Quontic Promotes Karen Wood To Chief Financial Officer

NEW YORK, June 25, 2020 /PRNewswire/ -- Quontic, the adaptive digital bank, is pleased to announce the promotion of Karen Wood, CMA, CSCA to Chief Financial Officer. As a seasoned banking leader with over 20 years of financial experience, Karen formerly served as Quontic's Controller for six years and will take over the reins from Don Frain as he begins his retirement. Steven Schnall, CEO will take on the additional role of President as well.

Karen assumes this role immediately with Don Frain supporting the transition and Kathy-Ann Badal-John now serving as the newly appointed Controller. Quontic is committed to diversity and is enthused to promote additional female talent to the C-level leadership team. Wood played an instrumental role during the past year in supporting Quontic's mission to disrupt the traditional banking system for financial empowerment for all by tapping into the power of adaptive, digital banking technology with strong fiscal oversight. The growth of Quontic from a one branch community bank to a national digital bank offering services in all 50 states in less than 18 months, has required vision, collaboration and financial acumen from key leaders like Wood.

"I am honored to follow in the footsteps of Don Frain as the new Chief Financial Officer at Quontic," says Karen Wood, CFO at Quontic. "He has been a great mentor and I have learned a great deal from him and the senior leadership team. It is an exciting time to serve as the next CFO as Quontic is facing explosive growth and we are changing how the world banks."

Wood is a graduate of Mt. St. Mary's College, a Certified Management Accountant, Certified in Strategy & Competitive Analysis, and holds accreditation from COSO in the Internal Controls Integrated Framework and Enterprise Risk Management. Karen has a strong belief in the mentoring process, leads with humility, and brings a strong sense of personal responsibility to every professional challenge.

"Quontic has complete confidence in Karen Wood serving as our next CFO and we are looking forward to her settling into her new role," shares Steve Schnall, CEO of Quontic. "We expect the succession to be smooth as Karen is completely immersed in our digital journey and understands the vision to break the traditional banking system with technology and products that reimagine banking while adhering to regulations with solid fiscal management. We are also looking forward to growing our senior team with female leaders."

About Quontic:
Quontic is the adaptive digital bank that empowers its customers financially while embracing their diverse circumstances. Quontic's disruptive banking platform reimagines traditional banking with adaptive lending and innovative deposit products that transcend legacy banking inequities. Quontic's mission to break the system for financial empowerment stands in the face of big banks and proves there is a better and more equitable way to put the customer first. The bank focuses on truly understanding and serving the underdogs, entrepreneurs, gig-economy workers, immigrants, and more with a curated banking experience as opposed to a one-size-fits-all banking approach. Quontic is a privately held company based in New York, New York. Follow and connect with Quontic on Facebook and Instagram.

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SOURCE Quontic