TORONTO, July 21, 2014 /CNW/ - Equitable Bank (TSX: EQB and EQB.PR.A) today announced changes associated with the Company's Executive Management Team transition and succession plan. Andrew Moor, President and Chief Executive Officer is pleased to announce the appointment of Michelle Cole to the position of Vice President, Commercial Lending. Ron Tratch, Vice President, Commercial Credit will succeed Bill Edmunds as Chief Risk Officer. Mr. Edmunds will remain active in his role as Chief Risk Officer as well as assisting in the transition of duties until his planned retirement at year end.
Ron Tratch, currently Vice President, Commercial Credit will assume the role of Chief Risk Officer at year end. Ron has held his current role since 2011, managing all the aspects of commercial credit within the Bank and spearheaded the overall plan to focus on the retention of quality commercial assets by aligning the portfolio management and underwriting groups. Prior to joining the Bank, Ron served as Senior Vice President at GE Capital Canada and was a partner in a Private Equity Firm. Throughout his 20 year career, Ron has focused on operations and business development in various areas including real estate, corporate and project finance, as well as leveraged acquisitions, proactive risk management and financial restructuring. Ron earned a Bachelor of Commerce from the University of Calgary and is also a Certified Professional Accountant, Certified Management Accountant.
As Vice President, Commercial Lending, Michelle Cole will be responsible for overseeing credit, portfolio management and origination for the Bank's commercial lending operation. Michelle has a strong background in commercial credit having previously served as Senior Vice President, Commercial Finance at GE Capital. While at GE Capital, Michelle spent 14 years in several progressive management roles with oversight of, or responsibility for sales management, operations, underwriting and collections. Michelle holds a Master of Business Administration from the University of New Brunswick, a Bachelor of Arts in Political Science/Public Administration from the University of Ottawa and a Certificate in International Business from Limburos Universitair Centrum (Belgium).
"Over the past seven years, Bill has developed a first class risk infrastructure that includes enhanced risk policies and capabilities in risk analytics. Once the transition of responsibilities is complete, I am sure our risk management function will be in good hands. The smooth transition of these important responsibilities is indicative of the maturity of our succession planning," added Mr. Moor.
About Equitable Group Inc.
Equitable Group Inc. is a growing Canadian financial services business that serves the market through its wholly-owned subsidiary, Equitable Bank. Equitable Bank is a federally regulated Schedule I Bank with total assets of approximately $12 billion, with more than 300 employees and proven capabilities in lending and deposit-taking. The Company's integrated operations are organized according to specialty. Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis. Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing Corporation administered National Housing Act. Equitable Bank provides savings products including Guaranteed Investment Certificates and savings accounts. Equitable Bank was founded in 1970 as The Equitable Trust Company. For more information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.
SOURCE: Equitable Group Inc.
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