Ponce in N.Y. hires HSBC exec as next CFO

Ponce Financial Group in Bronx, N.Y., has reshuffled its executive ranks.

The $1.7 billion-asset company said in a press release Tuesday that it had hired Sergio Vaccaro as its chief financial officer, effective June 1. Vaccarro previously served as CFO of Private Bank Americas at HSBC.

Vaccaro will succeed Frank Perez, who will become Ponce’s chief investor relations officer. 

“We are grateful to Frank for his leadership in our mutual-to-stock conversion efforts,” Carlos Naudon, Ponce’s president and CEO, said in the release. 

“Now that we are a fully public minority depository institution and a community development financial institution, we need Frank’s full-time effort dedicated to our becoming a preferred investment for similarly mission-driven investors,” Naudon added. 

The changes come several weeks after the company hired Luis Gonzalez Jr. as its chief operating officer. Gonzalez held several posts at the Office of the Comptroller of the Currency over 15 years, at one point serving as acting assistant deputy comptroller.  

Ponce also disclosed last month that it recorded a $6.3 million charge in the first quarter tied to unsecured microloans originated by a fintech partner. Ponce, which also added $1.7 million to reserves, reported a quarterly loss of $6.8 million.