results were "driven by healthy net interest margin expansion and disciplined expense control."

United is also selling FinTrust Capital Advisors, an investment advisory firm it bought three years ago. Harton said in July that the company expected to complete the divestiture in the third quarter.

In 2023, United was named by American Banker as one of the "Best Banks to Work For" for the seventh straight year. —Mary de Wet

Lazard hires Barclays health care deals veteran Thompson

Lazard has poached health care dealmaker Will Thompson from Barclays, according to people with knowledge of the matter, as the investment bank seeks to capture more business in Europe. Thompson will be a managing director at Lazard in London overseeing health care services coverage, the people said, who asked not to be identified as the information is private. He's the head of European health care investment banking at Barclays and has been with the bank for almost a decade.

The 52-year-old is returning to Lazard after starting his investment banking career at the firm in the late '90s, the people said. He joined Morgan Stanley in 2004 as a managing director and also spent time at Close Brothers Group and UBS Group, according to his LinkedIn profile.

Thompson's appointment is part of Lazard's push into health care as the bank is hunting for talent to win more mandates. —Pamela Barbaglia, Bloomberg News

Citigroup’s global head of markets digital assets Maini leaves

Shobhit Maini, global head of digital assets in Citigroup's market unit, has left the bank to pursue other opportunities in the crypto industry, according to an internal memo reviewed by Bloomberg News.

Maini spent more than 14 years at Citigroup, according to a profile on Linkedin, and most recently led the digital assets team under the markets division. He left to pursue "an entrepreneurial opportunity in the digital asset space," according to the memo, which was sent last week by Lee Smallwood, head of markets innovation and investments at Citigroup.

A spokesperson at Citi declined to comment. Maini didn't respond to a request for comment via Linkedin messages.

Deepak Mehra, international lead for markets strategic investments, will expand his current position to also lead the markets digital assets team, according to the memo. —Muyao Shen, Bloomberg News

Goldman partner and M&A banker David Kamo exits to join Evercore

David Kamo, a Goldman Sachs Group partner and global co-head of financial-sponsor mergers and acquisitions, left the firm for a role at Evercore, according to people with knowledge of the matter.

Kamo is set to join New York-based Evercore as a senior managing director after a period of gardening leave, the people said, asking not to be identified discussing information that isn't public.

Representatives for Goldman and Evercore declined to comment.

Kamo, who was named partner in 2020, joined New York-based Goldman in 2016, according to Financial Industry Regulatory Authority records. He previously worked at Credit Suisse, Barclays and Lehman Brothers, parts of which Barclays acquired out of bankruptcy.

Former JPMorgan Chase banker Haidee Lee recently joined Goldman as global co-head of sponsor M&A, alongside Kamo. —Gillian Tan, Bloomberg News

Mizuho taps Barclays duo for leveraged finance, sponsors teams

Mizuho Financial Group has hired two bankers from Barclays for its leveraged finance and financial sponsors teams in the U.S., people with knowledge of the matter said.

George Lee has joined as a managing director in Mizuho's leveraged finance group, according to the people, who asked not to be identified discussing confidential information. He reports to Jeb Slowik, head of leveraged finance for Mizuho Americas.

The Japanese bank has also hired Corey LoVerme, who will join as a managing director in its financial sponsors group in November after a period of leave, the people said. LoVerme will report to Richard Park and Stancel Riley, co-heads of the financial sponsors and strategic solutions group for Mizuho Americas.

A spokesperson for Mizuho confirmed the hires. A representative for Barclays declined to comment.

At Barclays, LoVerme most recently covered large-cap and mid-market private equity firms, his LinkedIn profile shows. Earlier in his career, he worked at Lehman Brothers. Lee joined Barclays in 2010, having previously worked at Accenture and Citigroup, according to his LinkedIn profile. —Valida Pau and Liana Baker, Bloomberg News

Hedge fund Ace Capital co-founder joins Bradesco

Banco Bradesco, Brazil's third-biggest bank by market value, hired Gabriel Trebilcock, one of the founding partners of hedge fund Ace Capital, to head its local credit sales and trading desk as the lender aims to double the business in two years.

"We want to position ourselves as the biggest treasury desk in Brazil for sales and trading of local bonds from banks, corporates and all kinds of tax-exempt papers, and brought in a very experienced executive to beef up our team," said Bruno Cardoso, who's responsible for the business as well as for sales and structuring of derivatives, foreign exchange and fixed income for clients of Bradesco's treasury desk.

Trebilcock starts immediately, overseeing a team of six people and reporting to Cardoso.

Before helping found Ace in 2019, Trebilcock was at the treasury desk at Banco Santander Brazil. He also had stints with Santander's corporate and investment banking division, and worked at Santander's unit devoted to structured credit risks. —Vinícius Andrade and Cristiane Lucchesi, Bloomberg News