The Commercial Finance Association, the trade association of the asset- based financial services industry, announced the election this week of Irwin Teich as chairman and Richard W. Madresh as president.

Mr. Teich is president of Fleet Capital Corp. and is based in Atlanta. Mr. Madresh is chairman and president of BankAmerica Business Credit Inc. and is based in San Diego.

The election was held this week at the opening session of the association's 53d annual convention in Philadelphia. More than 1,500 members attended.

Mr. Teich and Mr. Madresh will assume their new positions Jan. 1.

Using asset-based lending, association members typically serve businesses with annual sales of between $250,000 and $1 billion. The members had outstanding loans in excess of $169 billion at the end of 1996.

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