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People's United Bank Establishes New Lender Finance Team as it Expands ABL Specialty Business
People's United Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), has expanded its Commercial Specialty Business with the formation of a dedicated Lender Finance team. The team will be led by Patrick Lee, Managing Director, Head of Lender Finance, Asset-Based Lending, and be an extension of the Bank’s existing Asset-Based Lending group. The team will work with non-bank lender finance companies nationally to provide tailored solutions of $10MM or more to help them achieve their near and long-term growth objectives.
“Lender Finance represents a significant portion of our ABL portfolio today, and we’re excited to launch a dedicated focus on this market segment to design tailored solutions for Lender Finance borrowers,” said Kate Lepak, Director, Asset Based Lending, People’s United Bank. “The creation of a Lender Finance team is consistent with the implementation of industry specialties across the Bank over the past several years, including Seafood, Nonprofit, Healthcare Finance and Mortgage Warehouse Lending.
The Lender Finance team will enable clients to benefit from the many synergies that exist with the Bank’s ABL Finance division and other Bank specialty lines, including a more customized product suite and industry-specific market intelligence.
“I am thrilled to be a part of People’s United’s ABL team and to have the opportunity to help grow this new vertical by developing new client relationships, while partnering with the groups’ business development officers and portfolio managers to design tailored solutions for Lender Finance borrowers nationally,” said Lee.
Lee joined People’s United’s ABL team in 2016, bringing an extensive background in commercial lending. In prior positions at GE Capital, Merrill Lynch Capital, Bank of America and CIT, he gained experience across a range of functions and managerial roles in asset-based lending, leveraged cash flow lending, and restructuring finance. Lee holds a BA in economics and an MBA in finance from Rutgers University. He was also a licensed CPA.
About People's United Bank, N.A.
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $51 billion in assets. Founded in 1842, People’s United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide.