NewAlliance Bank Announces the Formation of a New Asset-Based Lending Business
Commercial Finance Veterans Moser and O’Rourke to Lead New Division
November 03, 2009 08:59 AM Eastern Standard Time
NEW HAVEN, Conn.–(BUSINESS WIRE)–NewAlliance Bank, a subsidiary of NewAlliance Bancshares, Inc. (NYSE: NAL), announced today the formation of a new asset-based lending business, and the appointment of Andrew H. Moser and Daniel F. O’Rourke to lead the new division. Mr. Moser will report directly to NewAlliance Chairman and CEO Peyton R. Patterson, and Mr. O’Rourke will report to the bank’s Executive Vice President and Chief Credit Officer, Donald T. Chaffee.
“While many banks have pulled back this year, NewAlliance has actually stepped up our lending to small and mid-sized businesses”
The new line of business, called NewAlliance Commercial Finance, expands the bank’s business lending offerings to include revolving lines of credit and term loans secured by accounts receivable, inventory, and other assets. NewAlliance Bank is well capitalized and poised to expand its lending capabilities to business customers seeking relevant, flexible capital solutions beyond traditional commercial lending.
“While many banks have pulled back this year, NewAlliance has actually stepped up our lending to small and mid-sized businesses,” said Ms. Patterson. “Our creation of NewAlliance Commercial Finance is further evidence of our commitment to the businesses in our community that rely on banks during economic times like these.”
Commercial Finance veterans Moser and O’Rourke bring a wealth of expertise and a proven track record for building asset-based lending businesses at other financial institutions. With their appointment, NewAlliance acquires a seasoned team with a highly disciplined approach to capital preservation.
Andrew Moser will serve as President, NewAlliance Commercial Finance. He has more than 20 years of extensive financial and operating experience, serving as a financial executive for various retail companies. He has co-founded and led the development and growth of four national retail finance companies: GBFC, Inc. (originally a division of Gordon Brothers and today known as Bank of America Retail Finance), Paragon Capital (today known as Wells Fargo Retail Finance), CapitalSource’s Retail Finance Group and GMAC Commercial Finance’s Retail Finance Group.
Daniel O’Rourke will serve as Chief Credit Officer, NewAlliance Commercial Finance. Previously, he was Senior Vice President for National City Business Credit’s Retail Finance Group, leading their portfolio management team on both asset-based and cash-flow-based transactions. Prior to National City, Mr. O’Rourke served as the Senior Credit Officer for LaSalle Business Credit’s Retail Finance Group, contributing to the unit’s growth from 2002 through 2007. He started his commercial finance and banking career at Paragon Capital (today known as Wells Fargo Retail Finance).
NewAlliance Commercial Finance will be located outside of Boston in Westwood, MA. The group will initially target business development opportunities in the Northeast and Mid-Atlantic regions, with particular focus within NewAlliance’s current footprint, and is expected to begin transacting business immediately.
“The commitment NewAlliance Bank has made to this new division could not come at a more opportune time in terms of our nation’s economic recovery,” said Mr. Moser. “We will work tirelessly to serve the needs of the small and mid-sized businesses throughout our target market.” Mr. Moser can be contacted at email@example.com.
NewAlliance was advised by the bank consulting and advisory firm, Strategic Risk Associates LLC, on the start-up of the Commercial Finance Division. The firm’s partners are veteran bankers and former regulators who offer expert advice on the current banking environment and bank asset-based lending.
NewAlliance Bank is a New Haven, Connecticut headquartered regional banking and financial services company. It is the third largest bank in Connecticut and fourth largest headquartered in New England. In addition to offering a full range of personal and commercial banking products and services, NewAlliance Bank also provides trust services and investment and insurance products and services. On September 30, 2009 the Company had $8.5 billion in assets and $4.9 billion in deposits. The Bank’s website is www.newalliancebank.com.