People's United Financial Inc. in Bridgeport, Conn., has hired a former Sovereign Bank executive to lead the expansion of its asset-based lending business.
The $28 billion-asset company said Monday that it has established a new business unit, People's United Business Capital, that will offer secured, asset-based loans to clients from Maine to Washington, D.C., with credit needs ranging from $3 million to $25 million. The unit is headed by Mike Maiorino, the former president of Sovereign Business Capital, and is staffed by a mix of existing People's managers and new hires, according to a People's spokesperson.
In a news release, Maiorino said that while banks People's recently acquired have offered asset-based lending, the bank's portfolio is currently "underweight" in asset-based loans.
"This underweight position, combined with the bank's...strong capital levels and footprint spanning the best commercial banking market in the United States makes this an exciting opportunity," said Maiorino, whose title is executive vice president of specialty lending. "As a result we've attracted top talent."
People's has made five bank deals since the start of 2009, most recently the $2.6 billion-asset Danversbank in Massachusetts in July. The northern region for People's asset-based lending unit will have offices in Danvers and Burlington, Vt., and the southern region, covering Fairfield County, Conn., and points south, will have offices in White Plains, N.Y. and Iselin, N.J.
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