David Demas joined TriState Capital Holdings as executive vice president of finance. Demas was a senior partner in the financial services practice of the San Francisco office of Deloitte & Touche.
“We’re very excited to welcome David, a leader whose relationships and deep understanding of the banking, securities and asset management industries will be truly beneficial as our TriState Capital Bank and Chartwell Investment Partners businesses continue to grow and flourish,” said James Getz, chairman and CEO of the Pittsburgh holding company.
Demas, a western Pennsylvania native, brings more than 25 years of deep financial services industry and leadership experience serving Deloitte’s largest, most prominent and complex banking, securities, asset management and finance technology clients. Demas led Deloitte’s West Coast securities practice.
“We’ve always sought to attract exceptional professionals at the top of their games to our entrepreneurial company, and we believe David is an outstanding addition to our senior management and finance teams,” said Mark Sullivan, the company’s current chief financial officer and co-founder.
After a four-month transition period, Demas will succeed Sullivan as CFO. Sullivan added, “I look forward to working closely with David to ensure a smooth and successful transition of the CFO role to him.”
After the transition, Sullivan will continue serving as vice chairman and company director.
“Since Mark co-founded TriState Capital as its first CFO more than 10 years ago, he’s been instrumental in designing the financial structure for this company, building a world-class finance team, and laying the foundation for our success,” Getz said. “Mark’s commitment to TriState Capital, our employees, customers and his fellow shareholders is unparalleled, and we are grateful for the positive impact he has made on our company. We are fortunate to continue benefiting from Mark’s expertise and counsel.”
Before co-founding TriState Capital, Sullivan worked in public accounting for 36 years, including serving as a partner with Price Waterhouse and Ernst & Young. TriState was founded in 2007 by Getz, Sullivan and Bill Schenck, a former Pennsylvania Secretary of Banking. The trio raised $100 million to capitalize the boutique bank, which focuses on midsize businesses, professionals and high net worth individuals in Pennsylvania, Ohio, New Jersey and New York.
TriState’s subsidiary $4.2 billion TriState Capital Bank became publicly traded in 2013. The holding company also has $8 billion in assets under management in its Chartwell Investment Partners subsidiary.