Provident Bank announced the formation of a commercial mortgage division, Provident Capital Funding.

Headquartered in Atlanta, the new division will expand the bank's focus on commercial real estate loans targeted to small and midsize companies.

David Cobb, president of Provident Capital, will manage the office and expects to hire up to 50 new employees in the coming year.

Roger Davis, Provident Bank's executive vice president in charge of all commercial business groups, said that once the loans are originated they will be sold to a variety of Wall Street firms and institutional investors, bringing additional fee income to Provident.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.