Newtek Business Services Corp. Portfolio Companies Recruit the Talent of Two Senior Lending Executives
April 15 2019 - 2:10PM
Newtek Business Services Corp.,(“Newtek”) (NASDAQ: NEWT), an
internally managed business development company (“BDC”), today
announced that two of its portfolio companies have hired two senior
lending executives. Mr. Albert Spada has joined Small
Business Lending as Executive Vice President. Small
Business Lending, an S&P rated servicer, provides outsourced
third-party lending services to financial institutions and other
non-bank lenders. Mr. Spada has been a leader in the commercial
lending industry for several decades. Prior to joining Newtek
Business Lending, Mr. Spada was Managing Director and Head of Asset
Based Finance at Santander Bank in the United States, with
responsibility for the ABL and Mortgage Warehouse Finance
businesses. Prior to Santander, he held the positions of
National Sales Leader for Citizens Business Capital, Executive Vice
President and Chief Sales Officer of CIT Commercial and Industrial,
and spent more than 13 years at GE Commercial Finance in various
leadership positions. He also held positions at The Bank of New
York and Goldman Sachs.
In addition, Mr. Frank Bertelle has joined CDS
Business Services, Inc.,d/b/a Newtek Business Credit, as Chief
Operating Officer. Newtek Business Credit provides conventional
lines of credit to SMB and middle-market companies in all 50
states. Prior to joining Newtek Business Credit, Frank served
as Senior Vice President, Market Credit Manager for TD Bank N.A.
ABL Group, where he managed a team of six credit managers and
credit analysts covering 35 accounts with commitments and loan
outstandings of $1.6 billion and $658 million, respectively. Prior
to TD Bank, Mr. Bertelle held positions at The CIT Group,
Transamerica Business Capital Corp. and The Dai-Ichi Kango Bank,
LTD.
Both Albert Spada and Frank Bertelle will sit on
credit and risk committees for different Newtek controlled
portfolio companies.
Albert Spada, Executive Vice President of Newtek
Business Lending, said, “I have known Newtek and its management
team for over 15 years, first as a lending client and now as part
of the talented management team. I look forward to our efforts in
growing our lending platform to serve third-party clients across
all 50 states.”
Frank Bertelle, Chief Operating Officer of
Newtek Business Credit, said, “I have known Newtek and its
management team since 2005, have seen the Company grow and become a
player in many markets. I’m honored and excited to join this team
and add my leadership and credit skills to help the Company grow
and serve its customers and alliance partners.”
Barry Sloane, Chief Executive Officer, said,
“The recruitment and hiring of both executives is part of Newtek’s
continued expansion into providing a scalable and wide menu
of lending and financial solutions to our growing referral base
with a quality management team having decades of lending
experience.”
About Newtek Business Services Corp.
Newtek Business Services Corp., Your Business
Solutions Company®, is an internally managed BDC, which along with
its controlled portfolio companies, provides a wide range of
business and financial solutions under the Newtek®
brand to the small- and medium-sized business (“SMB”)
market. Since 1999, Newtek has provided state-of-the-art,
cost-efficient products and services and efficient business
strategies to SMB relationships across all 50 states to help them
grow their sales, control their expenses and reduce their risk.
Newtek’s and its portfolio companies’ products and services
include: Business Lending, SBA Lending Solutions, Electronic
Payment Processing, Technology Solutions (Cloud Computing,
Data Backup, Storage and Retrieval, IT Consulting), eCommerce,
Accounts Receivable Financing & Inventory Financing,
Insurance Solutions, Web Services, and Payroll and Benefits
Solutions.
Newtek® and Your Business Solutions Company®,
are registered trademarks of Newtek Business Services Corp.
Note Regarding Forward Looking
Statements
This press release contains certain
forward-looking statements. Words such as “believes,” “intends,”
“expects,” “projects,” “anticipates,” “forecasts,” “goal” and
“future” or similar expressions are intended to identify
forward-looking statements. All forward-looking statements involve
a number of risks and uncertainties that could cause actual results
to differ materially from the plans, intentions and expectations
reflected in or suggested by the forward-looking statements. Such
risks and uncertainties include, among others, intensified
competition, operating problems and their impact on revenues and
profit margins, anticipated future business strategies and
financial performance, anticipated future number of customers,
business prospects, legislative developments and similar matters.
Risk factors, cautionary statements and other conditions, which
could cause Newtek’s actual results to differ from management’s
current expectations, are contained in Newtek’s filings with the
Securities and Exchange Commission and available through
http://www.sec.gov/. Newtek cautions you that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
or implied in these statements.
SOURCE: Newtek Business Services Corp.
Investor Relations & Public
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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