Articles

We tend to believe that most people who go to an interview will automatically take the job if it is offered, but many times that is not the case. It is important to remember that while you are interviewing the candidate, the candidate is also interviewing both you and the company. Just as the company has a checklist of what it is looking for, so does the candidate. Here is a guide to some of the most tried and true ways for an interviewer to ensure a ‘Yes!’ from a candidate after only one interview.

Citizens Financial Group, Inc. [NYSE: CFG] today announced a definitive agreement to purchase the assets of Trinity Capital, a Los Angeles-based advisory firm that delivers a range of financial services to commercial clients. This transaction, which follows several other recent moves by Citizens to add key talent and solutions, further strengthens Citizens’ growing advisory capabilities.

Ares Commercial Finance (“ACF”) announced that Mitch Drucker has joined as a Partner. Mr. Drucker will be a part of the ACF leadership team comprised of Mitch Goldstein, Ryan Cascade, John Nooney and Oleh Szczupak.  He will also sit on the Investment Committee for ACF and be involved in all aspects of the business from origination to portfolio management.

Vince Mancuso brings more than 30 years of experience in commercial finance, offering strategic leadership and deep industry insight to stakeholders and service partners.

In the beginning of the pandemic, we reported that courts viewed Article 9 sales with a more critical eye.  For example, we previously reported that Justice Masley of the New York Supreme Court, New York County Commercial Division, issued a  decision on June 23, 2020 in D2 Mark LLC v. OREI VI Investments, LLC, holding that a UCC Article 9 sale on thirty-six (36) days’ notice, which required the winning bidder to make a non-refundable deposit of 10% of the purchase price, pay the remaining balance within 24 hours, and precluded the borrower from submitting a bid, was commercially unreasonable because of the dire implications of COVID-19. Article: Lender Stayed From Proceeding With UCC Article 9 Sale

As with any industry, lending to the business aviation sector comes with its own set of risks. Shelley Svoren of First Republic Bank gives readers the insider’s tips on this industry.

This is a new feature providing advice from WISF members to young professionals on a specific topic.

In a letter to Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell, SFNet CEO Rich Gumbrecht provided recommendations to help facilitate the objectives of the newly introduced Main Street Expanded and New Loan Facilities as set out by the Federal Reserve. Given that many of the potentially eligible borrowers who would benefit from the Programs have existing collateralized debt, SFNet reasoned that it is critical that the Programs specifically address the relationship between existing secured loans and the additional loans provided for in the Programs. The inability to do so would “limit access to this critical source of capital, imperiling jobs and jeopardizing economic recovery”. The benefit of clarifying and amending these protections would “mitigate the current economic hardship being experienced by [Main Street companies] and bolster this critical part of the capital supply chain”. SFNet further positioned that non-depository lenders should be eligible lenders to maximize the benefit of the Programs.

Click here to view the letter.

Cadence Bank today announced the rebrand of AloStar Capital Finance, a division of the bank that provides asset-based lending (ABL) and specialty finance solutions, to Cadence Business Finance (CBF). Along with its new name, logo and website, the rebrand introduces new leadership and a realigned business focus to better serve the growth and operational needs of performing middle-market businesses.

Norbert “Norb” Schmidt has been appointed executive vice president and director of capital finance of Cadence Business Finance. 

SFNet’s Asset-Based Capital Conference (ABCC) is returning to Las Vegas, February 8 - 9, 2022 at the Encore at the Wynn in Las Vegas, NV, and will offer outstanding networking opportunities and insightful panels geared specifically for asset-based lenders in the capital markets. This conference brings together the decision makers who get deals done. A virtual attendance option supported by our online platform, SFNet Connect, will also be offered. ABCC will coincide with TMA's Distressed Investing Conference, allowing the ever-popular Joint SFNet/TMA Reception to be held again this year.

“We recognize the importance of fulfilling our purpose of bringing together the resources that put capital to work – especially in this environment,” said Richard Gumbrecht, CEO, SFNet. “We are encouraged by the positive response to holding the meeting in the safest way we can, including live streaming and outdoor networking under heat lamps. We are seeing a significant and growing number of in person registrants who are committed to a productive experience, including over 600 participants expected for the joint reception with TMA alone.”

Aaron Hughes, Managing Director of Equiniti Riskfactor, a leading provider in the commercial finance industry, examines the SME lending market for the coming year and the importance of risk management to lenders.

S&T Bank has named Eric Huff as senior vice president, managing director of asset-based lending.

With over 25 years of experience in financial services, most recently as the senior regional director and business development officer at Huntington Bank, Huff brings a wealth of knowledge and experience. In his role at S&T Bank, he will be responsible for the ongoing sales and growth of the bank’s asset-based lending portfolio.

Fifth Third Bank, National Association, announced today that Mitchell Feiger, the chairman and CEO of Fifth Third Bank (Chicago), will retire on May 29, 2020. Succeeding him as the leader of the Chicago region will be Mark Hoppe, who had been named to the post of regional president in July 2019. Feiger had served in his current role since the merger of Fifth Third Bank and MB Financial in March 2019. He previously had served as president and CEO of MB Financial. 

Gerber Finance found the ideal candidate in Andrew Hollingsworth to develop its Natural Products Group and set up a west coast operation to serve its clients' growing portfolio. Andrew possesses a keen understanding of the mindset and needs of natural product companies, having served as CFO for Numi Organic Tea, and brings a deep background in banking, accounting, and finance. Andrew manages Gerber Finance's growing portfolio of natural products clients who value the consultative, relationship that is the hallmark of the Gerber formula. Natural Products Group clients include baby food and products, mushroom mycelium powders, protein powders, sustainable and reusable food storage bags, organic tea, and Asian bone broths and noodles.

As the former CFO of Numi Organic Tea, Andrew was first a client of Gerber Finance, supporting the growth of the business and the brand's expansion. In his role, Andrew garnered an in-depth knowledge of supply chains, business seasonality, and cycles, supporting the need for investment in innovation and the expansion into new markets, leading strategic planning and analysis, debt financing, and investment rounds.

White Oak Commercial Finance is pleased to announce that Martin F. Efron has joined the firm as the portfolio manager in New York, serving the Northeast region. He will report to Bob Grbic, CEO and president of White Oak Commercial Finance.

White Oak Commercial Finance (“White Oak”), an affiliate of White Oak Global Advisors, announced today it has purchased a portfolio of asset-based loans from Veritas Financial Partners, a Boca Raton, FL based specialty finance company.