Former Sovereign Bank president Alan H. Fishman is set to become chairman of Meridian Capital Group LLC today, and he said he plans to help the commercial mortgage broker raise capital to fund an expansion.
"I am here to provide strategic guidance and help on relationships of all kinds," Mr. Fishman said in an interview Friday.
The goal is "to grow geographically and from a product point of view, both organically and through acquisitions," he said. "We have to raise some money, and that is part of what my interest is - private equity, an IPO, a special fund."
How much money Meridian wants to raise is not yet clear, but Mr. Fishman said in the interview that the firm is set "to double the business within the next five years." Last year, Meridian originated $17 billion of loans, up 6.3% from 2005.
Sovereign owns 35% of Meridian, but when asked whether some of the capital could come from Sovereign's boosting its stake, Mr. Fishman said: "If you were sitting where Meridian is sitting, you probably want to keep control. That's an important consideration."
As executive chairman, Mr. Fishman is to succeed Howard J. Zuckerman, who is now vice chairman and continues to oversee Meridian's corporate, legal, and administrative operations.
Meridian chief executive Ralph Herska said, "Alan's vast knowledge and experience couldn't be a better fit for Meridian as we look toward the future."
Mr. Fishman, 61, was the chief executive and president of Independence Community Bank Corp. before Sovereign Bancorp. bought the Brooklyn company last year. He became head of Sovereign's New York business and president of its bank subsidiary.
Mr. Fishman left Sovereign Dec. 29 and, after considering several options, decided to join Meridian. "I am interested in helping to take it to a bigger level and broaden it out," he said. "It's a great business."
