Liquidity and Funds Management in a Changing Environment

On June 29th, NYLIB hosted a panel discussion on “Liquidity and Funds Management in a Changing Environment: Where We Are and the Path Forward for Community Banks,” moderated by Adam Goldstein, Chief Business Officer for the Federal Home Loan Bank of New York, at Pryor Cashman’s offices in Times Square. Mike Aldrich, Regional Capital Markets Specialist at the FDIC; Laura Gorman, SVP & Treasurer at Hanover Community Bank; Adam Kirk, Principal Examiner, Federal Reserve Bank of New York; Rick Kraemer, Treasurer & Deputy CFO at Valley Bank; and Don Musso, President of FinPro, Inc. served as panelists.

FROM LEFT TO RIGHT: Adam Kirk, Principal Examiner, FRBNY; Michael Aldrich, Regional Capital Markets Specialist, FDIC; Laura Gorman, SVP & Treasurer, Hanover Community Bank; Don Musso, President, FinPro, Inc.; Rick Kraemer, Treasurer & Deputy CFO, Valley Bank; Adam Goldstein, Chief Business Officer, FHLBNY

Adam Goldstein kicked the panel discussion off with a series of “rapid fire” questions of general interest, such as whether M&A activity and de novo applications would increase, decrease, or stabilize and predictions for future bank offerings and investments. The panelists then discussed their views on risks that did not exist or were not well-understood prior to the banking crisis in March and as well as lessons learned; strategy and governance changes that banks will need to make in this new environment; and metrics, limits, and policies that banks should consider regarding liquidity and funds management. Finally, the panelists each discussed closing thoughts before taking questions from the audience.

NYLIB President Ed Lutz commented: “Adam Goldstein did a spectacular job as moderator – asking perceptive questions, interjecting humor, and ensuring that the discussion proceeded at a fun and lively pace. Many thanks to Adam for suggesting the event and for putting it together so thoughtfully. Of course, it helps to have a terrific panel, and Adam did. Each of the panelists offered valuable insights from their perspectives as regulators, bankers, and consultants and provided attendees with actionable ideas for improving liquidity and funds management practices. NYLIB is grateful to Hanover Bank, Valley Bank, the FDIC, the FRBNY, and FinPro for supplying tremendous panelists.”

“It’s exciting to see how NYLIB has grown and to see new faces and banks get involved in the organization. Stay tuned for information on upcoming events – I hope you’ll join us next time!”

-NYLIB President Ed Lutz

Our Moderator

Adam Goldstein is a Senior Vice President and the Chief Business Officer at the Federal Home Loan Bank New York. In this role, Adam oversees the Business Lines and is instrumental in business development, having led the creation of the Mortgage Asset Program® (MAP®) and the Letter of Credit programs, as well as innovated numerous Credit and community development products. Since joining the FHLBNY in June 1997, Adam has spearheaded new departments, including the Marketing, Membership and Research, and Member Service Desk. He is the co-lead for the FHLBNY’s Corporate Long-Term Strategy and sits on the FHLBNY’s Management Committee since March 2008. He also sits on several other committees, such as the Asset-Liability Management Committee and Disclosure Committee.

At the national FHLBank System level, Adam is the Chairman of the Large Member Lending Task Force (f.k.a Globally Systemic Important Banks Task Force) and the Chairman of the In-District Regulatory Outreach Committee. He previously led the ESG Bond Issuance Task Force (presented the findings to the OF Board), was a senior member of the Insurance Company Task Force and Data Governance Task Force, and was past Chairman and creator of the FHLBank System Sales and Marketing Committee. Adam serves on the American Fintech Council and is a member of their Community Advisory Board. He is also on the Board of Trustees and Chairman of the Finance Committee, as well as the former Chairman of the Audit Committee for the Kennedy Children's Center.

Adam received his bachelor’s degree from the State University of New York at Oneonta, holds an MBA in Financial Marketing from Binghamton University, and an additional five post-graduate certifications in business and management excellence from Harvard University, Columbia University, New York University, Cornell University, and The New York Institute of Finance.

Panelists

Michael Aldrich, a Regional Capital Markets Specialist at the Federal Deposit Insurance Corporation (FDIC), has been with the FDIC since 1993. Mike started as a community bank examiner in the Boston North Field Office before becoming a national capital markets resource, leading asset and liability reviews at banks of all sizes up to and including the largest domestic systemically important financial institutions. Currently, he serves as a Regional Capital Markets Specialist for the NY Region. He has developed and taught numerous ALM courses for the FDIC, the Federal Reserve, and the FFIEC. He is a frequent national speaker on ALM topics within the FDIC and externally at Directors College sessions as well as with a variety of different ALM vendors and trade groups. He received his Bachelor’s degree from Ithaca College and his Masters of Science in Finance degree from Boston College, Mike is a graduate of the Stonier Graduate School of Banking.

Laura Gorman has extensive Treasury Department expertise with more than 23 years of banking experience. Ms. Gorman joined Hanover Bank as Senior Vice President and Treasurer in February 2023. Prior to joining Hanover, she worked for Dime Community Bank (formerly BNB Bank) for her entire banking career. She helped support the bank’s growth through three acquisitions, one merger of equals, and organic growth. At BNB Bank, Ms. Gorman’s primary responsibilities included oversight of the bank’s Investment, Derivative, and Wholesale Borrowing Portfolios as well as oversight of the BOLI program. Inclusive of these responsibilities was the management of liquidity on both a daily and longer-term basis.

Adam Kirk, a Principal Examiner at the Federal Reserve Bank of New York (FRBNY), has worked at the FRBNY since 2011 and in the Federal Reserve System’s LISCC Liquidity Program since its inception. Adam has led numerous examination, monitoring, and analytical events and has made significant contributions to post-crisis liquidity regulation and reporting efforts, both domestically and internationally. He is currently on a secondment to the Board of Governors focusing on digital assets and fintech within the policy group. Previously, Adam worked in the Division of Insurance & Research at the Federal Deposit Insurance Corporation (FDIC) after graduating from Wesleyan University with a degree in economics.

Rick Kraemer, the Treasurer & Deputy CFO at Valley Bank, is a diversified financial services professional with more than 23 years of experience in Investment Banking, Alternative Asset Management, and Commercial Banking. In Rick’s dual role, he leads key finance and capital market strategies while working closely with the executive leadership team to define and execute all corporate strategies and initiatives. His responsibilities include strategy and oversight of the Bank’s balance sheet management, including liquidity and funding, capital planning, and finance. In addition, he is responsible for leadership of capital markets, wealth management, partner banking, and the Bank’s national tax credit advisory practice. In his previous roles with Valley, Rick served in a leadership position with oversight of strategic finance, financial planning & analysis, budgeting, mergers & acquisitions, and investor relations. In that role, Rick was responsible for leading a significant acquisition of a $4 billion banking institution. As a member of several working groups and committees, Rick is also tasked with monitoring financial risk and improving the overall profitability of the institution.

Before joining Valley, Rick spent over 15 years as a portfolio manager and banking analyst in the alternative asset management industry, primarily with Weiss Multi-Strategy Advisors. Rick began his career at Sandler O’Neill & Partners LLP, a boutique investment bank, as an equity research analyst for the banking industry.

Rick received his Bachelor of Science degree from Fordham University and has been honored as “Best on the Street” by the Wall Street Journal for his stock-picking abilities in the banking sector.

Donald J. Musso, President of FinPro, Inc., has founded many de novo banks and is a significant investor in many community banks. Don is a recognized expert in value creation for banks, strategic planning, loan and deposit growth, internal risk assessments, asset and liability management, customer segmentation and delivery alternatives, and investment banking.

As NYLIB continues to plan events and meetings, we are open to suggestions on topics or issues that are of interest to banks in the tri-state area. Subscribe to our mailing list below to stay informed on news and upcoming events.

Memorable Moments

Please enjoy more memorable moments from our evening here. We encourage you to download your favorite moments and share them on LinkedIn. Don’t forget to tag the New York League of Independent Bankers (NYLIB)!