Berkshire Hills Bancorp (BHLB), a Massachusetts-based financial services firm, has recruited an asset based lending group to serve middle market companies in New England and northeastern New York. This new lending group is part of the commercial banking team at its subsidiary Berkshire Bank.
The bank has appointed Paul Flynn as senior vice president and manager of asset based lending, Mark Foster as senior vice president and Jim Hickson as vice president of asset based lending. This team has been working together since 2002 under Mr Flynn’s direction as the asset based lending department manager at TD Bank. Mr Flynn will report to Michael Oleksak, executive vice president of commercial banking at Berkshire Bank.
Michael Daly, president and CEO of Berkshire, said: “Our expansion into asset based lending positions us to provide more financing solutions to our commercial customers in these challenging times, and to reach new customers in the region.
We have steadily expanded our commercial team in recent quarters by recruiting strong and experienced regional leaders in northeastern New York, western Massachusetts, and southern Vermont.
“Berkshire Bank is strongly capitalized and well positioned to be a regional provider for the loan and deposit needs of our markets. While other lenders have cut back on lending, our business loans are currently growing at a double digit annualized rate and business deposits are growing at an even faster rate. Paul Flynn and his associates have a long track record of delivering disciplined solutions to the market that will result in sound and profitable relationships for the Bank.”
Michael Oleksak, executive vice president of Berkshire, said: “I have worked with Messrs. Flynn, Mr Foster, and Mr Hickson in the past and know first hand their ability to provide responsible asset based lending solutions to area businesses. Their headquarters will be located in Greater Boston, which is the area they have operated from for many years; Mr. Hickson will be based in our new Springfield regional headquarters.
“The group will integrate with the rest of our commercial banking team to provide asset based lending solutions and commercial banking services across our multi-state markets. Their primary product offering will be working capital lines of credit secured by a closely monitored borrowing base of receivables and inventories.”
