Early Life
Benjamin W. Navarro was born in Williamstown, Massachusetts, in 1962 or 1963. He is one of eight children of Frank Navarro, a college football coach who was also featured in a Norman Rockwell painting. Navarro grew up in Westerly and Chariho, Rhode Island, and is of Italian descent. He earned a bachelor's degree in finance from the University of Rhode Island in 1984.
Rise to Success
Navarro began his career at Chemical Bank, then spent three years at Goldman Sachs working on mortgage-backed securities. In 1988, he joined Citigroup, where he rose to vice president and co-head of mortgage sales and trading. In 1998, Navarro founded Sherman Financial Group. In 2005, Sherman acquired First National Bank of Marin and rebranded it as Credit One Bank. He transformed it into a major credit card issuer, catering to subprime borrowers. Credit One Bank has issued over 18 million credit cards and is the seventh-largest Visa and Mastercard issuer in the United States.
Key Business Strategies
Navarro's key business strategies have centered on building Sherman Financial Group into a diversified financial services company. He has been credited with transforming the credit card debt collection industry. He expanded through strategic acquisitions, notably Credit One Bank. He has also focused on investments in hospitality, sports, and real estate, including the Charleston Open and Cincinnati Open tennis tournaments and the Charleston Place Hotel. In 2018, he established Beemok Capital as a family office to manage his investments.
Philanthropy
Navarro is known for his philanthropy, particularly in education. He founded Meeting Street Schools, a network of schools in South Carolina, and the Meeting Street Scholarship Fund. He has also supported the Excellence in Teaching Awards program. In 2021, he donated $1.25 million to the College of Charleston's teacher education programs.