NewAlliance Bank, a subsidiary of Connecticut-based NewAlliance Bancshares, has formed a new asset-based lending business, and appointed Andrew Moser and Daniel O’Rourke to lead the new division. Mr Moser will report directly to NewAlliance chairman and CEO Peyton Patterson, and Mr O’Rourke will report to the bank’s executive vice president and chief credit officer, Donald Chaffee.
Mr Moser will serve as president. He has more than 20 years of financial and operating experience, serving as a financial executive for various retail companies. He has co-founded and led the development and growth of four national retail finance companies: GBFC, Paragon Capital, CapitalSource’s Retail Finance Group and GMAC Commercial Finance’s Retail Finance Group.
Mr O’Rourke will serve as chief credit officer. Previously, he was senior vice president for National City Business Credit’s Retail Finance Group.
The new line of business, called NewAlliance Commercial Finance, expands the bank’s business lending offerings to include revolving lines of credit and term loans secured by accounts receivable, inventory, and other assets. NewAlliance Bank said that it is well capitalized and poised to expand its lending capabilities to business customers seeking relevant, flexible capital solutions beyond traditional commercial lending.
The bank added that the new Alliance Commercial Finance will be located in Boston. The group will initially target business development opportunities in the northeast and mid-Atlantic regions, with particular focus within its current footprint, and is expected to begin transacting business immediately.
Ms Patterson said: “While many banks have pulled back this year, NewAlliance has actually stepped up our lending to small and mid-sized businesses. Our creation of NewAlliance Commercial Finance is further evidence of our commitment to the businesses in our community that rely on banks during economic times like these.”
