67 WALL STREET, New York - July 7, 2014 - The Wall Street Transcript has just published its Banking Review 2014 Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Banking Review 2014
Companies include: Oritani Financial Corp. (ORIT) and many more.
In the following excerpt from the Banking Review 2014 Report, the President and CEO of Oritani Financial Corp. (ORIT) discusses company strategy and the outlook for this vital industry:
TWST: Tell us a little bit about yourself, about your career leading up to this point, and how you got to where you are today.
Mr. Lynch: I'm a lawyer by training. I worked at Ingersoll Rand Company for many years as a Tax Attorney. I became a Counsel for their finance company, which was doing tax-oriented financing to shelter Ingersoll Rand Company's income, and I ended up becoming General Counsel of its captive finance company. It became too big strategically, and Ingersoll decided to sell it to HSBC Bank, then known as Hong Kong and Shanghai Bank, a great bank. I was Counsel for their leasing company for several years.
I went on the board of Oritani Savings and Loan in the late 1980s. The bank experienced some problems, which was one of the reasons I had come on the board. Our regulator, the OTS - Office of Thrift Supervision - insisted we make some changes, including management, and the board asked me to come in as President of the bank. I had some hesitation, as I had always been a Corporate Lawyer. I was good at helping people do things or clean up after their problems, but I was suddenly thrust into the situation of being the business person rather than the adviser or the facilitator. I went ahead and did it; I left HSBC, and I've been pleased and never looked back.
All my lawyer friends joked that I'd found honest work. It's been great. I came into the bank in 1993, and the bank has changed dramatically since then. I was able to bring on quite a few very talented people. I like to say that everybody I've hired is either smarter or better-looking than I am, and they brought a lot of value to the bank. I completely turned over the board. There were 10 very nice gentlemen on the board when I came in, and now I have six, myself and five other people whom I've known or worked with for many years, and I have a lot of trust in their capabilities.
TWST: What about the attorney background gave you the skills or an advantage for stepping into banking?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.