Sterling National Bank's Asset Based Lending Group provided senior secured credit facilities totaling $14,500,000 to Living Well Lodges Management Company, LLC. (“Living Well” or the “Company”).

Union Bank today announced that it has hired four technology industry specialists to join the Technology Banking Group, all based out of the San Jose office. The appointments reflect a continued focus on expanding Union Bank's technology vertical to meet the needs of both business banking and middle market clients.

The credit facility has an accordion feature, which allows the Company to increase the size of the credit facility to up to $500 million. On the closing date, the Company drew down $215 million of notes from the credit facility.

With over $370 trillion of global financial contracts referencing LIBOR (London Inter-bank Offered Rate), many oil and gas companies are curious about how the phase-out of LIBOR by 2021 could impact their organization. Many companies are beginning to ask how this transition will impact their organization and what steps can be taken now. The following is a discussion of:

• why LIBOR is being phased out;
• the transition plan for the phase-out;
• items companies should consider; and the steps that can be taken now.  

CIT Group Inc. (NYSE: CIT) today announced that David Harnisch will join the company as president of Commercial Finance, effective Sept. 23, 2019. Harnisch will succeed the current president of Commercial Finance Jim Hudak who has elected to retire following a 20-year career at CIT, effective Sept. 3, 2019.

Fifth Third Bancorp (Nasdaq: FITB) announced today that Peter Gruebele has joined Fifth Third as senior vice president and San Francisco market executive. In this role, he will report to Joseph Yurosek, California market president for Fifth Third Bank.

PNC Bank, National Association, announced today the closing of an $18.5 million senior secured credit facility for Sandusky, Ohio-based August Corso Sons, Inc. (Corso). PNC Bank, N.A., served as administrative agent.

Capital One has entered into an agreement to acquire KippsDeSanto & Co. a leading investment banking firm focused on serving growth-oriented aerospace/defense, government services and technology companies. Based in Tysons Corner, Va. in the Washington, DC region, KippsDeSanto has a national practice specializing in merger and acquisition advisory services.

By embracing technology, you can collect, analyze and respond quickly to easily accessible data that helps you accomplish three things simultaneously: mitigate risk, improve efficiency, and develop your organization’s talent.

Enhances and diversifies CIT’s funding profile with Mutual of Omaha Bank’s market-leading homeowners association banking business, a source of scalable lower-cost deposits. Extends middle market commercial banking capabilities with expanded products, technology solutions and geographic footprint, Advances strategic plan and accelerates shareholder value creation.

Siena Lending Group LLC (“Siena”) announces the completion of a $14.6 million asset-based revolving line of credit and term loan for Innovative Hearth Products (“IHP”). The facility was used to refinance certain debt and to provide additional working capital to support IHP’s long-term growth initiatives.  

Wells Fargo & Company (NYSE: WFC) today announced that Colleen Taylor will join Wells Fargo as head of Wells Fargo Merchant Services, responsible for the strategic direction and management of the merchant services business and a joint venture with Fiserv. She will report to Danny Peltz, head of Treasury, Merchant and Payment Solutions.