December 19, 2013
Jerry Woods and Valerie Green Join Pinnacle Financial Partners
“Jerry’s and Valerie’s expertise at advising small businesses on their finances make them a great fit for our team,” said Chip Higgins, Pinnacle’s business banking team leader.
Writes the Nashville Post, “Jerry Woods has joined Pinnacle as senior vice president after spending two and a half years at Franklin Synergy as SBA program manager. He had joined that lender from Columbia-based Community First Bank & Trust, where he built the No. 2 SBA program in the state. He has more than three decades of banking experience, most of it with government-guaranteed lending programs.”
Community 1st Bank Opens Loan Production Office in Sacramento
From Mark Anderson of the Sacramento Business Journal
“:Auburn-based Community 1st Bank has opened a loan production office in Sacramento.
The office is at 1425 River Park Drive, near Cal Expo, and it is meant to grow business in Sacramento. Community 1st has branches in Auburn and Roseville.
In March, the bank named longtime Sacramento banker Peter Raffetto to its board of directors. For much of the 1970s an 1980s, Raffetto was president of River City Bank. In the 1990s he was Sacramento president of Truckee River Bank, and he started Sacramento-based Calnet Business Bank in 2001.”
Newtek Sells Fourth Small Business Loan Securitization
Barry Sloane, President and Chief Executive Officer of Newtek Business Services, Inc. said, “We are thrilled to announce our second securitization sale this year, and our fourth to date. This is the first time in the Company’s history that we financed the uninsured portions of our SBA 7(a) government-guaranteed loans in two separate transactions within the same calendar year. The dramatic growth in our loan origination volume in 2013 over previous years, created the need to issue two separate financings, which we have chosen to combine into one issuance. Details of the securitization can be found on S&P’s website at www.standardandpoors.com.”
Barry continued, “Securitizations provide an attractive form of non-recourse financing and the collateral and securities issued are match-funded for term. Issuing securitizations enables us to repay our revolving credit facility with Capital One Bank, N.A., and increases our access to capital and hence the capability to continue to fund more loans for small businesses across all 50 states.
“In fact, we anticipate increasing our loan origination volume to a range of $230 million to $270 million in 2014 and, as a result, may either issue larger securitizations or come to the market more frequently on a go-forward basis..”
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Upcoming Small Business Lending Conferences
2014 Southeastern Small Business Lenders Conference February 9-11
ICBA 2014 National Convention March 2-6
NADCO 2014 Annual Meeting April 30 – May 3
NAGGL 2014 SBA Lending Technical Conference May 6-8
NAGGL 2014 Annual Meeting October 28-30
Coleman’s 7th Annual SBA Secondary Market Forum December 2
Coleman’s 15th Annual Rural Lender’s Roundtable Decmeber 3