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Wells Fargo Names Ritacco as Middle-Market Banking Advisor in New York

December 05, 2016, 07:31 AM
Filed Under: Banking News

Wells Fargo announced that it has tapped John Ritacco as an executive advisor for Middle Market Banking in greater New York.

Ritacco, retired president and chief executive officer of the former CMS Bancorp, Inc., which was recently acquired by PCSB Bank, brings 30 years of financial services experience to Wells Fargo. In his new advisory role, Ritacco directs Wells Fargo Middle Market Banking’s growth strategy across the greater New York region, including offices in White Plains and Shelton.

“The greater New York and Connecticut markets are growing for Middle Market Banking at Wells Fargo,” said Kevin Burke, regional vice president of Wells Fargo Middle Market Banking for greater New York and Connecticut. “Our middle market customers will benefit from John’s expertise and long-standing experience in the region.”

Wells Fargo Middle Market Banking’s growth strategy of hiring executive advisors to establish relationships and increase business began in Boston in 2013. After strong initial success, the strategy expanded to Pittsburgh and Philadelphia, with the most recent advisor announced for the state of New Jersey in late 2015. Since inception, the company’s Middle Market Banking offices with executive advisors have seen an increase in opportunities for business development and growth as a result.

“We’ve studied the business climate throughout the region and believe that by bringing strong, strategic advisors into these growth markets, we gain additional insight through the lens of our industry veterans,” said John Manning, head of Wells Fargo Middle Market Banking, East Region. “Our customers benefit from the seasoned business acumen of these incredibly talented local business leaders.”

Ritacco began his banking career with Wells Fargo predecessor First Union National Bank in White Plains, New York. In 2001, he joined Reliance Bank, a privately held commercial bank, where he served as president and CEO until 2004. Ritacco had served as president and CEO of CMS Bancorp (now PCSB Bank), a small business and commercial business banking firm, since 2006 until it was acquired. His experience includes servicing companies and organizations, both domestic and international, in professional services, retail, manufacturing, wholesale distribution, and tax-exempt industries.

With more than 140 offices in 38 states and four Canadian provinces, Wells Fargo Middle Market Banking provides local service and decision-making for businesses with $20 million to $500 million-plus in annual sales. Asset-based lending, traditional secured loans, and capital markets provide access to working capital for day-to-day operations and growth.

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