Newly-Formed New York Private Bank Hires Sporting Legend

Stephen Harris

13 September 2006

Newly-launched New York-based private bank, Modern Bank, has hired American football legend Joe Montana, as vice chairman. Mr Montana, who led the San Francisco 49ers to four Super Bowl victories, was formerly a general partner in HRJ Capital, an investment fund for professional athletes and wealthy individuals. Bippy Siegal, chief executive of venture capital firm Raycliff Capitalas, will serve as chairman of the new bank. Anthony Burke, former president and chief operating officer of New York Community Bank, will be president and CEO. Leslie Bains, former senior executive vice president of HSBC North America has been named vice chairman and head of private banking. At HSBC she was directly responsible for private banking, brokerage, fiduciary services, personal trust and estates, tax strategies, asset management and mutual funds in the US and Canada. Modern Bank has more than 1,800 customers with a minimum of $5 million in investible assets. Last year it acquired Excel Bank, with assets of $202.5 million, and has almost 50 private banking staff, including 18 individuals formerly with HSBC and five from US Trust. The founders believe that Modern Bank is the first independent private bank to be formed in New York in 25 years.