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Press Release
Banking Department Announces Appointment of New Banking Board Members

June 4, 2009

New York, N.Y.: The New York State Banking Department announced today that Franz S. Leichter and William C. McGarry will serve as members of the New York State Banking Board.  Leichter and McGarry were appointed by Governor David A. Paterson and confirmed by the State Senate on Wednesday, June 3, 2009 for three year terms. Leichter will serve as a public member of the Board and McGarry will serve as an industry member.  They will receive no salary.

“I am delighted to welcome Franz and William to the Banking Board. Both have outstanding records in their service to the State and the banking industry and will make immediate contributions to the Board,” Said Banking Superintendent Richard H. Neiman.

A long-time public servant, Franz Leichter served the State of New York as a legislator for thirty years. He began in the State Assembly in 1968 and served three terms before being elected to the State Senate in 1974. During his fourteen years in the Senate, Leichter was a member of the Senate Banks Committee and initiated programs aimed at conserving affordable housing and sponsoring community improvements. In 2000 President Clinton appointed Leichter to a six-year term on the Federal Housing Finance Board. He is a graduate of Swarthmore College and Harvard Law School. He currently serves as a director of the Hudson River Park Trust.

William McGarry is currently the Chairman, President and Chief Executive Officer of Ridgewood Savings Bank. He started at Ridgewood Savings Bank in 1987 and has served in numerous capacities before taking on his current role; including Executive Vice President and Chief Operating Officer, Senior Vice President and Chief Financial Officer, and Vice President and Comptroller. McGarry received his BS in Accounting from Herbert H. Lehman College (CUNY) and graduated from Fairfield University’s Executive Development Program. He also currently serves on the Board of Directors of St. Joseph’s College and the New York Bankers Association. 

The 17-member Banking Board includes both industry and public members and is chaired by the Superintendent of Banks, Richard H. Neiman.  More information about the New York State Banking Department and Banking Board is available on the Banking Department's Website at

The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners.  The aggregate assets of the depository institutions supervised by the Banking Department are $2.4 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at

Department of Financial Services


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