The Division of Banks at the state Department of Financial Institutions has a new director.
Richard M. Riccobono will take the position on July 18, the department announced Friday afternoon.
“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 in a release.
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, the department said.
He served with the Federal Home Loan Bank of Boston, Federal Home Loan Bank of Atlanta, and the Office of Thrift Supervision as a regional director in Atlanta and deputy director and acting director in Washington, D.C.
Most recently he served as president and CEO of the Federal Home Loan Bank of Seattle.
He replaces Brad Williamson, who left earlier this year to become president and CEO of Islanders Bank, a three-branch community bank based in Friday Harbor.
Riccobono holds a Juris Doctorate degree from the Western New England School of Law in Springfield, Mass. and a Bachelor of Science degree from State University of New York in Albany. He is a member of the Georgia Bar Association, Texas Bar Association and holds certification as a Public Accountant.
More than 30 people applied for the directorship, the department said.
“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 said.
Riccobono stated, “We cannot bring this economy back unless we have a strong community banking system.”