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Melville bank executive dies after battle with cancer
Madison National Bancorp Inc., of Melville, said Monday that its founder and chief executive, Daniel L. Murphy, died Sunday. He was 52.
The news came about 12 hours after a separate announcement that Murphy had taken a medical leave.
The bank said in a statement, "Mr. Murphy will be greatly missed by the entire Madison National family as well as by his colleagues and friends throughout the banking industry. Mr. Murphy had a career of over 30 years in the banking industry and co-founded Madison National in 2007."
Taking over the day-to-day operations of the bank will be its co-chairman and president, Michael P. Puorro.
“We are deeply saddened by the news of Dan’s passing,” Puorro said in the statement. “Dan was an esteemed colleague and dear friend. Our thoughts are with his family during this difficult time.”
The company operates Madison National Bank branches in Massapequa, Melville and Merrick. It is awaiting a planned $33.7 million takeover by FNBNY Bancorp. Inc.
Puorro said the bank and its proposed buyer “remain committed to consummating the pending merger in accordance with the merger agreement between the parties.”
If the transaction takes place, Madison will be renamed First National Bank of New York and will operate all three branches as a subsidiary of Manhattan-based FNBNY, which operates no branches now.
The announcement of Murphy's leave was issued Sunday night. It gave no particulars of his medical condition.
This past week, Madison said the deadline for completion of the takeover had been extended a month, until March 31. The companies did not immediately explain the circumstances of the delay in the transaction, which had been expected to close by the end of February.
Murphy, together with Gerald Kaiser, the two co-founders of Madison National Bank, in 2008 gave a $1.75-million personal gift to Molloy College for the school's new theater.
Murphy, a 1987 graduate of Molloy, was appointed to the Molloy College Board of Trustees in 2001 and served as chairman of the Board from 2005-2008. He also served as co-chair of the Capital Campaign Committee. This committee was responsible for raising approximately $20 million for the College to use toward the construction of the Public Square and the College's first residence hall, said Dr. Drew Bogner, Molloy's president..
"Dan Murphy was an incredible friend and supporter of Molloy College," said Bogner said in a statement. "His leadership, guidance and vision were instrumental in our growth over the last decade, and our indebtedness and gratitude to him will live forever."
Madison National Bank opened in 2007 with $32.5 million in a private stock offering with a branch in Merrick that offered amenities such as a fireplace and coffee and popcorn stations.
Murphy told Newsday that the new bank's strategy was to lure midsize businesses and lots of "ex-thrift customers" by offering personalized service built around their individual needs.
"We all know that banking serves basically the same hamburger" in terms of saving and lending products, he said. "It's how you serve it that distinguishes you from the rest of the world."
Murphy holds a B.A. degree in business from Molloy, is a graduate of the America's Community Bankers National School of Banking at Fairfield University and the American Bankers Association National Graduate School of Compliance Management at The University of Oklahoma. He earned his M.B.A. from the Dolan School of Business at Fairfield University, Madison officials said.
In addition to his service to Molloy, Murphy served on the boards of SUNY Old Westbury Foundation, Queens Museum of Art, Arthritis Foundation, Theodore Roosevelt Council - Boy Scouts of America, Advancement for Commerce, Industry & Technology (ACIT), and Winthrop University Hospital.