Investors Bancorp (ISBC) in Short Hills, N.J., is launching an asset-based lending group.
The asset-based lending division will primarily provide lines of credit, loans and equipment financing to middle-market companies with annual revenue under $100 million, according to the company's Wednesday press release.
"We will primarily serve customers in the tri-state New York, New Jersey, Pennsylvania area where the bank maintains a physical presence," Group Head of Asset-Based Lending David Viggiano said in the release.
The team will be led by Viggiano, who most recently worked as a senior vice president managing an asset-based lending and leasing group at GE Capital, and by Joseph DeVito, who was named senior vice president and director of business development. DeVito was most recently a director of business development in the asset-based lending group at Sterling National Bank in New York.
Investors has $13.8 billion of assets and more than 100 branches.