OLYMPIA – The Washington State Department of Financial Institutions (DFI) is pleased to announce the appointment of Richard M. Riccobono as the new Director of the agency’s Division of Banks.
“Rick’s long regulatory resume brings a particular strength that makes him a powerful asset to DFI’s top-notch Division of Banks staff,” DFI Director Scott Jarvis said.
Riccobono began his career in the financial industry in 1985 as a senior tax consultant and spent 20 years in the financial services industry as both banker and regulator. He served with the Federal Home Loan Bank of Boston, Mass., Federal Home Loan Bank of Atlanta, Ga., Office of Thrift Supervision as a Regional Director in Atlanta, Ga., Deputy Director and Acting Director of the Office of Thrift Supervision Department of Treasury in Washington, D.C. He most recently served as President and Chief Executive Officer of the Federal Home Loan Bank of Seattle.
He holds a Juris Doctorate degree from the Western New England School of Law in Springfield, Mass. and a Bachelor’s of Science degree from State University of New York in Albany, N.Y. He is a member of the Georgia Bar Association, Texas Bar Association and holds certification as a Public Accountant.
Riccobono was selected from a diverse field of more than 30 applicants after a rigorous application process and interviews with two panels – an internal panel of DFI staff and a second financial industry leader’s panel.
“Rick displayed a firm grasp of and appreciation for the role of the state banking system and DFI’s commitment to promoting a stable and competitive financial system that enhances economic vitality,” Jarvis added. “He certainly understands the role of a financial regulator, has demonstrated leadership skills and is well respected by our state and federal regulator partners.”
Riccobono, known in the banking industry as a strong supporter of community banks, said the Director of Banks position offers him the opportunity to give back to the community as a public servant.
“We cannot bring this economy back unless we have a strong community banking system,” Riccobono said. “We’ve got to really get ahead of the curve – there is a barrage of federal regulation from Dodd Frank coming, and community banks can’t take much more. We need to keep them safe and sound, but also to make sure we’re reasonable in the way we go forward in terms of common sense regulation.”
Keeping community banks strong and healthy, Riccobono said, will help Washington.
“The economy in this state is driven today like it was back in the ’30s,” Riccobono added. “The small business man or woman is what drives employment. Small businesses employ more than the big employers, and they need credit, they need working capital – community banks offer that.
Riccobono begins his tenure as Washington DFI’s new Division of Banks Director on July 18.