MELVILLE, N.Y. - North Fork Bancorp. has formed an equipment and vehicle lease finance subsidiary and has hired a team of executives from Sovereign Bancorp and GE Capital Services to run it.The subsidiary, All Points Capital Corp., was formed last month and has underwritten $20 million to $30 million of loans, about 10% of the volume it is expected to generate in its first year, said John Adam Kanas, North Fork's chairman and chief executive officer. In time the unit is expected to make up one third of North Fork's industrial and commercial loan portfolio, Mr. Kanas said.
The unit is expected to round out North Fork's product offerings for small-business and middle-market customers. "Not only will the business provide us with significant asset growth, but it will fill a gap for a product that was sorely needed," Mr. Kanas said.