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Articles by Sue Bury
CIBC Innovation Banking Provides MayStreet $10MM in Growth Financing
CIBC Innovation Banking Provides MayStreet $10MM in Growth Financing CIBC Innovation Banking provided a $10 million credit facility for New York-based MayStreet Inc., an industry-leading market data technology and content provider. The credit facility is available to help the rapidly growing fintech firm further scale its business. Founded in 2012, MayStreet offers market data technology that delivers high-quality global market data to enable data-driven decision-making.
White Oak Healthcare MOB REIT Acquires 7 Medical Office Buildings in 5 States
White Oak Healthcare MOB REIT Acquires 7 Medical Office Buildings in 5 States White Oak Healthcare MOB REIT announced the acquisition of seven medical office buildings in five states. The seven assets total 67,110 SF and are 100% leased to Fresenius and DaVita affiliates. The acquisition includes five Fresenius facilities in Berwyn, Illinois, Columbia, South Carolina, Little Rock, Arkansas, Solon, Ohio, and Birmingham, Alabama; as well as two DaVita facilities in Rockford, Illinois.
Stearns Bank CEO Selected to Serve on OCC’S Minority Depository Institutions Advisory Committee
Stearns Bank CEO Selected to Serve on OCC’S Minority Depository Institutions Advisory Committee The Office of the Comptroller of the Currency (OCC) selected Kelly Skalicky, CEO and president, Stearns Bank along with six additional new committee members, to serve on its Minority Depository Institutions Advisory Committee (MDIAC).
Loan Defaults Fall Below 4%, Lowest Level Since June 2020, Fitch Ratings
Loan Defaults Fall Below 4%, Lowest Level Since June 2020, Fitch Ratings The March trailing 12-month institutional leveraged loan default rate stands at 3.9%, according to a new Fitch Ratings report. "The current 2021 forecast is 4.5%, but if market access remains as open and issuer-friendly as it has been, the rate will probably finish even lower," said Eric Rosenthal Senior Director of Leveraged Finance. There have been zero defaults this month, which has not happened since August 2018.
Wells Fargo Enters Agreement with Computershare to Sell Wells Fargo Corporate Trust Services
Wells Fargo Enters Agreement with Computershare to Sell Wells Fargo Corporate Trust Services Wells Fargo entered into a definitive agreement to sell its Corporate Trust Services (CTS) business to Computershare. The transaction is expected to close in the second half of 2021, subject to customary closing conditions. Under the terms of the agreement, the purchase price is $750 million.
HSBC Bank Canada Appoints Turner Head of Commercial Banking
HSBC Bank Canada Appoints Turner Head of Commercial Banking Alan Turner has been appointed Head of Commercial Banking effective today, succeeding Linda Seymour who took on the role of President and Chief Executive Officer of HSBC Bank Canada in September 2020. In this role, Turner has responsibility for HSBC’s Large Corporates and Small and Medium Enterprise banking segments, as well as leading Global Trade and Receivables Finance in Canada.
Encina Business Credit Adds Vecker to Business Development Team
Encina Business Credit Adds Vecker to Business Development Team Encina Business Credit announced that Barry Vecker joined its business development team as a Managing Director. Vecker is an asset-based lending finance professional with over 25 years’ experience in new deal originations, underwriting and portfolio management. He previously served in business development and risk roles at Wells Fargo, Congress Financial, Israel Discount Bank, and The Bank of New York.
Webster Bank Closes $34MM Senior Financing for The Metro Group
Webster Bank Closes $34MM Senior Financing for The Metro Group Webster Bank increased its senior secured credit facilities to $34 million in support of The Metro Group Inc.’s acquisition of Response Electric (Response).
Banc of California to Acquire Pacific Mercantile Bancorp
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Banc of California to Acquire Pacific Mercantile Bancorp Banc of California, the holding company of Banc of California, and Pacific Mercantile Bancorp, the holding company of Pacific Mercantile Bank, announced they have entered into a definitive agreement and plan of merger under which Pacific Mercantile will merge into Banc of...
Oaktree Specialty Lending Corporation Completes Merger with Oaktree Strategic Income Corporation
Oaktree Specialty Lending Corporation Completes Merger with Oaktree Strategic Income Corporation Oaktree Specialty Lending Corporation announced the closing of the previously announced merger with Oaktree Strategic Income Corporation (“OCSI”), with OCSL as the surviving company. Based on December 31, 2020 financial information, the combined company has more than $2.2 billion of assets on a pro forma basis.
BMO Harris, Silicon Valley Bank Agent $200MM Revolver Amendment for Digi International
BMO Harris, Silicon Valley Bank Agent $200MM Revolver Amendment for Digi International Digi International entered into an amended and restated credit agreement with BMO Harris Bank as administrative agent and collateral agent. The new facility provides Digi with a senior secured credit facility consisting of a $200 million senior secured revolving credit facility with an option to increase the size of the facility by an additional $75 million.
Ares CF Provides $45MM Senior Secured Revolving Line of Credit to Southern States Cooperative
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Ares CF Provides $45MM Senior Secured Revolving Line of Credit to Southern States Cooperative Ares Commercial Finance (“ACF”) provided a $45 million senior secured revolving line of credit to Southern States Cooperative, Inc. (“SSC”).
Bloomberg: Credit Suisse CEO Signals Potential Spinoff of Asset Management
Bloomberg: Credit Suisse CEO Signals Potential Spinoff of Asset Management Bloomberg reported that Credit Suisse CEO Thomas Gottstein signaled he would consider further separating the asset-management unit from the rest of the bank after the Greensill Capital collapse.
Osceola Capital Named to 2021 TOP 50 PE Firms in The Middle Market List
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Osceola Capital Named to 2021 TOP 50 PE Firms in The Middle Market List Osceola Capital was named a 2021 TOP 50 PE Firm in The Middle Market. Osceola's inclusion on the TOP 50 PE list affirms its position as one of the leading private equity firms in the middle market.
BlueVine Appoints Former LendingClub President, PayPal Veteran Allocca as First COO
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) BlueVine Appoints Former LendingClub President, PayPal Veteran Allocca as First COO BlueVine named industry veteran Steve Allocca as its first Chief Operating Officer. In this role, Allocca will generate strong operational efficiency across the organization and drive growth across all products.
Phoenix Lending Survey: Third Stimulus Package Will Cause Inflationary Pressure in U.S. Economy
Phoenix Lending Survey: Third Stimulus Package Will Cause Inflationary Pressure in U.S. Economy The first quarter Phoenix Management “Lending Climate in America” survey results reveal the third stimulus package will cause inflationary pressure in the U.S. economy. The third stimulus package includes nearly $2 trillion in coronavirus relief funds and puts money in the hands of millions of Americans.
Sterling National Bank Provides $5MM in Credit Facilities to Nextaff Group
Sterling National Bank Provides $5MM in Credit Facilities to Nextaff Group Sterling National Bank's Commercial Services Group provided senior secured credit facilities totaling $5,000,000 to Nextaff Group LLC. Headquartered in Overland Park, KS, Nextaff is a nationwide staffing agency, with each office locally owned and operated for a more in-depth, streamlined hiring process. Founded in1998, the Company offers custom solutions in a variety of industries.
Second Avenue Capital Partnes Closes on Senior Secured Credit Facility for Cos Bar
Second Avenue Capital Partnes Closes on Senior Secured Credit Facility for Cos Bar March 18, 2021, 08:00 AM Second Avenue Capital Partners closed on a senior secured credit facility to Cos Bar, a leading luxury specialty cosmetics retailer. The credit facility will be used to support new growth opportunities and provide additional working capital. "Cos Bar has developed and nurtured a loyal following that has positioned the Company for continued success,” said Chris O'Connor, President of SACP.
Second Avenue Capital Partners Closes on Senior Secured Credit Facility for Cos Bar
Second Avenue Capital Partners Closes on Senior Secured Credit Facility for Cos Bar March 18, 2021, 08:00 AM Second Avenue Capital Partners closed on a senior secured credit facility to Cos Bar, a leading luxury specialty cosmetics retailer. The credit facility will be used to support new growth opportunities and provide additional working capital. "Cos Bar has developed and nurtured a loyal following that has positioned the Company for continued success,” said Chris O'Connor, President of SACP.
JPMorgan Chase Agents $300MM Revolver Amendment for NextGen Healthcare
JPMorgan Chase Agents $300MM Revolver Amendment for NextGen Healthcare NextGen Healthcare entered into a $300 million second amended and restated revolving credit agreement with JPMorgan Chase Bank as administrative agent, U.S. Bank National Association and Bank of the West, as co-syndication agents, and certain other agents and lenders. This amended facility matures on March 12, 2026, and replaces NextGen Healthcare’s prior $300 million facility.
MUFG Boosts Private Equity Sponsor Coverage and Direct Lending Capabilities, Hires Three Senior Bankers
MUFG Boosts Private Equity Sponsor Coverage and Direct Lending Capabilities, Hires Three Senior Bankers Mitsubishi UFJ Financial Group (MUFG) announced the hiring of three senior bankers to augment its coverage of private equity sponsor clients and its direct lending business. The bank has hired Michael Klein and Keith Murray as Managing Directors of Sponsor Coverage, reporting to Matt Maley, Head of Private Equity Sponsor Coverage within MUFG's Corporate Advisory Group. Messrs.
Bank of America Names Currie President of Greater Maryland
Bank of America Names Currie President of Greater Maryland Bank of America named Janet Currie as President of Bank of America Greater Maryland. Currie succeeds Sabina Kelly, who announced her retirement earlier this month. As president, Currie will be responsible for connecting the banking and investment resources offered through the bank’s eight lines of business to companies, families and individuals across Greater Maryland.
Retail and Other Bankruptcies Could Rise in Second Half of 2021, A&G Executive
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Retail and Other Bankruptcies Could Rise in Second Half of 2021, A&G Executive Structurally flawed businesses that survived 2020 are in greater danger of imploding in 2021, which could put further pressure on stakeholders in commercial real estate, said Doug Greenspan, a managing director at A&G Real Estate Partners, during a panel...
Silicon Valley Bank Closes $13MM Credit Facility for Minim (Zoom Telephonic)
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Silicon Valley Bank Closes $13MM Credit Facility for Minim (Zoom Telephonic) Zoom Telephonic, doing business as Minim, the creator of innovative internet access products, closed on a $13.0 million credit facility in partnership with Silicon Valley Bank in lieu of its previous $5.0 million credit facility.
Gordon Brothers’ Brand Laura Ashley Launches New Collection with NEXT
Gordon Brothers’ Brand Laura Ashley Launches New Collection with NEXT Gordon Brothers, owner of the British heritage brand Laura Ashley®, announced the iconic home and lifestyle brand launched its spring 2021 collection online and in select NEXT plc stores. The collection features the classic and recognizable Laura Ashley homeware, alongside an array of new designs.
Hunter Point Capital Adds Coleman to Lead GP Coverage Group
Hunter Point Capital Adds Coleman to Lead GP Coverage Group Hunter Point Capital, an independent investment firm focused on taking minority stakes in middle-market alternative asset managers, announced that Brad Coleman will be joining as a partner to lead the firm’s GP Coverage Group. At HPC, Mr. Coleman will continue the thought leadership and strategic advice for alternative investment managers for which he has become well-known.
Revitalization Partners Rolls Out Asset Marketing System
Revitalization Partners Rolls Out Asset Marketing System Aiming to improve the returns to creditors from inefficient and slow asset auctions, Revitalization Partners has developed a proprietary new digital marketing system to augment its expertise in corporate restructuring and receiverships. RP’s Asset Marketing Platform provides an alternative to traditional auctions with a robust online tool that can unlock trapped value more quickly.
Stearns Bank Positions to Expand with M&A Opportunities, New Exec Additions
Stearns Bank Positions to Expand with M&A Opportunities, New Exec Additions Stearns Bank is well-positioned for expansion, adding three seasoned executives to explore new opportunities. Stearns Bank hired Al Doering as Chief M&A Officer, a newly created executive level role.
WSFS to Merge with Bryn Mawr Bank Corp.
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) WSFS to Merge with Bryn Mawr Bank Corp. WSFS Financial Corporation and Bryn Mawr Bank Corporation jointly announced the signing of a definitive merger agreement whereby Bryn Mawr Bank Corporation (“Bryn Mawr”) will merge with WSFS Financial Corporation (“WSFS”), in a transaction valued at approximately $976.4 million.
Leveraging your assets to build your business. That’s tomorrow thinking.
Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Date: Mar 11, 2021 @ 10:00 AM Access to working capital is essential to growing your business. CIT’s asset-based lending business meets your working capital needs with innovative structures to help reduce funding costs and lower operational risks.
36th Street Capital Completes $138MM Inaugural Loan Securitization Transaction
36th Street Capital Completes $138MM Inaugural Loan Securitization Transaction 36th Street Capital Partners announced the successful securitization of equipment loans and leases through a private loan transaction with pension and insurance companies as lenders.
NXT Capital Closes ~$1Billion Middle and Lower Middle-Market Direct Lending Fund
NXT Capital Closes ~$1Billion Middle and Lower Middle-Market Direct Lending Fund NXT Capital announced the final closing on NXT Capital Senior Loan Fund VI (L), LP (SLF VI Levered or the Fund). SLF VI Levered will have approximately $1 billion in fund capacity from equity commitments combined with expected leverage. The addition of the Fund increases NXT Capital’s asset management platform to approximately $11 billion in capital under management/direction as of February 28, 2021.
Cerberus Business Finance Raises $4.4B for U.S. Direct Lending Strategy
Home / News / Read News Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Cerberus Business Finance Raises $4.4B for U.S. Direct Lending Strategy Cerberus Capital Management announced that its middle-market direct lending platform, Cerberus Business Finance, completed the final close of its latest flagship fund, Cerberus Levered Loan Opportunities Fund IV (“Fund IV”).
The Unequaled Value of a ‘Trained Eye’ in the Due Diligence Process
The Unequaled Value of a ‘Trained Eye’ in the Due Diligence Process Date: Mar 10, 2021 @ 08:00 AM In this exclusive interview with Suzanne Bury, President and CEO, 1STWEST Background Due Diligence LLC , Sue provides her insights into the current dynamics of completing comprehensive background investigations, the need to effectively control for contingent liabilities, and why there is no replacement for the ‘trained eye’ of an experienced risk analyst.
LendingPoint Closes $110MM Mezzanine Facility with Midcap Financial Trust and Apollo
LendingPoint Closes $110MM Mezzanine Facility with Midcap Financial Trust and Apollo LendingPoint announced the closing of an up to $110 million, 5-year corporate mezzanine credit facility with new partners MidCap Financial Trust, managed by a subsidiary of Apollo Global Management, Inc. and Apollo Investment Corporation. The announcement follows a recent $125 million preferred equity investment from Warburg Pincus, a leading private investment firm focused on growth investing.
Cerussi Joins Tiger Financial as Managing Director
Cerussi Joins Tiger Financial as Managing Director Andrew (Andy) Cerussi joined Tiger Financial as a Managing Director. Tiger Financial is an affiliate of Tiger Capital Group, the asset valuation and financial services firm. From his base in Tiger’s Boston office, the 20-year veteran of the asset-based lending and financial services industries will focus on identifying both secured debt financing and equity capital opportunities.
Social Fabrication: The New Normal?
No matter how big or small, a lie is a lie. Although once revered as a black and white matter, the moral compass of society, as a whole, has lowered the bar and raised the tolerance for untruthfulness. We just accept that people are going to lie. Most people lie in everyday conversation when they are trying to appear likable and competent. According to a study conducted by University of Massachusetts psychologist Robert S.
Boxing Out Risk - Background Checks Should Not Be Taken Lightly
Recipient's Email Address(es) (Separate multiple addresses with a comma) Your Email Address Send a copy to myself Your Message (optional) Date: Sep 28, 2019 @ 03:00 PM By: Sue Bury, President & CEO, 1STWEST Background Due Diligence, LLC “Whoever is careless with the truth in small matters cannot be trusted with important matters,” wrote Albert Einstein.
Social Fabrication: The New Normal?
No matter how big or small, a lie is a lie. Although once revered as a black and white matter, the moral compass of society, as a whole, has lowered the bar and raised the tolerance for untruthfulness. We just accept that people are going to lie. Most people lie in everyday conversation when they are trying to appear likable and competent. According to a study conducted by University of Massachusetts psychologist Robert S.
Social Fabrication: The New Normal?
No matter how big or small, a lie is a lie. Although once revered as a black and white matter, the moral compass of society, as a whole, has lowered the bar and raised the tolerance for untruthfulness. We just accept that people are going to lie. Most people lie in everyday conversation when they are trying to appear likable and competent. According to a study conducted by University of Massachusetts psychologist Robert S.
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