Company: NEWTP
Filing Date: 2025-04-23
Form Type: 8-K
Source: 0001587987-25-000069
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Company: NewtekOne, Inc.
Filing Date: 2025-04-23
Form: 8-K
Item: Item 5.02
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 21, 2025, Nicolas Young provided notice of his resignation as President and Chief Operating Officer of the Company’s subsidiary Newtek Bank, N. A. (the “ Bank”), effective May 16, 2025. The Bank has appointed Peter Downs (60), the Company’s and Bank’s Chief Lending Officer, as President of the Bank, effective April 22, 2025; Mr. Young will remain employed by the Bank through May 16, 2025, to assist in the transition. Mr. Downs has served as Company’s and Bank’s Chief Lending Officer since January 2023, and President of Newtek Small Business Finance, LLC, the Company’s wholly owned non-bank U. S. Small Business Administration (“ SBA”) 7(a) lending subsidiary since 2003. Mr. Downs has been a member of the board of directors of the Company since 2014 and a member of the board of directors of the Bank since January 2023. Mr. Downs has had primary responsibility for the development of the Company’s and Bank’s lending policies and procedures, loan portfolios, loan origination platform and marketing of lending products. Prior to joining the Company in 2003, Mr. Downs spent sixteen years in various small business lending roles within the banking industry, including running Citibank’s SBA lending portfolio in New York, and eventually being named the National Director of SBA lending, after which he was responsible for coordinating Citibank’s SBA underwriting and sales efforts in all Citibank markets across the country. From 1990 to 2001, he was employed with European American Bank (EAB), where he held various positions including New Business Development Officer for Small Business Lending and Group Manager of Retail Small Business Lending which encompassed the underwriting and servicing of the bank’s small business loan portfolio. In addition to his banking experience, he has been involved in several non-profit small business advisory boards, and has been a member of the National Association of Government Guaranteed Lenders (NAGGL) Regional Technical Issues Committee.

The Bank has entered into an employment agreement with Mr. Downs effective as of April 22, 2025 (the “ Downs Employment Agreement”) to be employed as the Bank’s President. Under the Downs Employment Agreement, Mr. Downs is entitled to a set