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BofA appoints market president; NY Fed director steps down

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BofA appoints market president; NY Fed director steps down

S&P Global Market Intelligence presents a daily roundup of management and board changes in the bank and thrift industry. This feature excludes C-level leadership changes and stories previously covered by S&P Global Market Intelligence.

* Bank of America Corp. said that Merrill Lynch Executive Matt McCormack will replace Kathie Sowa as market president, serving as the company's enterprise leader in the greater Sacramento, Calif., region.

Sowa, who served for a decade as market president, will continue in her role as Central Valley commercial bank market executive.

* Banc of California NA named Joubin Rahimi senior vice president of private banking.

Rahimi has more than 19 years of banking experience and was previously with Irvine, Calif.-based First Foundation Bank.

* Honeywell International Inc. Executive Chairman David Cote stepped down from Federal Reserve Bank of New York's board.

His decision comes as he is considering pursuing new business opportunities that could affect his eligibility to serve as a class B director, after having stepped down as CEO of Honeywell in 2017. Class B directors are elected by the member banks to represent the public, and may not be affiliated with banks and related financial institutions, according to the press release.

* Berkshire Bank named Carmine Guarino senior vice president of retail branch banking and market leader for its Greater Boston region.

Guarino most recently served as senior vice president of retail and business banking at Citizens Financial Group Inc.'s Citizens Bank.

Berkshire Bank is a unit of Massachusetts-based Berkshire Hills Bancorp Inc.

* Opus Bank named Adam Russell senior managing director of commercial banking.

He joins the Irvine, Calif.-based bank most recently from Pasadena, Calif.-based Community Bank, where he served as first vice president, team leader and relationship manager since 2016.

* Stearns Bank NA appointed Mary Jepperson to its board, according to ABL Advisor.

She is a professor of accounting and finance at the College of Saint Benedict/Saint John's University.

Saint Cloud, Minn.-based Stearns Bank is a unit of Stearns Financial Services Inc.