Quick, everyone check outside and make sure pigs aren’t flying! They’re not? Okay, good. Because based on a headline in the Wall Street Journal, it looked like the world may be turning upside down right before our very eyes.
Here’s the WSJ headline – “Barney Frank – Yes, THAT Barney Frank – Joins a Bank Board.”
Yes, you read that correctly. Barney Frank, co-author of a bill which many in the industry vociferously loathe, the Dodd-Frank Wall Street Reform Act, is going to serve on a bank board.
From the WSJ report:
Retired House Democrat Mr. Frank, one of the namesakes of the 2010 Dodd-Frank financial-reform law, was appointed to the board of directors of New York-based Signature Bank on Wednesday.
According to the WSJ report, Signature Bank is a $29 billion bank that works mostly with privately owned businesses and recently posted its 22nd consecutive quarter of record earnings.
Frank told the WSJ that he likes the bank’s business model and that drew him to the post.
“I like this business model in particular,” Frank told the WSJ. “They don’t get involved with exotic derivatives and credit default swaps.”
According to a release from Signature Bank, Frank will fill the seat left vacant by the recent passing of Alfred DelBello, who had served on Signature Bank’s board since January 2003, and also was lead independent director since December 2011.
“We are gratified to welcome Barney to the board, which is particularly engaged and energetic. We specifically seek members whose deep and broad experience will prove impactful to the bank; those who share diverse perspectives and possess strong decision-making capabilities,” Scott Shay, chairman of the board of Signature Bank, said.
“These characteristics are what help foster the continued success and growth of Signature Bank amid the complicated economic environment in which we compete and truly define the personality of our current board,” Shay continued. “With a 32-year career devoted to government and his distinguished expertise in financial services, we believe Barney will be an asset to the board, bringing keen insights, far-reaching industry knowledge and vast intellect to his role as well as to our institution and the bank’s shareholders.”
In that same release, Frank said that he feels he can make a “positive contribution” to the bank’s board.
“I very much look forward to serving in this important position with Signature Bank. With the banking landscape constantly changing, and the ways in which regulations continue to affect both financial services entities and the overall industry, I am confident I can make a positive contribution to the Signature Bank board,” Frank said.
“As a commercial bank catering primarily to privately owned businesses, Signature Bank knows firsthand the importance small business plays in the health and vibrancy of our nation’s economy,” Frank continued. “I am excited to be part of all this in my new capacity as board member and in working with the other directors and management.”
“Barney Frank, bank board member” is a phrase that will take some getting used to. Let me just take a glance out the window and ponder life in general for a minute.
AHH! A pig just flew by.