BRIDGEPORT, Conn., Sept. 18, 2019 /PRNewswire/ -- 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.
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SOURCE People's United Bank