- Asset-based loan commitments grew in 2023, with fewer new clients, but larger deals
- A Unique Journey to Secured Finance: Interview with Jacob Shoihet and Peter Spradling of Marco Capital
- SFNet Launches IMPACT Awards to Celebrate Excellence in the Secured Finance Industry
- Wintrust Receivables Finance Announces Closing of $3M Line of Credit for Growing Third-Party Logistics Company
- Citigroup’s Shapleigh Smith Retiring; Shane Azzara to Head Asset-Based and Transitional Finance
-
Silicon Valley Bank Collapse Could Mean More VC Challenges for Beauty Startups
The initial panic over the Silicon Valley Bank collapse is over, but the VC-backed beauty startup landscape is now grappling with the potential long-term effects.
Reconsideration of which banks to use to keep their businesses’ cash safe is just the beginning of founders’ concerns, as the closure of the bank could have a broader impact on the VC landscape overall, say experts. Startup beauty brands including outdoor brand Kinfield, skin-care brand Herbivore Botanicals and period health company The Flex Co. were among those banking with Silicon Valley Bank before the collapse. But the event has caused many other startup brands to rethink how and where they store their cash. -
Danimer Scientific Announces Improved Liquidity Position with Closing of $130 Million Senior Secured Term Loan
Mar 20, 2023Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced it had closed a new senior secured term loan (“Term Loan”) with an aggregate principal amount of $130 million that expands its capital structure, significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility as it executes its growth strategy.
-
UBS Agrees to Buy Credit Suisse for More Than $3 Billion
Mar 20, 2023UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system.
-
New York Community Bancorp Unit Buys Certain Assets Of Signature Bridge Bank From FDIC
Mar 20, 2023New York Community Bancorp, Inc. (NYCB) announced Monday that its bank subsidiary, Flagstar Bank, N.A., has acquired certain assets and assumed certain liabilities of Signature Bridge Bank from its receiver, the Federal Deposit Insurance Corp. or FDIC.
-
SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value
Mar 20, 2023SVB Financial Group ("the Company") (NASDAQ: SIVB) today announced that it has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value
-
Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to Make Uninsured Deposits Totaling $30 Billion Into First Republic Bank
Mar 20, 2023
Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.
Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced today they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the eleven banks of $30 billion.
-
In Refinitiv LPC Podcast, Lending Lowdown, Host Maria Dikeos and Guest Peter York Discuss the Silicon Valley Bank and Signature Bank Collapse
In less than one week, both Silicon Valley Bank and Signature Bank collapsed over the course of three days. How do these bank failures differ from what the market faced in 2008? What does it mean for the syndicated bank loan market? Host Maria Dikeos talks to Peter B. York, Adjunct Professor at Ohio State University and recently retired Managing Director and Head of large market asset-based loan originations at a major money center bank.
-
SFNet Reaches Out to Leading Trade Associations Regarding Banking Crisis
Mar 17, 2023
In letters to officials at leading US industry vertical trade associations, including the National Association of Manufacturers and National Retail Federation, SFNet President Jennifer Palmer and CEO Richard Gumbrecht, offered support to their membership in light of the recent disruption sparked by the SVB collapse. The outreach comes at a tumultuous time for many borrowers and extends “economic lifelines” to current and prospective borrowers.
-
“Know Your Borrower” Now Has a New Lens
Mar 17, 2023Longstanding guidance to “know your borrower” is respected for good reason. The recent and unexpected upheaval in the banking and lending sector is triggering a renewed focus on financial risk management relating to borrowers and potential borrowers.
Banks and lenders need a clear understanding of the treasury-management function and risk-mitigation strategies employed by their borrowers and potential borrowers. As in previous challenging economic environments, the current uncertainty is an unpleasant, but beneficial, reminder to evaluate – or re-evaluate – these important functions and strategies. The Treasury Management Gap Analysis is an essential way to achieve this goal. -
U.S. Bank Fallout Extends to Various Non-Bank Financial Sectors
Mar 16, 2023While the recent and sudden deterioration of several U.S. banks has been most impactful to the depositors, shareholders and lenders to these institutions, non-bank financial institutions, insurance companies and funds have experienced a variety of knock-on effects that, although not yet material from a rating perspective, serve to underscore the risk of financial system interconnectedness, says Fitch Ratings.
-
Knowledge at Wharton Podcast: Lessons from the Silicon Valley Bank Collapse
Wharton finance professor Itamar Drechsler discusses what led to the collapse of SVB and the questions it raises for banks, depositors, and regulators going forward.
-
Ares Commercial Finance Provides $31.2 Million Senior Secured Credit Facility to Leading Manufacturer and Distributor of Home and Garden Equipment
Mar 15, 2023Ares Commercial Finance announced today that it has provided a $31.2 million senior secured credit facility for a family-owned and operated manufacturer and distributor of high-quality home and garden equipment for professional and consumer use. The credit facility consists of an asset based revolving line of credit and M&E term loan.
-
Moody’s Puts First Republic, Five US Banks on Downgrade Watch
Mar 15, 2023Western Alliance Bancorp., Intrust Financial Corp., UMB Financial Corp., Zions Bancorp. and Comerica Inc. were the other lenders put on review by Moody’s. The credit rating company cited concerns over the lenders’ reliance on uninsured deposit funding and unrealized losses in their asset portfolios.
-
King Trade Capital Closes a $8 Million PO Finance Facility
Mar 14, 2023
King Trade Capital is pleased to announce the completion of a $8 million purchase order finance facility for a popular growing sorbet brand.
King Trade Capital was introduced to the client by an Investment Bank looking for a finance solution to replace a previous lender that was not capable of keeping up with the company’s growth.
-
FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY
Mar 13, 2023Signature Bank, New York, NY, was closed today by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders.
-
ePlus Expands Credit Facility
Mar 13, 2023ePlus inc. (NASDAQ NGS: PLUS – news) a leading provider of technology and financing solutions, today announced that its wholly-owned subsidiaries ePlus Technology, inc., ePlus Technology Services, inc. and SLAIT Consulting, LLC (collectively, the "Borrowers") recently entered into an amendment to their credit agreement with their lenders (the "Lenders") for which Wells Fargo Commercial Distribution Finance Corporation ("WFCDF") acts as administrative agent.
-
Catching up with Abby Parsonnet, Head of Asset Based Lending at Webster Bank
Mar 13, 2023Last Fall, Webster Bank announced that Abby Parsonnet was named executive managing director, head of Asset Based Lending (ABL) for Webster Bank. In her role, she oversees the nationwide Asset-Based Lending and Commercial Services teams at Webster, which also includes staffing solutions and factoring. She reports to Chris Motl, president of Commercial Banking.
As head of ABL, Parsonnet is responsible for continuing Webster’s strong tradition of excellence in delivering customized working capital solutions to middle- market clients and sponsors. She will lead a team of bankers based in strategic markets nationwide.
Here, Abby discusses her career, goals in her new role, how the merger with Sterling National Bank helped to expand Webster’s offerings, particularly in ABL and factoring, and more.
-
Federal Reserve Board Announces it Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of all Their Depositors
Mar 13, 2023
SFNet continues to assess the effects of the SVB fallout and will provide relevant information and resources as events unfold.
To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.
-
Joel Moss Joins Cahill’s New York Office as a Bankruptcy and Restructuring Partner
Mar 9, 2023
Cahill Gordon & Reindel LLP announced today that Joel Moss has joined the firm as a partner in its Bankruptcy & Restructuring practice.
Mr. Moss’s practice focuses on representing a broad range of clients including financial institutions, hedge funds, direct lenders and ad hoc secured lender and noteholder groups in complex in-court and out-of-court restructurings, workouts, rescue financings, liability management transactions and DIP and exit financings. He also has substantial experience advising financial institutions and hedge funds in connection with the mitigation of risks associated with derivative, futures and securitization transactions.
-
Socure Secures $95 Million Credit Facility with J.P. Morgan, Silicon Valley Bank and KeyBanc Capital Markets
Mar 8, 2023Socure, the leading provider of digital identity verification and fraud solutions, today announced it has entered into a $95 million, three-year credit facility with J.P. Morgan, Silicon Valley Bank, and KeyBanc Capital Markets. This line of credit will further strengthen the company's financial position as it continues on its mission to be the first and only solution provider to verify 100% of good identities in real-time and completely eliminate identity fraud on the internet.
-
Silicon Valley Bank Collapse Could Mean More VC Challenges for Beauty Startups
The initial panic over the Silicon Valley Bank collapse is over, but the VC-backed beauty startup landscape is now grappling with the potential long-term effects.
Reconsideration of which banks to use to keep their businesses’ cash safe is just the beginning of founders’ concerns, as the closure of the bank could have a broader impact on the VC landscape overall, say experts. Startup beauty brands including outdoor brand Kinfield, skin-care brand Herbivore Botanicals and period health company The Flex Co. were among those banking with Silicon Valley Bank before the collapse. But the event has caused many other startup brands to rethink how and where they store their cash. -
Danimer Scientific Announces Improved Liquidity Position with Closing of $130 Million Senior Secured Term Loan
Mar 20, 2023Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced it had closed a new senior secured term loan (“Term Loan”) with an aggregate principal amount of $130 million that expands its capital structure, significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility as it executes its growth strategy.
-
UBS Agrees to Buy Credit Suisse for More Than $3 Billion
Mar 20, 2023UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system.
-
New York Community Bancorp Unit Buys Certain Assets Of Signature Bridge Bank From FDIC
Mar 20, 2023New York Community Bancorp, Inc. (NYCB) announced Monday that its bank subsidiary, Flagstar Bank, N.A., has acquired certain assets and assumed certain liabilities of Signature Bridge Bank from its receiver, the Federal Deposit Insurance Corp. or FDIC.
-
SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value
Mar 20, 2023SVB Financial Group ("the Company") (NASDAQ: SIVB) today announced that it has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value
-
Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to Make Uninsured Deposits Totaling $30 Billion Into First Republic Bank
Mar 20, 2023
Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.
Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced today they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the eleven banks of $30 billion.
-
In Refinitiv LPC Podcast, Lending Lowdown, Host Maria Dikeos and Guest Peter York Discuss the Silicon Valley Bank and Signature Bank Collapse
In less than one week, both Silicon Valley Bank and Signature Bank collapsed over the course of three days. How do these bank failures differ from what the market faced in 2008? What does it mean for the syndicated bank loan market? Host Maria Dikeos talks to Peter B. York, Adjunct Professor at Ohio State University and recently retired Managing Director and Head of large market asset-based loan originations at a major money center bank.
-
SFNet Reaches Out to Leading Trade Associations Regarding Banking Crisis
Mar 17, 2023
In letters to officials at leading US industry vertical trade associations, including the National Association of Manufacturers and National Retail Federation, SFNet President Jennifer Palmer and CEO Richard Gumbrecht, offered support to their membership in light of the recent disruption sparked by the SVB collapse. The outreach comes at a tumultuous time for many borrowers and extends “economic lifelines” to current and prospective borrowers.
-
“Know Your Borrower” Now Has a New Lens
Mar 17, 2023Longstanding guidance to “know your borrower” is respected for good reason. The recent and unexpected upheaval in the banking and lending sector is triggering a renewed focus on financial risk management relating to borrowers and potential borrowers.
Banks and lenders need a clear understanding of the treasury-management function and risk-mitigation strategies employed by their borrowers and potential borrowers. As in previous challenging economic environments, the current uncertainty is an unpleasant, but beneficial, reminder to evaluate – or re-evaluate – these important functions and strategies. The Treasury Management Gap Analysis is an essential way to achieve this goal. -
U.S. Bank Fallout Extends to Various Non-Bank Financial Sectors
Mar 16, 2023While the recent and sudden deterioration of several U.S. banks has been most impactful to the depositors, shareholders and lenders to these institutions, non-bank financial institutions, insurance companies and funds have experienced a variety of knock-on effects that, although not yet material from a rating perspective, serve to underscore the risk of financial system interconnectedness, says Fitch Ratings.
-
Knowledge at Wharton Podcast: Lessons from the Silicon Valley Bank Collapse
Wharton finance professor Itamar Drechsler discusses what led to the collapse of SVB and the questions it raises for banks, depositors, and regulators going forward.
-
Ares Commercial Finance Provides $31.2 Million Senior Secured Credit Facility to Leading Manufacturer and Distributor of Home and Garden Equipment
Mar 15, 2023Ares Commercial Finance announced today that it has provided a $31.2 million senior secured credit facility for a family-owned and operated manufacturer and distributor of high-quality home and garden equipment for professional and consumer use. The credit facility consists of an asset based revolving line of credit and M&E term loan.
-
Moody’s Puts First Republic, Five US Banks on Downgrade Watch
Mar 15, 2023Western Alliance Bancorp., Intrust Financial Corp., UMB Financial Corp., Zions Bancorp. and Comerica Inc. were the other lenders put on review by Moody’s. The credit rating company cited concerns over the lenders’ reliance on uninsured deposit funding and unrealized losses in their asset portfolios.
-
King Trade Capital Closes a $8 Million PO Finance Facility
Mar 14, 2023
King Trade Capital is pleased to announce the completion of a $8 million purchase order finance facility for a popular growing sorbet brand.
King Trade Capital was introduced to the client by an Investment Bank looking for a finance solution to replace a previous lender that was not capable of keeping up with the company’s growth.
-
FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY
Mar 13, 2023Signature Bank, New York, NY, was closed today by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders.
-
ePlus Expands Credit Facility
Mar 13, 2023ePlus inc. (NASDAQ NGS: PLUS – news) a leading provider of technology and financing solutions, today announced that its wholly-owned subsidiaries ePlus Technology, inc., ePlus Technology Services, inc. and SLAIT Consulting, LLC (collectively, the "Borrowers") recently entered into an amendment to their credit agreement with their lenders (the "Lenders") for which Wells Fargo Commercial Distribution Finance Corporation ("WFCDF") acts as administrative agent.
-
Catching up with Abby Parsonnet, Head of Asset Based Lending at Webster Bank
Mar 13, 2023
Last Fall, Webster Bank announced that Abby Parsonnet was named executive managing director, head of Asset Based Lending (ABL) for Webster Bank. In her role, she oversees the nationwide Asset-Based Lending and Commercial Services teams at Webster, which also includes staffing solutions and factoring. She reports to Chris Motl, president of Commercial Banking.
As head of ABL, Parsonnet is responsible for continuing Webster’s strong tradition of excellence in delivering customized working capital solutions to middle- market clients and sponsors. She will lead a team of bankers based in strategic markets nationwide.
Here, Abby discusses her career, goals in her new role, how the merger with Sterling National Bank helped to expand Webster’s offerings, particularly in ABL and factoring, and more.
-
Federal Reserve Board Announces it Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of all Their Depositors
Mar 13, 2023
SFNet continues to assess the effects of the SVB fallout and will provide relevant information and resources as events unfold.
To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.
-
Joel Moss Joins Cahill’s New York Office as a Bankruptcy and Restructuring Partner
Mar 9, 2023
Cahill Gordon & Reindel LLP announced today that Joel Moss has joined the firm as a partner in its Bankruptcy & Restructuring practice.
Mr. Moss’s practice focuses on representing a broad range of clients including financial institutions, hedge funds, direct lenders and ad hoc secured lender and noteholder groups in complex in-court and out-of-court restructurings, workouts, rescue financings, liability management transactions and DIP and exit financings. He also has substantial experience advising financial institutions and hedge funds in connection with the mitigation of risks associated with derivative, futures and securitization transactions.
-
Socure Secures $95 Million Credit Facility with J.P. Morgan, Silicon Valley Bank and KeyBanc Capital Markets
Mar 8, 2023Socure, the leading provider of digital identity verification and fraud solutions, today announced it has entered into a $95 million, three-year credit facility with J.P. Morgan, Silicon Valley Bank, and KeyBanc Capital Markets. This line of credit will further strengthen the company's financial position as it continues on its mission to be the first and only solution provider to verify 100% of good identities in real-time and completely eliminate identity fraud on the internet.
-
Silicon Valley Bank Collapse Could Mean More VC Challenges for Beauty Startups
The initial panic over the Silicon Valley Bank collapse is over, but the VC-backed beauty startup landscape is now grappling with the potential long-term effects.
Reconsideration of which banks to use to keep their businesses’ cash safe is just the beginning of founders’ concerns, as the closure of the bank could have a broader impact on the VC landscape overall, say experts. Startup beauty brands including outdoor brand Kinfield, skin-care brand Herbivore Botanicals and period health company The Flex Co. were among those banking with Silicon Valley Bank before the collapse. But the event has caused many other startup brands to rethink how and where they store their cash. -
Danimer Scientific Announces Improved Liquidity Position with Closing of $130 Million Senior Secured Term Loan
Mar 20, 2023Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced it had closed a new senior secured term loan (“Term Loan”) with an aggregate principal amount of $130 million that expands its capital structure, significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility as it executes its growth strategy.
-
UBS Agrees to Buy Credit Suisse for More Than $3 Billion
Mar 20, 2023UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system.
-
New York Community Bancorp Unit Buys Certain Assets Of Signature Bridge Bank From FDIC
Mar 20, 2023New York Community Bancorp, Inc. (NYCB) announced Monday that its bank subsidiary, Flagstar Bank, N.A., has acquired certain assets and assumed certain liabilities of Signature Bridge Bank from its receiver, the Federal Deposit Insurance Corp. or FDIC.
-
SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value
Mar 20, 2023SVB Financial Group ("the Company") (NASDAQ: SIVB) today announced that it has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value
-
Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to Make Uninsured Deposits Totaling $30 Billion Into First Republic Bank
Mar 20, 2023
Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.
Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced today they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the eleven banks of $30 billion.
-
In Refinitiv LPC Podcast, Lending Lowdown, Host Maria Dikeos and Guest Peter York Discuss the Silicon Valley Bank and Signature Bank Collapse
In less than one week, both Silicon Valley Bank and Signature Bank collapsed over the course of three days. How do these bank failures differ from what the market faced in 2008? What does it mean for the syndicated bank loan market? Host Maria Dikeos talks to Peter B. York, Adjunct Professor at Ohio State University and recently retired Managing Director and Head of large market asset-based loan originations at a major money center bank.
-
SFNet Reaches Out to Leading Trade Associations Regarding Banking Crisis
Mar 17, 2023
In letters to officials at leading US industry vertical trade associations, including the National Association of Manufacturers and National Retail Federation, SFNet President Jennifer Palmer and CEO Richard Gumbrecht, offered support to their membership in light of the recent disruption sparked by the SVB collapse. The outreach comes at a tumultuous time for many borrowers and extends “economic lifelines” to current and prospective borrowers.
-
“Know Your Borrower” Now Has a New Lens
Mar 17, 2023Longstanding guidance to “know your borrower” is respected for good reason. The recent and unexpected upheaval in the banking and lending sector is triggering a renewed focus on financial risk management relating to borrowers and potential borrowers.
Banks and lenders need a clear understanding of the treasury-management function and risk-mitigation strategies employed by their borrowers and potential borrowers. As in previous challenging economic environments, the current uncertainty is an unpleasant, but beneficial, reminder to evaluate – or re-evaluate – these important functions and strategies. The Treasury Management Gap Analysis is an essential way to achieve this goal. -
U.S. Bank Fallout Extends to Various Non-Bank Financial Sectors
Mar 16, 2023While the recent and sudden deterioration of several U.S. banks has been most impactful to the depositors, shareholders and lenders to these institutions, non-bank financial institutions, insurance companies and funds have experienced a variety of knock-on effects that, although not yet material from a rating perspective, serve to underscore the risk of financial system interconnectedness, says Fitch Ratings.
-
Knowledge at Wharton Podcast: Lessons from the Silicon Valley Bank Collapse
Wharton finance professor Itamar Drechsler discusses what led to the collapse of SVB and the questions it raises for banks, depositors, and regulators going forward.
-
Ares Commercial Finance Provides $31.2 Million Senior Secured Credit Facility to Leading Manufacturer and Distributor of Home and Garden Equipment
Mar 15, 2023Ares Commercial Finance announced today that it has provided a $31.2 million senior secured credit facility for a family-owned and operated manufacturer and distributor of high-quality home and garden equipment for professional and consumer use. The credit facility consists of an asset based revolving line of credit and M&E term loan.
-
Moody’s Puts First Republic, Five US Banks on Downgrade Watch
Mar 15, 2023Western Alliance Bancorp., Intrust Financial Corp., UMB Financial Corp., Zions Bancorp. and Comerica Inc. were the other lenders put on review by Moody’s. The credit rating company cited concerns over the lenders’ reliance on uninsured deposit funding and unrealized losses in their asset portfolios.
-
King Trade Capital Closes a $8 Million PO Finance Facility
Mar 14, 2023
King Trade Capital is pleased to announce the completion of a $8 million purchase order finance facility for a popular growing sorbet brand.
King Trade Capital was introduced to the client by an Investment Bank looking for a finance solution to replace a previous lender that was not capable of keeping up with the company’s growth.
-
FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY
Mar 13, 2023Signature Bank, New York, NY, was closed today by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders.
-
ePlus Expands Credit Facility
Mar 13, 2023ePlus inc. (NASDAQ NGS: PLUS – news) a leading provider of technology and financing solutions, today announced that its wholly-owned subsidiaries ePlus Technology, inc., ePlus Technology Services, inc. and SLAIT Consulting, LLC (collectively, the "Borrowers") recently entered into an amendment to their credit agreement with their lenders (the "Lenders") for which Wells Fargo Commercial Distribution Finance Corporation ("WFCDF") acts as administrative agent.
-
Catching up with Abby Parsonnet, Head of Asset Based Lending at Webster Bank
Mar 13, 2023
Last Fall, Webster Bank announced that Abby Parsonnet was named executive managing director, head of Asset Based Lending (ABL) for Webster Bank. In her role, she oversees the nationwide Asset-Based Lending and Commercial Services teams at Webster, which also includes staffing solutions and factoring. She reports to Chris Motl, president of Commercial Banking.
As head of ABL, Parsonnet is responsible for continuing Webster’s strong tradition of excellence in delivering customized working capital solutions to middle- market clients and sponsors. She will lead a team of bankers based in strategic markets nationwide.
Here, Abby discusses her career, goals in her new role, how the merger with Sterling National Bank helped to expand Webster’s offerings, particularly in ABL and factoring, and more.
-
Federal Reserve Board Announces it Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of all Their Depositors
Mar 13, 2023
SFNet continues to assess the effects of the SVB fallout and will provide relevant information and resources as events unfold.
To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.
-
Joel Moss Joins Cahill’s New York Office as a Bankruptcy and Restructuring Partner
Mar 9, 2023
Cahill Gordon & Reindel LLP announced today that Joel Moss has joined the firm as a partner in its Bankruptcy & Restructuring practice.
Mr. Moss’s practice focuses on representing a broad range of clients including financial institutions, hedge funds, direct lenders and ad hoc secured lender and noteholder groups in complex in-court and out-of-court restructurings, workouts, rescue financings, liability management transactions and DIP and exit financings. He also has substantial experience advising financial institutions and hedge funds in connection with the mitigation of risks associated with derivative, futures and securitization transactions.
-
Socure Secures $95 Million Credit Facility with J.P. Morgan, Silicon Valley Bank and KeyBanc Capital Markets
Mar 8, 2023Socure, the leading provider of digital identity verification and fraud solutions, today announced it has entered into a $95 million, three-year credit facility with J.P. Morgan, Silicon Valley Bank, and KeyBanc Capital Markets. This line of credit will further strengthen the company's financial position as it continues on its mission to be the first and only solution provider to verify 100% of good identities in real-time and completely eliminate identity fraud on the internet.