Steven Schnall, CEO of Quontic Bank, dies in an accident

Steven Schnall, the CEO and founder of Quontic Bank in New York City, died this week.

Schnall died at age 55 in a motorcycle accident on the way back from a biking trip to Canada, real estate publication The Real Deal reported on August 3, citing sources.

We're extremely saddened to share that Steven Schnall, Quontic's CEO and founder, has passed away in a tragic accident, said George Lazaridis, Quontic's co-founder and interim CEO of the $872 million-asset bank, in a statement. For decades, and especially since founding Quontic in 2009, Steve was a charismatic leader who inspired progress, got results, and managed to have fun along the way. He will be greatly missed.

After buying Golden First Bank, Schnall recapitalized and rebranded it to Quontic Bank in 2009. He set out to turn it into a largely digital bank. For example, to double deposits in 2019, Quontic offered high-interest online checking and money market accounts, which caught the attention of rate comparison sites. The institution also built a middleware layer to connect the core system, mortgage software and online and mobile banking systems so it could more seamlessly pull real-time reports or query the data to help with decisions about how to price deposits, achieve liquidity and meet cash needs.