NEW YORK – Alma Bank announced the appointment of Michael Psyllos as their new President and CEO. He assumed this new responsibility on July 6, with the official presentation taking place on July 25 at a special banquet at the Four Points Sheraton in Long Island City. Richard Ferranti was acting as Interim President of the bank until Psyllos assumed his new role.
Psyllos has been part of the Alma Bank’s Board of Directors for the past two years, following in his father’s footsteps, serving on the Audit, Risk & Governance, Budget, Directors’ Loan and Compliance Committees. He was recently named Vice Chairman of the Board of Directors.
According to Alma Bank Chairman Kirk (Kyriakos) Karabelas, “Michael will help us further the mission and growth of Alma Bank. Since our inception we work hard to get to know the communities and people we serve. We strive to give our customers a sense of trust that we are here to support them in the business endeavors they undertake.”
Psyllos said, “I’m excited about my new role at Alma Bank. I will be focused on continuing to make high quality customer service the cornerstone of our operations. This means delivering personalized banking solutions to our business and personal banking customers alike, based on their individual needs.”
Psyllos holds a BBA in Public Accounting (and a minor in Computer Science) from Hofstra University, and an MBA in Finance & Accounting from NYU Stern School of Business along with a Law Degree from Touro College. Prior to joining Alma Bank, Psyllos held senior positions at Citigroup, Millstein & Co. and Breakwater Capital Partners.
“I feel great pride and enthusiasm for my new duties at Alma Bank. An infrastructure has been put in place that will enable us to expand and compete effectively with even larger companies,” Psyllos told The National Herald.
Optimism about the course of the bank under its new president was also expressed by the bank’s founder, Efstathios Valliotis, who told TNH, “I am very happy to present the new president of the bank. This is a child born in America, he is very young, he is a lawyer and a CPA, he is the third president of the bank and I believe that with him at the wheel the bank will reach $5 billion in five years. He is a very good person, I wish him good luck and we will all be with him.”
Absolute confidence in Psyllos’ abilities were also expressed by the Chairman of the Board Karabelas, who has known the new CEO from their school days.
“I have known Michael Psyllos for 30 years. In September, we complete ten years of operation and in that time we have reached $1 billion from $50 million. I believe that under Michael’s leadership we will be able to reach $3 billion in the next 3-4 years and that will be our main goal.”
Analyzing the priorities for the expansion of the bank, Psyllos focused on three axes: geographic, demographic, but also services provided. He noted, “We want to expand both geographically and in the target group by expanding the network to new, attractive areas, but possibly to those we already have. In addition, we look at services we do not currently provide. One of these is first-home loans.”
As Karabelas has confirmed, Port Washington, will likely be the location of the 14th branch within a period of six months. Psyllos also mentioned this area, answering a question during his speech. “I am part of the Port Washington community, I am the parish council president at the Archangel Michael Church and I know there is a need to expand there,” he said.
Alma Bank was founded in 2007 by Eustathios Valliotis, with an initial capital of $50 million and one branch in Astoria. Today, there are 13 branches in New York, and its capital reaches $1 billion.
Although it maintains unshakable ties with New York Hellenism, it has gradually reached a wider audience. “We started mainly with the Greek community. But now, to reach the $3 billion target, our name should be more widely known. This is a basic perspective and will be one of Michael Psyllos’ priorities,” concluded Karabelas.
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