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Sterling Bancorp Announces Retirement of CEO Gary Judd; Successor Named

October 18, 2019, 08:55 AM
Related: Sterling Bancorp

Sterling Bancorp, Inc., the holding company of Sterling Bank and Trust, F.S.B., announced Chairman and CEO Gary Judd will retire after over 11 years of service with the company. Sterling’s Board of Directors has appointed Tom Lopp, the company’s current President, Chief Operating Officer and Chief Financial Officer, to succeed Judd as CEO and Chairman.

The company also announced Steve Huber, in addition to his current role as CFO of the Bank, will be promoted to CFO and Treasurer of Sterling Bancorp. The transitions will be effective on November 30, 2019.

“It has been a privilege to work with such a great group of people during my time with the company and I am proud of what we have accomplished together,” Judd said. “Our success has been built on our commitment to strong customer relationships, a suite of niche loan products, a strong credit culture and very efficient back-office operations. I am pleased to be handing over leadership to Tom Lopp, a colleague and friend with whom I have worked closely for many years and who I’m confident will capably lead the company to its best years ahead.”

The Board of Directors Compensation Committee Chairman Lyle Wolberg remarked, “On behalf of Sterling and our Board of Directors, I want to thank Gary for his vision and leadership, which took the company from $678 million in assets and ten branches, primarily in the San Francisco Bay Area in 2008, to over $3 billion in assets and 30 branches in four major markets across four states today. We wish Gary the best in his retirement and value his continued friendship and support for years to come.”

“We also want to welcome Tom (Lopp) in his new roles with the company. The board has had this leadership succession plan in place for a number of years and is confident that Tom is the right choice to lead the company into its next period of growth. His deep industry experience and many years of leadership at Sterling will enable us to continue to deliver exceptional customer service and industry-leading financial returns for our shareholders,” concluded Wolberg.

Lopp stated "It has been an honor to work with Gary for the past 11-plus years and to benefit from his extensive banking experience. Gary has been a source of great guidance and mentorship and I wish to thank him and wish him well in his retirement. I’m equally honored to be chosen by the board as Sterling's next CEO and Chairman and will work hard to build on Gary’s legacy. I’m excited to take the helm of this great company and am deeply committed to carrying forward our Bank’s pattern of growth and expansion while safeguarding the trust and confidence of our customers and shareholders."

Commenting on Huber’s promotion, Lopp said, “Steve Huber is an outstanding CFO for our bank and the obvious choice to assume the additional roles of CFO and Treasurer for Sterling. We appreciate his contributions since joining Sterling 24 years ago and we look forward to many more to come.”

Lopp was elected President in December 2016 and has served as COO since September 2009 and as CFO and Treasurer since 2002. He has served the company since 1997. In 2015, he assumed additional responsibility as the executive in charge of the bank’s Southern California expansion. Prior to serving as CFO and Treasurer, he served as the Director of the Consumer Loan Division from 2000 to 2002 and the Divisional Controller from 1997 to 2000. Prior to joining the company in 1997, he served as a Senior Financial Analyst at First of America Bank Corporation, Credit Card Product Manager at NBD Bank, N.A., and Credit Card Portfolio Analyst for Security Bancorp, Inc., later acquired by First of America Bank Corporation.

Huber has served as the CFO of Sterling Bank & Trust since 2017 and has been with the company since 1995. He has also served as Vice President from 2015 and Administrative Officer of Accounting and Servicing from 2015 to 2017. Prior to that role, he served as the Corporate Controller from 2006 to 2015 and the Mortgage Divisional Controller from 1995 to 2006. Prior to joining the company, he served in Special Loan Analyst and Mortgage Accounting positions at Source One Mortgage Services Corporation and Independence One Mortgage/Michigan National Bank (later acquired by Norwest Mortgage), respectively.

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