Hudson Valley Holding (HVB) in Yonkers, N.Y., is launching an asset-based lending business.
The new division is part of Hudson Valley's efforts to increase loan growth, expand its offerings for small and middle-market companies and diversify geographically, the company said in a press release Thursday.
"As the economy continues to recover, businesses are looking to invest and grow and require a broader range of lending options," President and Chief Executive Stephen Brown said in the release. "The flexibility of asset-based solutions as compared to other capital sources are particularly appealing to the small and midsize companies that make up our customer base."
The asset-based lending unit will be led by Mark Fagnani, a commercial lending veteran with 34 years of experience. Fagnani will spearhead the development of asset-based lending products for companies with credit needs between $2.5 million and $25 million.
Last week the $3 billion-asset Hudson Valley was released from a 2012 enforcement action issued by the Office of the Comptroller of the Currency.