Coleman Thursday Movers and Shakers
May 8, 2014
United Community Bank Acquires Business Carolina
Blairsville, Ga.-based United Community Banks Inc. said Monday its banking subsidiary agreed to acquire approximately $25 million of loans and $6 million of other assets from Columbia-based commercial lender Business Carolina Inc.
“We have been looking for a partner to help fuel our efforts to become one of the leading small business lenders in the Southeast, and this transaction with BCI is a perfect fit,” says Lynn Harton, United’s president and chief operating officer, based in Greenville.
“BCI was founded by the state of South Carolina as a vehicle for economic development and has a strong history of growth,” Harton says. “We intend to carry on that tradition. United Community Bank is dedicated to small business lending, and we are pleased to continue BCI’s goal of putting funds in the hands of businesses and individuals who support our local economies.”
United recently added SBA veteran Richard Bradshaw as president of specialized lending. His role includes oversight of United’s SBA and USDA lending.
Business Carolina approved 22 SBA 7(a) loans for $21 million in 2013, ranking 151st in the Coleman Report 500. That was a 29% increase over 2012.
United Community Bank ranks 246th on the Coleman Report 500 list. Last year, the bank approved 14 loans for $11.6 million.
Combining 2013 numbers, UCB is now a top 100 SBA 7(a) lender.
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Jeff Rauth and Ben Smith Join Celtic Bank’s SBA Department
“We are thrilled to bring someone with Jeff’s background on board,” says Craig Calafati, Executive Vice President of SBA Lending at Celtic Bank. “Jeff comes from a family of small-business owners. His entrepreneurial spirit, combined with his experience in commercial real estate and SBA financing makes Jeff a great fit for Celtic Bank.”
“Ben’s diverse background in both real estate acquisition and commercial financing is a tremendous asset to Celtic Bank,” says Craig.
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Congratulations to Paul Ihrig for joining Wells Fargo Bank in Orlando!
Congratulations to Ruthie Holt for joining Manufacturer’s Bank as their SBA Manager!
Upcoming Small Business Lending Conferences
Filling the Gaps: Summit on Small Business Credit Innovations — Federal Reserve Bank of New York May 15, 2014
Great Lakes Lenders Conference, Detroit, July 31 – August 1
Florida Small Business Lenders Conference, Orlando, September 17-19
NAGGL 2014 Annual Meeting, Huntington Beach October 28-30
Coleman’s 7th Annual SBA Secondary Market Forum, Washington D.C. December 2
Coleman’s 15th Annual Rural Lender’s Roundtable, Washington D.C. December 3