He’s back. After a five-year absence, banking wizard John Kanas has returned to the New York banking scene. Kanas is best known for the meteoric rise of Long Island’s North Fork Bankfrom four branches and $20 million in assets, to over 350 branches and $60 billion in assets. As president, CEO and chairman for nearly 30 years, he also spearheaded North Fork’s 2006 sale to Capital One Financial for $13.2 billion.
In mid-2011, Kanas and his business partner John Bohlsen, another former North Fork executive, took steps to grow their Florida-based bank, BankUnited, in New York. Aug. 7, 2012 would have been the end of their five-year non-competes with Capital One. But, as part of the settlement of a lawsuit charging violations of those non-competes, BankUnited was barred from opening branches in New York’s tri-state region through Jan. 31, 2013. The settlementincluding a reported $20 million payment to Capital Onefollowed a ruling by a Virginia federal court holding the non-compete to be enforceable.
Non-Compete Agreement
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