Newtek named Tom Stier SVP and western region manager to establish and run a new business development office in the Orange County region
Web hosting provider Newtek Business Services announced on Thursday that it has named Tom Stier senior vice president and western region manager to establish and run a new business development office in the Orange County region of California.
Prior to Newtek, Stier served as vice president sales, marketing, product development and investor relations at Aurora Bank. As such, he has extensive experience in managing all aspects of residential and commercial lending.
Expected to be open the first quarter of 2013, the West Coast office will be led by Stier, and will have up to four other staff members who will be dedicated to promotion and sales of the full portfolio of Newtek products which include payment processing, cloud hosting, business lending, insurance services, web design and data backup and storage.
The team will also concentrate on “forging strategic alliances with community banks and credit unions as well as building other business service partnerships,” Stier said.
“We are excited at the opportunity to open a California and West Coast regional presence with someone with talent the caliber of Tom Stier. As an executive, he has historically demonstrated an ability to develop business initiatives, particularly in the small business finance and services space,” Barry Sloane, chairman, president and chief executive officer of Newtek Business Services said in a statement. “His ability to manage and operate a team of underwriters and servicers in the largest economic state in the United States, where we previously have not had an on site presence, could be incredibly fortunate for Newtek and its shareholders. We believe that, within the first 18 months, the West Coast region will be on track to produce $20 million of small business originations annually. Tom and the new office will significantly help us penetrate our alliance partners and reach other small business clientele with the Newtek Advantage product and other services.”
“I am delighted to be joining such a dynamic, innovative and growing organization as Newtek Business Services. With 30 years’ experience in the financial services industry, almost 20 of which have been dedicated to residential and commercial lending, I am excited to launch a business development and loan processing facility for Newtek in Orange County, California,” Stier said in a statement.
Newtek will announce its full year 2012 financial results in a call on Wednesday, February 23, 2013.
Talk back: Have you expanded to the West Coast recently? What do you think of Newtek’s appointment and expansion news? Let us know in a comment.
About Nicole Henderson
Nicole Henderson is the Editor in Chief of the Web Host Industry Review where she covers daily news and features online, as well as in print. She has a bachelor of journalism from Ryerson University in Toronto. You can find her on Twitter @NicoleHenderson.
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Another great development from a company who seems to be doing all the right things for positive growth and marketshare dominance. As a shareholder, I hope their stock reacts positively from this news.