NewtekOne's NMS Hires John O'Connor as Chief Revenue Officer

NewtekOne (NEWT) announced that its payment processing subsidiary NMS has hired John O'Connor as Chief Revenue Officer. O'Connor will support NMS in promoting NewtekOne's business and financial solutions to clients, including fee-free business checking and savings accounts. O'Connor previously served as Chief Growth Officer for Nationwide TFS.

NewtekOne, Inc. (NEWT) reported a remarkable fourth quarter and full year 2023, with the company's nationally chartered bank subsidiary, Newtek Bank, N.A., closing a record $262.9 million of SBA 7(a) loans [1]. This figure represents a new quarterly record for NewtekOne and a 20.6% increase over the previous quarterly record.

In addition to the impressive loan closings, NewtekOne announced the hiring of John O'Connor as the Chief Revenue Officer for its payment processing subsidiary, NMS. O'Connor will support NMS in promoting NewtekOne's business and financial solutions to clients, including fee-free business checking and savings accounts [2].

O'Connor brings extensive experience to the role, having previously served as the Chief Growth Officer for Nationwide TFS. His appointment comes at a time when NewtekOne is experiencing significant growth in its loan business.

According to data from the Small Business Administration (SBA), Newtek Bank was the largest SBA 7(a) lender, including bank and non-bank lenders, by total approved dollar amount of SBA 7(a) loans in the fourth quarter of 2023 [1]. In the first year as a bank holding company owning a nationally chartered bank, Newtek Bank closed a record $262.9 million of SBA 7(a) loans in the fourth quarter.

Furthermore, on a consolidated basis, NewtekOne closed a record $1.1 billion of loans across its multiple lending programs in 2023 [1]. The company expects to provide a more granular breakdown of loan closings across loan products during its full year 2023 earnings conference call.

NewtekOne's ability to generate assets for the balance sheet through its loan business is a significant factor in its continued growth. With the addition of O'Connor to the team, the company is well-positioned to expand its client base and offerings.

References:
[1] GlobeNewswire. (2024, January 3). NewtekOne, Inc. Announces Record Loan Closings for the Fourth Quarter and Full Year 2023. Retrieved January 3, 2024, from https://www.globenewswire.com/news-release/2024/01/03/2803299/0/en/NewtekOne-Inc-Announces-Record-Loan-Closings-for-the-Fourth-Quarter-and-Full-Year-2023.html
[2] Seeking Alpha. (2024, January 3). NewtekOne (NEWT) Hires John O'Connor as Chief Revenue Officer for NMS. Retrieved January 3, 2024, from https://seekingalpha.com/news/3829636-newtekone-newt-hires-john-oconnor-as-chief-revenue-officer-for-nms