In a pair of C-suite appointments over the past week, Eagle Bancorp named Jay Namputhiripad as its chief risk officer (CRO), while Kim Olson will take the CRO role at SVB Financial, the parent of Silicon Valley Bank.
Namputhiripad brings with him 23 years of experience in the risk and compliance field and will succeed Jeff Curry, who is retiring this month. He will oversee the $10.7 billion-asset EagleBank’s internal and external risk and compliance processes.
“We are delighted to welcome Jay to the EagleBank senior management team,” EagleBank CEO Susan Riel said in a statement Monday. “His expertise is reflective of EagleBank’s community-first commitment, and he will be instrumental in the continued commitment to our risk and compliance functions.”
Prior to joining the Bethesda, Maryland-based EagleBank, Namputhiripad was the managing director at The Bancorp, which he joined in 2018. He established and scaled the Global Financial Crimes Risk Management Center of Excellence, helping it to successfully deliver on regulatory risk and compliance initiatives, the bank said in a statement.
During his 4½-year stint, Namputhiripad was instrumental in remediating a Federal Deposit Insurance Corp. (FDIC) consent order that identified issues with Bancorp’s Bank Secrecy Act compliance and its risk management operation.
EagleBank has seen its fair share of controversies. Ron Paul, the bank’s former CEO, was permanently banned from working in the banking industry in August and fined $521,000 by the Securities and Exchange Commission (SEC) and Federal Reserve for engaging in insider lending.
Namputhiripad previously served as the head of Americas branch operations risk at Morgan Stanley and chief risk officer and director at the Federal Home Loan Bank System’s office of finance, according to EagleBank’s statement.
“EagleBank is one of the strongest and most dynamic community business banks in the Washington, DC region,” Namputhiripad said Monday. “Its values, history and team in place set it apart in a crowded marketplace, and I am excited and humbled to join the senior management team.”
EagleBank’s appointment comes less than a week after SVB Financial named Olson as its CRO on Wednesday.
A 30-year banking veteran, Olson served as chief risk officer for Sumitomo Mitsui Banking Corp.’s Americas operation before joining the Santa Clara, California-based company.
Olson will lead the risk function and team while developing and maintaining SVB’s risk management framework and culture of risk management across the company, the bank said in its statement.
She will succeed Laura Izurieta, who stepped down last year after nearly six years at the company, American Banker reported.
"Kim's deep and multi-faceted financial services experience as a senior risk leader and former regulator and bank supervisor positions her perfectly to actively manage SVB's financial and non-financial risks and to build and scale the firm's risk management capabilities through our next phase of growth," SVB CEO Greg Becker said.
Olson started her career at the Federal Reserve Bank of New York, where she held diverse positions related to senior policy, regulatory and examination in banking supervision for around a decade.
In recent years, the $213 billion-asset parent of Silicon Valley Bank, has seen massive growth owing to fast-growing startups and forming deep ties with the venture capital market.
"SVB has an impressive track record of sound growth and remaining true to its strategy of serving the innovation economy,” Olson said in a statement. “I am excited to lead SVB's outstanding risk management team and continue to build SVB's risk management framework and capabilities in this important next chapter of the firm's trajectory.”