Bridge Capital Holdings (BBNK) has put its expanding capital-finance business into a separate division and named Lee Shodiss its boss.
The San Jose, Calif., company has grown its capital-finance business to $200 million of loans outstanding in the last decade. The business was previously housed under its technology banking division.
"The formation of our new Capital Finance Division is the natural next step as the bank continues to satisfy more market demand for these specialized credit products," Daniel P. Myers, president and chief executive of the company's $1.2 billion-asset Bridge Bank, said in a news release Wednesday.
The division targets small and midsize companies and provides asset-based lending, vendor assurance, factoring and purchase-order financing.
Shodiss joined Bridge Bank in 2002 as senior portfolio manager in the Bridge Capital Finance Group and was subsequently promoted to group manager in 2005. Before that he was a senior vice president in Silicon Valley Bank's specialty finance division.
Larry LaCroix will also be promoted to group manager in the division. He joined Bridge Bank in 2008 as a team leader and before that, he was with SunTrust Bank as a division manager for factoring.