Bank Leumi hires outsider to launch asset-based lending group
Bank Leumi USA in New York has added an asset-based lending division.
The $7 billion-asset bank, a unit of Leumi Group in Israel, said in a press release Monday that it had hired Mark Fagnani, an executive with commercial lending and credit experience, to lead the new group. Fagnani will be based in New York.
"Hiring Mark is a natural step for Bank Leumi as we continue to build the best boutique, relationship-driven bank for entrepreneurs," Shawn McGowen, Bank Leumi's head of commercial banking, said in the release. "Mark is a proven leader with unparalleled industry experience who will grow our asset-based lending business and strengthen our client relationships throughout the country."
Fagnani's background includes posts at Everbank Business Credit and HVB Capital, according to his LinkedIn profile.
Bank Leumi has spent the recent years building its infrastructure to accommodate growth.
Avner Mendelson, Bank Leumi’s CEO, said in a recent interview that the bank is on pace to earn at least $70 million this year. That would represent a major improvement from $37 million last year and $11 million in 2013, according to data from the Federal Deposit Insurance Corp.
Mendelson added that the growth has largely come from cross-selling products and services. The executive has his eyes set on growing the bank's footprint in the technology sector.