First Bank on Tuesday said it hired Michael Maiorino to lead its new specialty financing group, which will provide more options for business owners and entrepreneurs.
Maiorino joins the Hamilton-based financial institution as its new president of the asset-based lending unit, which will source new business throughout the bank’s market.
Asset-based lending is a specialized area of banking that provides fully collateralized credit facilities to borrowers. Lines of credit and term loans provide a flexible source of working capital by monetizing assets on the borrower’s balance sheet. Strong controls and close monitoring are essential features of the service.
Maiorino is no stranger to specialty financing, having worked in the sector since the 1980s. He has held positions as executive vice president and president of People’s United Business Capital, executive vice president and division president of Sovereign Business Capital and as division president at Fleet Capital, which is now Bank of America Business Capital, responsible for the Business Finance Division.
“We understand the challenges businesses encounter,” First Bank CEO and President Patrick Ryan said. “Mike has valuable experience introducing asset-based lending at several banks throughout his career. This new product underscores our commitment to remaining nimble, creative and responsive to the needs of our business community. We view asset-based lending as an extension of the type of lending we already do and intend to manage it as a business unit and not simply another service. Mike will be building out his team with experienced professionals, having business development folks and back-office support staff, both so important to doing this successfully.”