NEW YORK, April 1, 2014 (GLOBE NEWSWIRE) -- StoneCastle Financial Corp. (Nasdaq: BANX ), an SEC registered investment company, announced that Mr. Patrick J. Farrell will serve as Chief Financial Officer of StoneCastle Financial Corp., effective today, April 1, 2014. Erik Minor, who had served as the Company's interim Chief Financial Officer, will remain a Managing Director with StoneCastle Partners LLC, focused on business development and product enhancements.
"We are extremely pleased to have Pat join our team as our Chief Financial Officer," stated Josh Siegel, Chairman and Chief Executive Officer of StoneCastle Financial Corp. "He brings a wealth of financial experience and a strong background in corporate finance, which will provide significant benefits as we look to continue to execute our investment and capital financing strategies. Further, I want to offer my sincere thanks and appreciation to Erik, for his efforts as our interim CFO through our IPO. He has been, and will continue to be, an important contributor to StoneCastle's growth initiatives going forward."
Mr. Farrell has over 30 years of significant financial and business experience as a Chief Financial Officer and Chief Operating Officer and as a former auditor. Prior to joining StoneCastle Financial Corp., Mr. Farrell was Chief Financial Officer and Chief Operating Officer of the Emerging Managers Group, LP, a specialty asset management firm focused on offshore mutual funds. Previously, Mr. Farrell served as Chief Financial Officer at Reserve Management, where he oversaw all financial activities for a company with $120B of assets across 23 registered mutual funds, 4 offshore funds, an insured deposit program and a broker dealer. Mr. Farrell began his career at, what is now KPMG, after graduating from Manhattan College with a B.S. in Business Administration.
About StoneCastle Financial Corp.
StoneCastle Financial Corp. ("StoneCastle Financial") is an investment company established to serve as an investor in community banks seeking capital for organic growth, acquisitions, share repurchases and other refinancing activities. With the experience and knowledge gained from its senior management team, StoneCastle Financial was formed to provide investors with exposure to community banks. StoneCastle Financial is focused on investing its capital in long-term, passive, non-control investments and is proud to expand access to capital for publicly traded and privately-held community banking institutions across the country. StoneCastle Financial is managed by StoneCastle Asset Management LLC. StoneCastle Financial's investment objective is to provide current income, and to a lesser extent capital appreciation, through preferred equity, subordinated debt and common equity investments in U.S. domiciled community banks. StoneCastle Financial is an SEC registered non-diversified closed-end investment company listed on the NASDAQ Global Select Market under the symbol "BANX." Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. There is no assurance that StoneCastle Financial will achieve its investment objective. StoneCastle Financial is subject to numerous risks, including investment risks. Shares of StoneCastle Financial may not be appropriate for all investors. Investors should review and consider carefully the StoneCastle Financial's investment objective, risks, charges and expenses. Past performance does not guarantee future results. Learn more at www.stonecastle-financial.com .
Forward-Looking Statements
This press release contains statements that are not historical facts that are forward-looking statements based on current management expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of shares of common stock, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in StoneCastle Financial's filings with the SEC.
Investor Contact: Stephen Swett 347-887-0399 Media Contact: Brian Ruby 203-682-8268
