Magazine article American Banker

Yankee24 Chief to Take Helm after NYCE Merger

Magazine article American Banker

Yankee24 Chief to Take Helm after NYCE Merger

Article excerpt

Richard P. Yanak, president of the Yankee24 automated teller machine network in New England, is preparing to be named chief executive of the company that will result from Yankee24's merger with NYCE.

The appointment is likely to be announced when the merger is completed, perhaps within two weeks.

It will create a network of more 13,000 ATMs and 33,000 point of sale terminals.

The devices are spread across more than 20 states, but are concentrated in the Northeast.

Executives at NYCE and Yankee24 declined to comment on Mr. Yanak's expected appointment, but sources close to both NYCE and Yankee24 said he will have a one-year or two-year contract.

No Surprise

Mr. Yanak's elevation to one of the biggest electronic banking networks is viewed as unsurprising, given the fact that New York Switch Corp., which operates NYCE, has a vacancy at the top.

Gary Roboff, a Chemical Banking Corp. executive, has acted as temporary president since the death of NYCE's chief executive, David A. Huemer, in December 1992. Mr. Roboff's role, if any, after the merger is unclear.

Among the first questions confronting Mr. Yanak, 58, an ATM networking pioneer with more than 20 years in the business, will be the name of the combined network.

It is possible that either Yankee24 or NYCE will get the nod.

But given the New Jersey-based network's expansion aspirations, it might prefer a name with fewer regional connotations.

"If NYCE is going to move beyond the upper-right-hand corner of the country, it's probably going to have to find a name that doesn't scream |Northeast' so loudly," said Richard Westelman, a senior consultant at Dove & Associates in Boston.

Citicorp Talks

Also on Mr. Yanak's plate is how to deal with Citicorp's prospective membership in NYCE.

The nation's largest bank has stayed out of the New York-area sharing arrangement, viewing its ATMs primarily as a convenience for its own customers. …

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