Executive Vice President
General Counsel and Secretary
Prior to joining the Bank, Mr. Fruchtman was for ten years Special Counsel in the New York office of Cadwalader, Wickersham & Taft, where, among other things, he acted as outside counsel to the Bank on a variety of matters, including assisting the Bank to establish its Washington, D.C., New Jersey and California branches.
At Cadwalader, Mr. Fruchtman represented a variety of domestic and foreign financial institutions in financial services regulatory and transactional matters, including matters under the Bank Holding Company Act of 1956, affiliate and insider transactions, lending limits and permissible bank investments, regulatory capital, anti-tie-in rules and many other financial services regulatory matters.
Prior to joining Cadwalader, Mr. Fruchtman was for three years, until it was sold to Fleet Financial Group Inc., Vice President and Counsel of National Westminster Bancorp (“NatWest”), where he was the Head of the Bank Regulatory and Legislative Affairs Team within NatWest’s legal department. While at NatWest, Mr. Fruchtman assisted in the sale of Natwest to Fleet; handled the bank regulatory aspects of the part-cash, part-ADR acquisition of two banks; established a Delaware consumer and credit card bank, structured $2.5 billion in related asset transfers, and advised on related federal and state consumer regulatory issues; merged NatWest’s New York and New Jersey national bank subsidiaries; advised on insurance and securities products; and advised NatWest’s New York branch and its affiliated Swiss bank’s New York branch on a variety of matters.
Previously, Mr. Fruchtman was for six years a senior associate and then partner of a small New York law firm where he represented a variety of domestic and foreign banks and their affiliated small business investment companies on regulatory and transactional matters, including senior and subordinated debt and equity financings, and served as special regulatory counsel to other law firms.
Before that, he was Associate Counsel of Fidata Corporation (formerly Bradford National) and Secretary of Bradford Trust Company. Mr. Fruchtman began his career with the Federal Reserve Bank of New York, where he worked for ten years as an attorney and an officer in the Legal Department. Mr. Fruchtman served on the Executive Committee of the Business Law Section of the New York State Bar Association and as Secretary of its Banking Law Committee. He is the author of “Gramm-Leach-Bliley Act of 1999, Financial Services Modernization: Risks and Opportunities for Insurers Under the New Affiliation Rules,” Cadwalader, Wickersham & Taft, September 2000, and other publications including “Foreign Banks and the Investment Company Act,” Review of Financial Services Regulation, Volume 3, No. 22, December 16, 1987. Mr. Fruchtman graduated from The City College of New York, cum laude, in 1968 and from the University of Michigan Law School in 1971. He also holds a Master’s Degree in Political Science, 1971, from the University of Michigan.