Atlantic Union Bank Continues to Expand Its Commercial Product Line with Asset Based Lending
Atlantic Union Bank is launching a new specialty finance division called Atlantic Union Business Credit, focusing on asset-based lending solutions. This division aims to meet the financing needs of working capital-intensive companies with loan commitments ranging from $5 million to $30 million. The initiative is supported by a seasoned team with over 150 years of combined experience. This division will cater to various financial needs such as management buyouts and acquisitions, using assets like receivables and inventory for securing funding.
- Launch of Atlantic Union Business Credit to expand asset-based lending services.
- Loan commitments of $5 million to $30 million enhance financing solutions.
- Experienced team with over 150 years in asset-based lending supports growth.
- None.
RICHMOND, Va., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Atlantic Union Bank is expanding its asset-based lending team to help working capital intensive companies meet their financing needs. The team will now operate as a new specialty finance division, branded Atlantic Union Business Credit, and offer a full range of asset-based lending solutions specializing in loan commitments from
“Expanding our asset-based lending capabilities has been a goal for our wholesale banking business for some time, but we wanted to find the right team,” said David Ring, Head of Wholesale Banking for Atlantic Union Bank. “Having led asset-based lending teams in the past, I know that our clients will appreciate the enhanced specialty products and capabilities that Atlantic Union Business Credit is now able to offer them.”
Thomas (Tom) Ennis will continue to lead Atlantic Union’s asset based lending efforts. New to the Atlantic Union Bank team are, Robert (Bob) Beer, senior vice president, director business development; James (Jim) Cannella, senior vice president, business development officer; Jason Rich, senior vice president, business development officer; David Koran, vice president, business development officer; Will Olivencia, vice president, relationship manager; Wayne A. Suprano, Jr., vice president, manager of business credit portfolio and collateral operations and Camille Zagar, commercial banking assistant. Together the team has more than 150 years of combined experience with asset based lending.
Atlantic Union Business Credit asset-based lending solutions are ideal for financing working capital, management buyouts, equity sponsor buyouts, acquisitions, growth, recapitalizations and restructurings. A wide variety of assets, including receivables and inventory, can be used to secure funding.
About Atlantic Union Bank
Headquartered in Richmond, Virginia, Atlantic Union Bank is the wholly owned subsidiary of Atlantic Union Bankshares Corporation (Nasdaq: AUB). Atlantic Union Bank offers a wide range of financial services to commercial and retail clients and operates 114 branches and approximately 130 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.
Contact: Bill Cimino, Senior Vice President and Director of Investor Relations Bill.Cimino@AtlanticUnionBank.com 804.448.0937
Contact: Beth Shivak, Senior Vice President, Head of Corporate Communications Beth.Shivak@AtlanticUnionBank.com 804.327.5746
FAQ
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