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SOURCE Newtek Business Services, Inc.
NEW YORK, March 11, 2013 /PRNewswire/ -- Newtek Business Services, NASDAQ: NEWT, The Small Business Authority, is proud to announce that it has attracted and retained the talent of Edward Petrosky. Edward will be joining Newtek as Chief Credit and Chief Risk Officer. Edward is the former President and CEO of Hanover Community Bank. Edward has over 35 years of experience in credit and risk management in the financial services industry, including money center, regional and community banks. Edward is the former President/CEO/Chief Credit Officer of successful turnaround situations and two start up banks, and has 15 years' experience as a Chief Credit/Chief Lending Officer in the banking industry.
Barry Sloane, Chairman, President and Chief Executive Officer of Newtek Business Services said, "We are thrilled to have someone with Ed's qualifications, across the areas of credit risk and operational risk, join our company. Ed will be actively involved and reporting directly to the Board of Directors and the Chair of the Audit Committee about regular compliance and supervision regarding the company's primary operating subsidiaries and evaluating their risk, controls, policies and procedures. This new hire will significantly enhance the company's capability to manage its day to day affairs and achieve its long term goals and objectives. Ed served in this capacity at five other government insured depository institutions. We welcome the new addition to the Newtek Business Services organization."
Edward Petrosky said, "I look forward to working with the Newtek board and management team as the Company continues to grow and enhances its reputation as a leader in financial services."
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority, provides the following products and services:
Newtek Business Services, Inc., The Small Business Authority, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek® brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek® brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek's actual results to differ from management's current expectations, are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov.
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