TSL September 2017 by Secured Finance Network

Representing the Asset-Based Financing, Factoring & Supply Chain Finance Industries Worldwide Sep. 17

ALSO IN THIS ISSUE

ISSUE

CFA 40 UNDER 40 AWARDS

AWARD PROFILES P14

DIVERSITY IN THE RANKS P94 HAND IN HAND: LEADERSHIP AND MENTORSHIP P102 UNDERSTANDING AND DEVELOPING YOUR PERSONAL BRAND P108

TSL INTERVIEW

JEFF

MCLANE

LEADING LE EAD ADIN ING TH ING THE E WA WAY AY AT BABC BABC P100

DEPARTMENTS COLLATERAL // CFA BRIEF LEGAL NOTES // REVOLVER

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Representing the Asset-Based Financing, Factoring & Supply Chain Finance Industries Worldwide

Volume 73, Issue 7

September 17

FEATURES 14 CFA’s 40 Under 40 Award Profiles Meet the recipients of CFA’s 40 Under 40 Awards.

CFA 40 UNDER 40 AWARDS

94 Diversity in the Ranks: The CFA Community Forges a Path

Members of the commercial finance industry speak out about diversity initiatives. By Myra Thomas

Diversity in the Ranks

100 The TSL Interview: Jeff McLane: Leading the Way at BABC

Jeff McLane, president of Bank of America Business Capital, will be awarded the CFA Leadership Award during the CFA 40 Under 40 Awards celebration on September 28 in New York City. In this interview, he discusses the significance of the Awards, the importance of diversity as well as attracting young professionals to the industry. By Michele Ocejo

102 Hand in Hand: Leadership and Mentorship

100

The CFA Community Forges a Path BY MYRA THOMAS

108 Understanding and Developing your Personal Brand: Four Steps to a More MEMBERS OF THE COMMERCIAL FINANCE INDUSTRY SPEAK OUT ABOUT DIVERSITY INITIATIVES. Intentional Career Progression

Robert Meyers, head of the Origination and Marketing department for Republic Business Credit, and a 2016 CFA Under 40 Recipient, offers tips on building your personal brand. By Robert Meyers

DEPARTMENTS 8

Letter From David B. Kurzweil, Co-Chair, National Financial Institutions Group Greenberg Traurig, LLP and Chair, CFA 40 Under 40 Awards, discusses CFA’s 40 Under 40 Awards.

Collateral The latest issues affecting the ABL and factoring industries, including company news and personnel announcements.

112

The CFA Brief 112 122 125 128

Among CFA Members CFA Chapter News Calendar Chapter Spotlight

126

Advertisers Index

130

Legal Notes For this issue, we have selected a recent case addressing intercreditor agreements and the rights of senior lenders to modify the terms of their loan agreements with borrowers without the consent of junior lenders. By Jonathan Helfat and Richard Kohn, CFA Co-General Counsel

131

Revolver Jordan M. Klein of Winston Strawn discusses the importance of young talent, from your organization to the NBA.

STAFF & OFFICES Michele Ocejo Editor-in-Chief & CFA Communications Director Eileen Wubbe Senior Editor Aydan Savaser Art Director

Editorial Offices 370 Seventh Avenue Suite 1801 New York, NY 10001 (212) 792 -9390 Fax: (212) 564-6053 Email: tsl@cfa.com Website: www.cfa.com

Advertising Contact: James Kravitz Business Development Director T: 646-839-6080 jkravitz@cfa.com

The Commercial Finance Association is the trade group for the asset-based lending arms of domestic and foreign commercial banks, small and large independent finance companies, floor plan financing organizations, factoring organizations and financing subsidiaries of major industrial corporations. The objectives of the Association are to provide, through discussion and publication, a forum for the consideration of inter- and intra-industry ideas and opportunities; to make available current information on legislation and court decisions relating to asset-based financial services; to improve legal and operational procedures employed by the industry; to furnish to the general public information on the function and significance of the industry in the credit structure of the country; to encourage the Association’s members, and their personnel, in the performance of their social and community responsibilities; and to promote, through education, the sound development of asset-based financial services. The opinions and views expressed by The Secured Lender’s contributing editors and authors are their own and do not necessarily express the magazine’s viewpoint or position. Reprinting of any material is prohibited without the express written permission of The Secured Lender. The Secured Lender, magazine of the asset-based financial services industry (ISSN 0888-255X), is published 9 times per year (Jan/Feb, March, April, May, June, July, September, October and November) $65 per year non-member rate, and $100 for two years non-member rate, CFA members are complimentary, by Commercial Finance Association, 370 Seventh Avenue, New York, NY 10001. Periodicals postage paid at New York, NY, and at additional mailing offices. Postmaster, send address changes to The Secured Lender, c/o Commercial Finance Association, 370 Seventh Avenue, New York, NY 10001.

letter from

THOUGHTS FROM CFA AND TSL STAFF

ast year, the Commercial Finance Association (CFA) recognized the need to more deeply engage young professionals in the finance industry. A plan was thoughtfully developed and implemented to do just that. The cornerstone of that plan is the CFA 40 Under 40 Awards. The inaugural awards, held last year, were a huge success and were met with incredible enthusiasm from the industry. The event was sold out. I was proud to serve as vice chair and judge of the inaugural awards and am honored to serve as chair and judge this year. This year’s celebration is on track to host an even bigger crowd! The 40 Under 40 Awards honor the achievements of young commercial finance professionals and service providers from the CFA community. The intent is to both highlight and inspire those beginning or growing their careers and to set the bar high for personal excellence. This year, industry veterans and leaders will gather to celebrate the 2017 recipients at The Pierre Hotel in

New York City on September 28. Truly, both the recipients and those who nominated them deserve our respect and admiration. Jack Welch said, “Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.” Everyone who nominated a team member for a 40 Under 40 Award exemplifies the sentiment behind this quote. It’s worth noting, several of last year’s award recipients showcased their leadership skills by nominating incredible candidates for this year’s awards, illustrating how we all evolve in our careers. Last year’s award recipients understand the importance of supporting young professionals as they transform into the next generation of leaders. The profiles of the award recipients (beginning on page 14) illustrate their commitment to excellence in their careers, as well as a dedication to their families, communities and those in need. As the Awards chair, I can tell you that choosing just 40 winners was a challenge. This year’s recipients are quite impressive. I suspect this challenge will only grow more difficult as the industry cultivates each generation. Rest assured, our industry is overflowing with talent, potential, intelligence and ambition. This issue of The Secured Lender is dedicated to highlighting the CFA 40 Under 40 recipients, but also contains content focused on diversity, mentorship and professional development. Here are the highlights: On page 94, Myra Thomas speaks with industry executives about diversity initiatives in Diversity in the Ranks: The CFA Community Forges a Path. The finance

industry, like so many other industries, is endeavoring to create a more inclusive working environment. Part of the industry’s challenge in recruiting more women and minorities is helping candidates to better understand the many career opportunities available in ABL and factoring versus the more well-known sectors of banking and finance. Mentorship in the commercial finance industry in general, and CFA specifically, is thriving. In the article entitled Hand in Hand: Leadership and Mentorship, on page 102, Eileen Wubbe speaks with executives who share their insight and perspectives on the important role mentoring plays in their professional and leadership development. The successful future of the industry is dependent on the identification and advancement of the next generation. There are many incredible mentors and leaders in our industry. During the CFA 40 Under 40 Awards celebration on September 28, we will recognize one such leader. Jeff McLane, President of Bank of America Business Capital, will be awarded the CFA Leadership Award. This award is bestowed upon an individual who inspires, in word and deed, the next generation of leaders, as well as his or her peers, to achieve their greatest potential. On behalf of the 40 Under 40 judges, I would like to congratulate Jeff on this well-deserved honor. Don’t miss the interview with Jeff on page 100. On behalf of the 40 Under 40 judges and the CFA staff, I would like to thank everyone who made this year’s awards possible, including the Leadership Council and Event Committee members and the nominators. Thanks to the example set by you, the next generation of leaders will be set to succeed.

Truly, both the recipients and those who nominated them deserve our respect and admiration. Jack Welch said, “Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.”

REGISTRATION IS OPEN FOR CFA’S ANNUAL CONVENTION IN CHICAGO! WWW.CFA.COM

David B. Kurzweil Co-Chair, National Financial Institutions Group Greenberg Traurig, LLP and Chair, CFA 40 Under 40 Awards

The Supporters Who Help CFA Educate the Next Industry Leaders We Would Like To Thank The Latest 2017 Education Foundation Supporters1: Platinum Level $20,000-$24,999 Goldberg Kohn Ltd., Richard M. Kohn, Principal Greenberg Traurig, LLP, David Kurzweil, Shareholder Otterbourg P.C., Jonathan N. Helfat, Partner and David W. Morse, Vice Chairman Gold Level $12,000-$19,999 Buchalter Nemer PC, Anthony R. Callobre, Shareholder Holland & Knight LLP, James C. Chadwick, Partner, Christopher C. “Chris” Kupec, Partner, Michelle White Suárez, Partner Morgan Lewis & Bockius LLP, Marshall C. Stoddard, Jr., Partner and Practice Chair, Transactional Finance Parker, Hudson, Reiner & Dobbs, LLC, Bobbi Acord Noland, Partner Silver Level $7,500-$11,499 McGuireWoods LLP, Wade M. Kennedy, Partner

Alston & Bird LLP, Kim Hunniford. Business Development Bennett Jones LLP, Steve Lutz, Partner and David Rotchtin, Senior Associate BMO Harris Bank, Michael Scolaro, Managing Director CBIZ, & Mayer Hoffman McCann, CPAs, Katelynn Aubrey, Senior Marketing Specialist Charles G. Johnson, CFA Past Chairman Chapman and Cutler LLP, Daniel W. Baker, Partner CIT, Burt M. Feinberg, President Cost Reduction Solutions, Denise Albanese, President Dopkins ABL Consulting Services, Joseph A. Heim, CFE, CPA, Partner Fidelity National Financial UCC / Plus, Gary M. Zimmerman, SVP Chief Getzler Henrich & Associates LLC, Joel Getzler, Vice Chairman

Realization Services Inc., Barry L. Kasoff, President

GlassRatner Advisory & Capital Group LLC, Ronald Glass, Principal and Ian Ratner, Principal

Wells Fargo Capital Finance, Andrea L. Petro, Executive Vice President

J D Factors, LLC, Stephen Johnson, President

Bronze Level $5,000-$7,499 Blank Rome, LLP, Lawrence F. Flick, II, Partner Choate Hall & Stewart LLP, John Ventola, Practice Group Leader Corporation Service Company, Paul Schultz, Account Manager Sidley Austin LLP, H. Bruce Bernstein, Partner, Thomas W. Albrecht, Angela Fontana, Michael Gold, Craig A. Griffith, Teresa Wilton Harmon, Anny Huang, Mark Kirsons, Robert J. Lewis, Patricia Ann Murphy, Tracey Nicastro, Richard S. Petretti, Allison J. Satyr Benefactor Level $2,500-$4,999 AloStar Business Credit, Andy McGhee, President of Commercial Banking

MB Business Capital, William A. Stapel, SVP Director of ABL Portfolio Management McMillan LLP, Jeff Rogers, Co-Chair, Syndicated Finance Marquette Business Credit, Ron Vanek, President Riemer & Braunstein LLP, Donald E. Rothman, Senior Partner Scherzer International, Jessica Staheli, Sr. Vice President Tiger Valuation Services, LLC, Jack Rapp, Executive Managing Director Torys, LLC, Darien G. Leung Troutman Sanders LLP, Justin A. Wood, Attorney

Women In Commercial Finance Committee, Katherine Bell Wolters Kluwer Lien Solutions, Robert Zurek, Marketing Manager Patron $1,000-$2,499 Amerisource Funding, D. Michael Monk, Managing Director Bibby Financial Services, Inc., Ian Watson, CEO North America Chapman and Cutler LLP, Daniel Baker, Managing Partner Citizens Bank, Christopher Carmosino, President Clear Thinking Group, LPP, Lee Diercks, Partner

Context Business Lending, John Giangiulio, Managing Director Downtown Capital Partners, Gary Katz, Managing Partner Dwight Funding, Ben Brachot, Managing Director Einhorn Group LLC, Walter M. Einhorn Entrepreneur Growth Capital, LLC, Dean I. Landis, President Flexible Funding, Steve Capper, Partner FSW Funding, Robyn Barrett, Managing Member Gateway Acceptance Co., Robert Curtis, President

First Business Capital Corp., Charles H. Batson, President & CEO

Goodman Factors, a Division of Independent Bank, Bret Schuch, VP-Business

FGI, Sami Altaher, Executive Director

HPD Software, Inc., Tony Smith, CEO - Americas

MidCap Business Credit, LLC, Steven Samson, President

InCapital Financiera, S.A., Juan Antonio Lovera, President

North Mill Capital LLC, Jeffrey K. Goldrich, President & CEO

Lenders Funding, LLC, Harvey Friedman, Chief Operating Officer

People’s United Business Capital, Michael J. Maiorino, Jr., President

Merchant Financial Corporation, Neville Grusd, President

Republic Business Credit, Stewart Chesters, CEO

RB International Finance (USA) LLC, Christoph Hoedl, First Vice President

TBK Bank, Dan Karas, EVP & Chief Lending Officer

Southeastern Commercial Finance, LLC, Patrick B. Trammell, President

Member Up To $999 A/R Funding, Inc., Brian Keith Holden, Chairman and CEO

United Community Bank, David L. Shelnutt, SVP

Allied Financial Corporation, Steven C. Gold, President Cahill Gordon & Reindel LLP, Michelle Murray, Director of Marketing & Communications CapitalSource, David Drogos, Managing Director, CS Business Finance

Includes contributions received through August 20, 2017

WWW.CFAFDN.ORG

collateral INDUSTRY NEWS

THE INDUSTRY IN BRIEF

Crystal Financial Announces Ward Mooney’s Retirement and Co-CEO Promotions Crystal Finance LLC announced that its CEO, Ward K Mooney, plans to retire at the end of December 2017. Upon his departure, Michael L Pizette, chief credit officer, and Steven Migliero, senior managing director, will serve as co-CEOs responsible for the management and operations of the firm. Mooney will continue to serve on Crystal’s board of managers as well as a managing member of Crystal SBIC GP LLC. Crystal was established in 2006 and, since inception, it has sourced, underwritten and managed over $20 billion of secured debt financings for middle-market businesses. Crystal was acquired by Solar Capital Ltd. (NASDAQ:SLRC), a publicly traded business development company, in December 2012. Mooney has been involved in the financial services industry for 45 years. In 1992, he joined Gordon Brothers and founded GBFC, a specialty commercial finance company focused on asset-based financing to retailers. GBFC became the leading secured financing source for the retail industry and in 1996, GBFC was purchased by Bank of Boston. In 1998 while at Bank of Boston, Mooney co-founded Back Bay Capital a direct lending fund dedicated to underwriting second lien debt. In 2006, he co-founded Crystal Financial along with Pizette. During his career Mooney has served on many public and nonprofit boards including: President and Chairman of the Turnaround Management Association (TMA), Beth Israel Deaconess Hospital (finance committee), the American Repertory Theater, the Newport Festival Foundation (NFF) and Destination XL Group (DXLG). Michael Gross, chairman and CEO of Solar Capital Ltd, stated, “We thank Ward for his dedication and commit-

ment to Crystal Financial and are confident in the seamless transition that will occur, given Mike and Steve’s long-standing tenure and industry expertise.” Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both assetbased and cash flow financings to middle-market companies. www. crystalfinco.com.

Howard Moore Joins Dwight Funding Howard Moore has joined the firm as director of business development. In this position, Moore will be responsible for maintaining and strengthening relationships with bank partners, other finance companies, referral sources and clients directly. Moore brings over 10 years of experience in business development and SMB lending. Prior to joining Dwight Funding, Howard was responsible for business development at Rosenthal and Rosenthal and for originating and structuring asset-based lending, factoring, and purchase order financing transactions. Prior to that, he has held similar roles at other large and boutique commercial finance companies. “We are very excited to have Howie join our team. Howie’s extensive experience and network will help build on the success we have seen in the consumer products market,” states Ben Brachot, managing director at Dwight Funding. “Howie shares a passion for funding early-stage and growth-stage businesses which makes him a great addition to the team and amplifies the efforts of the group.”

REGISTRATION IS OPEN FOR CFA’S ANNUAL CONVENTION IN CHICAGO! WWW.CFA.COM

Daniel Rodrigue Rejoins Bibby Financial Services (BFS) North America Daniel Rodrigue has rejoined the company as National head of sales for Factoring and Transportation for the U.S. market, a significant step toward executing BFS’s strategic growth plan. Rodrigue previously served as BFS’s head of sales for the Southeast region until 2013. He brings nearly two decades of experience driving sales for various financial platforms. Most recently, Rodrigue served as national sales director of TAB Bank, where he was responsible for building their national sales team, including a focus on transportation companies. Previously, he oversaw sales staff and deal production for First Growth Capital’s factoring and asset-based lending divisions. “We are excited to have Daniel back at BFS where his wealth of industry knowledge and experience will be invaluable in driving our business development efforts,” said Ian Watson, CEO of BFS North America. “He will build on the excellent momentum achieved by our sales teams this year as we continue to expand and grow our market leadership in factoring and transportation.” In addition to working closely with BFS North America’s executive leadership to grow factoring and transportation business lines nationally, Rodrigue will also oversee the expansion of the company’s regional sales presence in the U.S. BFS is committed to supporting small and medium-sized businesses throughout North America by expanding access to the financing and back-office support they need to successfully operate and grow. Sean Flannery and Ronnie Stokes were appointed as corporate managers for the North of England and Scotland, respectively, as it looks to

Gordon Brothers Names Christopher Koenig Director in Commercial and Industrial Division Gordon Brothers, the Boston-based global advisory, restructuring and investment firm, announced that Christopher Koenig has joined the company

as a director in the Commercial and Industrial division. In this role, Koenig will be responsible for business development, deal analysis and structuring, financial management, and ongoing commercial and industrial deal operations. He brings more than 17 years of experience in the capital markets, providing operational and financial restructuring and advisory services to clients across a number of industries. “We are pleased to welcome Chris to the Gordon Brothers team,” said Bob Maroney, president, Commercial and Industrial. “Chris’ extensive knowledge of the financial markets and experience working with a wide range of clients will accelerate our efforts to offer capital solutions to virtually any sector.” “I’m thrilled to join the Commercial and Industrial team at Gordon Brothers,” said Koenig. “Over the course of my career I have cultivated strong relationships with various lending, private equity, and restructuring professionals, all of whom can look to Gordon Brothers as a total solution and capital provider for complicated and special situations.” Prior to joining Gordon Brothers, Koenig was a vice president with G2 Capital Advisors, where he specialized in providing sell-side, buy-side, operational and financial restructuring, and capital-raising advisory services. Koenig has also worked with TD Bank, NewStar Financial and Bank of America Merrill Lynch. Koenig received his bachelor degree from the Leonard N. Stern School of Business at New York University. He currently resides in Weston, MA. Since 1903, Gordon Brothers (www. gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital

to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.

INDUSTRY NEWS

bolster its corporate funding throughout the UK. Supporting businesses with turnover of £5m to £100m, BFS’s Corporate team was formed in 2012 and has structured more than 600 deals across the UK. Flannery has over 15 years’ experience in commercial finance and joins BFS from RBS Invoice Finance, where he held a number of positions, including head of sales for the North West. Ronnie Stokes joins BFS from Clydesdale Bank, where he was senior relationship manager. Prior to joining Clydesdale, Stokes held the role of lending director at RBS and has over 18 years’ experience spanning corporate banking, invoice finance and asset-based lending. Dan Burton, regional head of Corporate – North, said: “Building on our invoice finance heritage, in recent years we have significantly enhanced our product offering to include stock finance, foreign exchange and asset finance. This has enabled us to write more and bigger ABL deals, and we want to maintain this growth trajectory across the country, supporting more businesses and intermediaries alike. “The North of England and Scotland are both strategically important areas for us. I’m delighted to welcome Ronnie and Sean to the BFS family. Both have extensive knowledge and experience of the corporate finance space and will undoubtedly enable us to grow our funding even further.”

Otterbourg Expands Its Bankruptcy and Finance Practices with the Hiring of Keith Costa and Michael Wenger Otterbourg P.C. announced that Keith N. Costa has joined the firm as a member in the restructuring and bankruptcy practice, and Michael Wenger has joined the firm as counsel in the banking and finance practice. “Our clients will benefit from their vast experience and exceptional commitment to client service.” Costa focuses his practice on the representation of creditors nationwide, with extensive experience in commercial litigation and a strong history of handling reorganizations, out-of-court restructurings, and private equity firm acquisition of distressed debt and assets. He frequently serves as a court-appointed chapter 11 trustee and examiner, and serves in other fiduciary roles, including as counsel to official committees of unsecured creditors and as special counsel to boards of directors. Costa is also a court-certified mediator for both New York and Delaware, which led to his service, both as mediator and arbitrator, in the Madoff

THE SECURED LENDER SEPTEMBER 2017 11

INDUSTRY NEWS

collateral

and Lehman Brothers bankruptcy cases. He comes to Otterbourg from Riker Danzig Scherer Hyland Perretti LLP, where he was a partner. He previously served for 10 years as Assistant U.S. Trustee for the Southern District of New York, where he was involved in some of the largest and most complicated bankruptcy cases ever filed. Wenger focuses his practice on factoring and finance. He comes to Otterbourg from Rosenthal & Rosenthal, Inc., a privately owned factoring and finance company, where he was General Counsel. He has extensive experience drafting and negotiating agreements for all aspects of factoring and asset-based lending transactions. He previously was an associate at Weil, Gotshal & Manges LLP in its Banking and Finance practice. “Keith and Michael have exceptional reputations and are strong additions to our bankruptcy and finance groups,” said Richard L. Stehl, Otterbourg’s chairman. “Our clients will benefit from their vast experience and exceptional commitment to client service.” Costa said, “Otterbourg is one of the premier insolvency firms in New York, and its national leadership representing clients in major bankruptcy cases for decades dovetails perfectly with my practice.” Costa has been an active member of the American Bankruptcy Institute since 2001 and has been recognized by his peers for the past two years on the New York Metro Super Lawyers list in the practice areas of both Mediation and Business Bankruptcy. He earned his JD from The American University, Washington College of Law, and his BA from the University of Connecticut Honors Program. Wenger is a member of the board of directors of the Association of Commercial Finance Attorneys. He

earned his JD from Columbia Law School and his BA from the University of Rochester.

Santander Bank Names Co-Presidents and Appoints Head of Corporate and Commercial Banking Santander Bank announced that veteran commercial banking executive Robert Rubino has been named co-president of the bank and managing director, head of Corporate and Commercial Banking. Santander also announced that Michael Cleary, the Bank’s current head of Consumer and Business Banking, has been appointed co-president of the Bank. “The market opportunity for Santander’s corporate and commercial business remains strong,” said Scott Powell, CEO of Santander US. “Bob’s significant expertise delivering growth across all aspects of commercial banking will help build on the progress we’ve seen this year and increase our competitive position in the market. His leadership approach and strategic vision for our business are exactly what we need going forward to distinguish ourselves as a leading commercial banking franchise.” Rubino comes to Santander from Citizens Financial Group where he served as executive vice president within the commercial banking division during his 10-year tenure with the company. There he led Corporate Finance & Capital Markets and was responsible for building and managing Capital Markets, Sales & Trading, Leveraged Finance, Asset Based Lending & Restructuring, Leasing, Sponsor Finance, Strategic Client Acquisition, MidCorporate, Foreign Corporate, Private Equity, Industry Verticals and Global Markets.

REGISTRATION IS OPEN FOR CFA’S ANNUAL CONVENTION IN CHICAGO! WWW.CFA.COM

He has 29 years of extensive experience in all aspects of commercial banking and a proven track record of delivering significant growth by building new business channels, closing key capability gaps, improving risk management and increasing fee-based profits and market share growth. During his time at Citizens, Bob was the architect for building-out the commercial bank, personally creating or restructuring 19 businesses including a top 10 capital markets franchise, commercial broker dealer, stand-alone global markets business and industry banking coverage organization. Bob served as chair of the bank’s loan underwriting committee, President and CEO of the bank’s commercial broker dealer and was a member of the bank’s commercial management and operating committee and joint trusts committee. Prior to Citizens, Bob served as executive vice president at Bank of America in a variety of executive roles including within Bank of America Business Capital US and Europe. Rubino earned a M.S. in economics from the London School of Economics and a B.S. in economics from Providence College. Michael Cleary has served as Santander’s head of Consumer and Business Banking since 2015. He has been instrumental in greatly enhancing Santander’s sales and service processes, and digital and mobile banking capabilities, improving the customer experience, and developing a culture that focuses on always doing the right thing for customers. Before joining the Bank, Cleary was group executive vice president and head of U.S. Distribution for Consumer Banking at RBS Citizens Financial Group, Inc., where he was a member of the Executive Committee and the Executive Leadership Group. Prior to Citizens, Michael spent 13 years with JPMorgan Chase & Co. in

and Latin America. It is managed by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. www.santanderbank.com.

White Oak Asset Finance Appoints Industry Veteran to Manage ABL Solutions for the Retail Sector White Oak Asset Finance, GP (WOAF or White Oak), an affiliate of White Oak Global Advisors, LLC, announced the appointment of Stephen M. Metivier to serve as managing director. Metivier will be responsible for originating, structuring and supporting assetbased loan facilities with a focus on the retail industry. “Stephen has nearly three decades of asset-based lending experience and has worked with some of the world’s largest retailers,” said Andre A. Hakkak, chief executive officer and co-founder, White Oak Global Advisors. “We look forward to him bringing his deep relationships and expertise to our organization as we continue to expand our retail lending solutions.” Prior to joining the Company, Metivier served as head of Retail Finance Originations at TD Bank, NA – ABL Division, Wells Fargo Retail Finance, and GE Capital’s Retail & Restructuring Division. “I was attracted to White Oak because of the strong management team and unique platform the company has built to serve the middle market,” said Stephen Metivier. “Retailers and their suppliers need access to flexible financing solutions to support growth and operations, and I look forward to continuing to support this sector as a member of the White Oak team.” Metivier graduated cum laude from Northeastern University with a B.S.

in marketing and finance. He also attended the Institute of Public Administration in Dublin and interned for John Bruton, the Taoiseach (Prime Minister) of Ireland. Metivier is also an active member of the Commercial Finance Association (CFA) and Turnaround Management Association (TMA) and is a former Advisory Board Member of the University of Florida’s Miller Retail Center. White Oak Asset Finance, GP (WOAF) provides asset-based financing solutions to small- and middle-market companies throughout the United States and is owned by institutional clients of White Oak Global Advisors, LLC. Such asset-based solutions include invoice discounting, supply chain finance and inventory finance.

INDUSTRY NEWS

various leadership roles including membership on the JPMorgan Executive Committee, CEO of Business Banking, chief marketing officer for Retail Banking, chief operating officer for Retail Banking, head of Chase Private Client and president of wingspanbank. com. Cleary holds a B.S. from Princeton University and an MBA from the Amos Tuck School of Business Administration at Dartmouth College. Santander provides capital, cash, treasury management, risk management and international solutions to thousands of commercial, corporate and institutional clients across a wide variety of industries in the Northeast, the mid-Atlantic and across the United States. Working with commercial clients who generate $25 million to $2 billion in operating revenue is Santander’s specialty. With access to an extensive array of sophisticated capabilities, its locally based and highly experienced bankers can customize solutions for each of its corporate and institutional clients. When combined with its on-the-ground presence in several key regions around the world, Santander is uniquely positioned to help its commercial clients achieve their goals – locally, domestically and internationally. Santander Bank, N.A. is one of the country’s largest retail and commercial banks with more than $83 billion in assets. With its corporate offices in Boston, the Bank’s 9,500 employees, more than 650 branches, 2,100 ATMs and 2.1 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a whollyowned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) - one of the most respected banking groups in the world with more than 125 million customers in the U.S., Europe,

THE SECURED LENDER SEPTEMBER 2017 13

CFA 40 UNDER 40 AWARDS

PROFILES

LAST YEAR, THE COMMERCIAL FINANCE ASSOCIATION ANNOUNCED IT WAS LOOKING FOR THE BEST AND BRIGHTEST IN OUR INDUSTRY. THE CFA 40 UNDER 40 AWARDS PROGRAM WAS INTRODUCED TO HONOR THE ACHIEVEMENTS OF YOUNG COMMERCIAL FINANCE PROFESSIONALS AND SERVICE PROVIDERS FROM ACROSS THE INDUSTRY. THE AWARDS CELEBRATION TOOK PLACE AT THE WALDORF ASTORIA IN NEW YORK CITY, WITH CLOSE TO 400 ATTENDEES.

THE CFA 40 UNDER 40 AWARDS CELEBRATE THE ACHIEVEMENTS OF YOUNG PROFESSIONALS IN THE COMMERCIAL FINANCE INDUSTRY — THE MOVERS AND SHAKERS WHO EXEMPLIFY TRUE EXCELLENCE IN THEIR CAREERS AND WHO BRING A STRONG VOICE AND COMMITMENT TO THE INDUSTRY AT LARGE. ON THE FOLLOWING PAGES, WE INVITE YOU TO GET TO KNOW THE INDUSTRY’S FUTURE LEADERS.

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Thank You To Our Chairs and Committees CFA offers its deepest gratitude to all of the nominees and their managers. We would also like to recognize the hard work and dedication of the judges: David Kurzweil of Greenberg Traurig, Jeff Goldrich of North Mill Capital, Andrea Petro of Wells Fargo Capital Finance and Kathleen Z. Lepak of Peopleâ&#x20AC;&#x2122;s United Business Capital. Additionally, David served as Chair of the Awards Program and Jeff served as Vice Chair. The CFA 40 Under 40 Awards would not have been possible without their leadership and their commitment to the young professionals of our industry. We would also like to thank the CFA 40 Under 40 Leadership Council and Event Committee members for their support and guidance. LEADERSHIP COUNCIL Chair Jeffrey McLane, President, Bank of America Business Capital Roger Allen, Chief Operating Officer, LSQ Funding Christopher Carmosino, President, Citizens Commercial Banking Ryan Cascade, President, Ares Management LLC Marianne Cordora, Syndicate Executive, Regions Business Capital John DePledge, Business Head, Citi Commercial Bank, Asset Based Finance Marc J. Heller, President, CIT Commercial Services Janet Jarrett, Managing Director, SunTrust Robinson Humphrey Kurt Marsden, Executive Vice President and Head of the Corporate Finance Group, Wells Fargo Capital Finance Joseph F. Nemia, Executive Vice President, Head of ABL, TD Bank Thomas K. Otte, Chairman, White Oak Commercial Finance Samuel S. Philbrick, President, U.S. Bank Asset Based Finance Michael Scolaro, Managing Director, BMO Harris Bank Michael Sharkey, President, MB Business Capital J. Michael Stanley, Managing Director, Rosenthal & Rosenthal, Inc. Dan Tortoriello, Executive Vice President and Chief Operating Officer, North Mill Capital

Ian Watson, CEO, North America, Bibby Financial Services THE CFA 40 UNDER 40 EVENT COMMITTEE Julie Acuff, Wells Fargo Capital Finance

Travis R. Hunt, Citizens Bank Doug Jung, Hilco Global Barry Karen

Denise Albanese, Cost Reduction Solutions

Robert D. Katz, EisnerAmper

Samantha Alexander, Wells Fargo Capital Finance

Richard M. Kohn, Goldberg Kohn Ltd.

Katherine Bell, Paul Hastings LLP

Darryl Kuriger, Bank of America Merrill Lynch

Gail K. Bernstein, PNC Business Credit

Joye Catherine Lynn, Wells Fargo Capital Finance

Barry Bobrow, Wells Fargo Capital Finance

Cheri MacDonald, Wells Fargo Capital Finance

Michael Bohley, Wells Fargo Capital Finance

Matthew Miller, Gordon Brothers

Kavian Boots, U.S. Bank

David W. Morse, Otterbourg P.C.

William D. Brewer, Winston & Strawn LLP

Andrew H. Moser, Scargo Hill Capital

Jeremy Brown, RapidAdvance

Joseph Nappi, Phoenix Management Services

Andrew Burgess, Marquette Business Credit

Bobbi Accord Noland, Parker Hudson Rainer & Dobbs

Mark Cerminaro, RapidAdvance

Hossein Khajeh Nouri, Regions Business Capital

Miin Chen, Siena Lending Group

Bethani R. Oppenheimer, Greenberg Traurig, LLP

Stewart Chesters, Republic Business Credit, LLC

Michael Riesmeyer, Wells Fargo Capital Finance

James M. Cretella, Otterbourg P.C.

Steven M. Rosenberg, Rosenberg & Fecci Consulting

Paula Currie, PNC Business Credit

Mark Seigel, Veritas Financial Partners

Sheri Fenenbock, Wells Fargo Capital Finance

Paul Share, Conway MacKenzie

Mark Foster, Berkshire Bank

Ronald Vanek, Marquette Business Credit

Michael Haddad, Sterling National Bank Polly Hackett, Bank of America Merrill Lynch Jason Hoefler, BMO Harris Bank

THE SECURED LENDER SEPTEMBER 2017 15

arshall Glade, CPA, is a managing director at GlassRatner. He has worked on many engagements in various industries such as healthcare, technology, real estate, and transportation. Some of his most prominent cases include: appointed as chief restructuring officer at Campbellton Graceville Hospital; appointed as financial

advisor to Ch. 11 Trustee to Hutcheson Medical Center; appointed by the VidSys Board of Directors as interim CFO; advised Arcapita, Inc. on multiple resort/hotel restructurings; advised Scholle IPN on the sale of their subsidiary Alchemix as financial advisor/sell side advisor (M&A) and advised equity investor on sale of TaxiCo as financial advisor/sell side advisor (M&A) Marshall graduated from the University of Georgia with a Bachelor of Business Administration in accounting and a Master of Accountancy.

BUSINESS CONSULTING/ TURNAROUND

MARSHALL GLADE Managing Director GlassRatner

Is there a piece of professional advice that you would give yourself if you could go back in time? hile the details are extremely important, it is important to gain an understanding of the big picture. I would have made a greater effort to understand what my specific analysis would be used for so I could both make sure my analysis would be on target and grow more rapidly. It is a balancing act, since there are only so many hours in the day, but at the end of the day you need to understand the bigger picture. Additionally, I feel I was too focused on the minutiae and details of my everyday tasks. In retrospect, I would have made a stronger effort to develop a positive relationship with everyone I had interaction with. Those relationships are the key in building a long-term career.

What role has mentoring played in your career? I recognized early on that everyone needs a coach. Even Michael Jordan and Tiger Woods had help assessing their goals and improving their performance. Throughout my career I have been very fortunate to have mentors who spent their extremely valuable time assisting my professional development. This was done through enhancement of specific technical expertise, leading by example and making time to assist with any complex or difficult decisions. My mentors have allowed me an opportunity to both succeed and fail. They understand every situation will not be a resounding success and failing is a major part of the development process, and needs to be experienced. I am also fortunate that these mentors recognized me as an individual and helped me develop my own voice and my own way of managing situations. I am able to apply specific learned skills from each mentor/mentee relationship to various situations, and also put my own spin on it. However, it is important to understand that success in your professional career does not mean success in your personal life or vice versa. My mentors understand this dynamic and encourage growth in both areas. Accordingly, I have also sought and found role models and mentors for personal issues as well.

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A rewarding mentor situation usually happens organically, but it is incumbent on both mentor/mentee to make that effort. Your work environment is a great place to allow that to happen. Many of us have jobs where you interact with a number of people on a daily basis. That allows an opportunity to develop a mentor/mentee relationship. I think it is important for young professionals to look around their company and see if strong mentor relationships exist or could exist. If that opportunity does not exist, I would recommend finding a different, better fitting company. What do you know now that you wish you knew when you first started your career? “You don’t know what you don’t know.” Listen, listen, listen and ask good questions. It is important to hear all issues and facts and ask the right questions. The right answer is not always the most obvious. It is nearly impossible to step into a completely new situation and expect to be effective without the proper foundation. When I first started, I wish I knew it was acceptable to not know all the answers right away. The fundamentals of my job exist in reviewing all information and formulating a conclusion based on all information, not just the first bits of data received. Keep an open mind and keep learning. If you stop growing, you will never advance in your profession.

ince joining Citizens Business Capital in 2015, Dan has been a member of the Originations Team responsible for sourcing and structuring ABL transactions for new C&I and retail clients. The originations effort within Citizens Business Capital focuses on attracting lead relationships by providing thoughtful, holistic solutions in coordination with Citizens Commercial Bank-

ing Coverage and Product teams. Before joining Citizens, Dan worked at Wells Fargo Capital Finance as a portfolio manager in the ABL Division. In addition to managing a number of relationships, he managed several non-performing loans, workouts, and turnarounds. Dan began his banking career in 2005 at TD Bank as a credit analyst in their ABL Group. In 2016, Dan was President of CFA’s New England Chapter and this year served as Chairman of the Chapter’s Annual Charity Golf Event. He is a two-time member of the Dana Farber Marathon Challenge, a former Special Olympics basketball coach and volunteer with Big Brother of Massachusetts Bay. Dan and his wife Meaghan are the proud parents of two children, Braden and Brooke.

BUSINESS DEVELOPMENT

DANIEL BOLGER

Vice President – Originations Citizens Business Capital

Is there a piece of professional advice that you would give yourself if you could go back in time? utside of working hard and putting in the effort: Be adaptable, be approachable, be patient, and always communicate. Be adaptable; in time, all organizations evolve to gain competitive advantages. Changes can be painful in terms of new processes and changing teammates. That said, change is to be expected. Try to understand the institutional rationale for change, but to the best of your ability, never let change impact the customer. Never allow change to take your eye off the ball in terms of protecting and preserving relationships, and, just as important, protecting and preserving shareholder value. Be approachable with all relationships you foster. Become a valued resource for prospects, existing custom-

ers, colleagues, and vendors. In doing so, be yourself, be honest and follow up when necessary. People enjoy working with people they are comfortable with, who treat them with respect, and who are straightforward with them. Be patient. Rome wasn’t built in a day, and neither is your career. Work hard and strive to become an expert in your field. As you become a valued resource for prospects, customers, and colleagues, ensure continued professional growth by speaking with mentors about goals and potential career paths. Communicate consistently with prospects, customers, and colleagues. Whatever the task at hand may be, always ensure that everyone is on the same page. In certain circumstances, last-minute fire drills are unavoidable; however, if everyone involved is apprised of the situation the process will run smoothly. What is the best professional advice you have been given and how have you implemented it? “People like nice people…” – Ron Burton Sr. This quote, by Ron Burton Sr., was engrained in me at a young age by my father and is more of a life lesson which translates through to the working world. Being “nice”, or treating others with respect in all situations, goes hand-in-hand with developing long-standing relationships. I try to be approachable in devel-

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oping all relationships whether it is with a prospect, customer or colleague. What role has mentoring played in your career? Mentoring played a significant role in my career. First and foremost, I’m lucky to have a father, Paul Bolger, who is an ABL industry veteran, as a personal and professional mentor. There is nothing like talking ABL shop over a Thanksgiving turkey dinner! From a professional standpoint, I’ve had various mentors in each position I’ve held. From my days as a credit analyst and portfolio manager, and now in business development, mentors continue to be essential in my career development. While my mentors have not been part of a formal “mentoring program”, there is no doubt that working for and with people who are approachable and accessible is crucial to a successful learning and working environment. I’m lucky to have worked with mentors willing to guide me through the process and hand over the reins when appropriate. What do you know now that you wish you knew when you first started your career? Efficiency thrives from organization. Realistically, this is a constant work-inprocess and reminder to continue fighting the battle against disorganization.

CONGRATULATIONS BRIAN BAKER & DAN BOLGER and all of this yearâ&#x20AC;&#x2122;s 40 Under 40 Award Winners

We thank Brian, Dan and the entire Citizens Business Capital team for their commitment to helping clients reach their potential. The team achieves success by listening to our clients, understanding their unique and evolving needs, and delivering tailored advice, ideas and solutions. We are proud to have earned the trust of the following companies: Nations Equipment Finance

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True Religion Brand Jeans

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W.B. Mason

$360,000,000

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eth is responsible for new business development in the Northeast market for MidCap. In addition, he manages a team of sales professionals across four other regions around the country. Seth has spent the last 16 years in asset-based lending. He has been in new business roles for both large regional banks and independent commercial finance

companies such has Presidential Financial, Business Alliance Capital Corporation, and Sovereign Bank. Seth received his undergraduate degree from Elon University where he majored in business administration and received a minor in accounting. In his free time, Seth enjoys spending time with his wife, Chelsea, and three girls, Emerson, Maeve and Cassidy, playing golf and skiing.

BUSINESS DEVELOPMENT

SETH COOPER

Senior Vice President National Sales Manager MidCap Business Credit, LLC.

What is the best professional advice you have been given and how have you implemented it? he best two pieces of professional advice I have received is to work hard and don’t be scared to “ask for the business.” When in a new business role, one of the most important things is to always stay in front of your referral sources. New business roles require work in the early mornings and at night, in order to fit everything in which is required throughout the week. I learned at the start of my career that the majority of the work week should be used for calling on and maintaining and developing new and existing referral sources. Deal write-ups, follow-up calls and setting the calendar for the upcoming weeks or months can be done outside of the conventional work-day hours. After 16 years, this is still the basic framework I try to stick with. Hard work and man-

aging my time and calendar throughout the week is one of the most important things I do, which I believe enables me to be most effective in developing new business. In addition to working hard, I learned early in my career not to be scared to “ask for the business”. One memory which sticks out was 11 or 12 years ago. I was working on the largest and most competitive deal of my career to that point. The owner of the company was a real hard negotiator and we were on the third or fourth turn of the terms letter. When I was out meeting with him and reviewing the letter, he asked for a couple more changes. I was worn down at that point and looked at the older, seasoned business owner and asked him, “If I get these changes approved are you going to sign the letter and send us the due diligence deposit?” He looked at me and said, “Are you asking me for the business young man?” I replied, “Yes I am.” I was a little nervous as he was probably 35-40 years older than me and I was unsure how he would reply. He looked up and me and said, “Yes, I will sign the letter and wire you the deposit as soon as those changes are made.” We had the signed terms letter and wired deposit the next day. To this day, there isn’t a deal that goes by where I don’t “ask for the business,” when the timing is right of course.

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How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” I moved to Boston in 2000 after graduating from Elon University. I had a job in Back Bay selling mutual funds. It was an inside sales job, which required a ton of “dialing for dollars.” I absolutely hated it. I wanted an outside sales job where I was face-toface with potential customers. After a year of selling mutual funds, I was introduced to Presidential Financial, a commercial finance company, who at the time was focused on doing nonbank asset-based deals up to $2MM. Presidential was headquartered in Atlanta, but had a regional office in Rockland, MA. I interviewed and was hired as vice president of new business. I really loved the business from the start. I was able to learn about many different industries and quickly realized how many great people were in the commercial finance space in general.

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evin Harbour currently serves as the head of Healthcare Originations for Wells Fargo Capital Finance’s Healthcare Finance Group. In this role, Kevin leads a team of business development professionals focused on originating and executing senior secured-asset-based, real estate, and cash flow financings to middle-market healthcare companies throughout the United

States, operating across a variety of sectors, including acute care and specialty hospitals, post-acute care, behavioral health, hospice, medical device, pharmaceutical and others. Kevin has over 14 years of experience with Wells Fargo Capital Finance. In his previous role as national underwriting manager of the Healthcare Finance Group, Harbour was responsible for overseeing the structuring, underwriting and execution of all healthcare transactions. Prior to this, he held various roles in the areas of originations, underwriting, and portfolio management, where his experience included working out of distressed loans, identifying and structuring new credit opportunities, and leading due diligence efforts on potential transactions. Kevin holds a B.S. in finance from the University of Arizona and an M.B.A. from the Anderson School of Business at the University of California, Los Angeles.

BUSINESS DEVELOPMENT

KEVIN HARBOUR

Managing Director – Head of Healthcare Originations Wells Fargo Capital Finance

Is there a piece of professional advice that you would give yourself if you could go back in time? lexibility will be as critical to your success as hard work and technical skill. Throughout your career, one constant theme will be change. Whether it’s a change in the economic environment, a change in job function, a change in management, a change in business initiatives or a change in institutional priorities, change is both constant and unavoidable. How you deal with this change can have a profound impact on your career and your overall happiness. Throughout my career at Wells Fargo Capital Finance, I’ve experienced change on multiple levels. While these changes initially resulted in feelings of discomfort and uncertainty, I’ve since learned to recalibrate my thinking. By viewing change as an opportunity to improve your business as opposed to a threat, you can better

diagnose the situation and make the adjustments necessary to adapt to your new reality. The faster you recognize and embrace this mentality, the faster you can use it to your advantage. What is the best professional advice you have been given and how have you implemented it? Two pieces of advice come to mind. The first of these was more impactful early in my career, but I still use it today: When stepping into a new situation, make sure to treat every task, no matter how innocuous or mundane, as an opportunity to excel. As a new team member, it can be difficult to differentiate yourself and earn the trust of your colleagues and managers. If handled timely and well executed, everyday tasks such as scheduling a meeting, responding to an e-mail, or preparing a basic memo are all opportunities to demonstrate your competency and earn trust in the process. Once you’ve established that trust and others know they can count on you to execute, you will earn the opportunity to take on more prominent assignments. The second great piece of advice I received is: if you don’t take responsibility for your career development, no one will be there to do it for you. While it’s easy to get caught up in the day-to-day activities of your job, it’s critical to think longer term about your career path and to identify growth opportunities and stretch assignments that can assist in your development.

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However, identification isn’t enough. Once identified, you need to verbalize your development goals and plan of action to your managers so they are aware of your longer-term career objectives. Throughout my career at Wells Fargo Capital Finance, I’ve been extremely fortunate to have managers and mentors who supported my development and worked with me to help me achieve my career goals. Yet, it was incumbent on me to take the first step and establish a dialogue around my development in order to make that possible. What do you know now that you wish you knew when you first started your career? Always keep a balanced mindset. Throughout my career, I’ve encountered a variety of high points and low points. It’s important to celebrate high points briefly and analyze what led to that success, but know that nothing is permanent. When faced with a low point, learn from the situation and move on with the confidence that the knowledge you gained will help you achieve your desired outcome when the next opportunity arises. Complacency and negativity can both be equally damaging to long-term career goals. In order to continually achieve success, it’s critical to treat both wins and losses as learning opportunities that you can draw from as you embark on future endeavors, while continually recognizing that you are not far removed from either outcome.

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Wells Fargo Capital Finance would like to recognize 40 Under 40 award winner Kevin Harbour, Managing Director, National Sales Manager, for his effort and contribution to the $60,000,000 Sharecare, Inc. credit facility. “When Sharecare, a growing healthcare technology company, needed a creative financing solution to support its continued growth goals it turned to Wells Fargo. Kevin demonstrated his excellent interpersonal skills and his vast credit knowledge by structuring a transaction that met both the customer’s and Wells Fargo’s needs and provided an expanded credit facility tailored to Sharecare’s unique growing business. Kevin’s commitment to provide best-in-class customer service, combined with his superior credit skills, support companies like Sharecare on an ongoing basis.” -Rhonda Noell, Executive Vice President, Wells Fargo Capital Finance

© 2017 Wells Fargo Capital Finance. All rights reserved. Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries. PDS-975813

avid Montiel serves as director of originations for White Oak Commercial Finance with primary responsibility for originating and structuring ABL opportunities. David has over 15 years of commercial finance experience in underwriting, risk management, field

audit, and originations. Previously he managed cross-border trade finance facilities with financial institutions and exporters in Latin America for CIT Commercial Services. He holds a B.A. in business administration from the McColl School of Business at Queens University of Charlotte and is an active member of the Commercial Finance Association, Turnaround Management Association, and the Association for Corporate Growth. David lives in Charlotte with his wife and two daughters where he is an active parishioner at St. Matthew Catholic Church. He enjoys traveling, getting involved in his daughters’ school activities and the club swim team.

BUSINESS DEVELOPMENT

DAVID MONTIEL

Director of Originations White Oak Commercial Finance

What is the best professional advice you have been given and how have you implemented it? he best advice was to always keep learning, be open to take on more responsibility, and value the opportunities to interact with senior members of the organization. As a young professional, it is important to have a role that provides ample learning opportunities and exposure to new situations. In my case, after finishing the management training program at CIT, I decided to work in field exams because it provided the opportunity to get exposure to different companies every week and observe their unique business models, management styles, accounting systems, collateral, and financial situations. I also enjoyed the opportunity to interact with the portfolio management and credit team to address any issues that I would find during the exams. It was interesting to

see how they would approach difficult situations and my challenge was to follow their logic to arrive at the same conclusion. After a few years, it was time to expand beyond field exams so I asked for other opportunities within the company and was able to work in originations and portfolio management within the international group. Here at White Oak we are fortunate to have opportunities to contribute in many ways to the overall success of the organization, and our senior management team encourages everyone to pitch in and get out of their comfort zone to keep growing professionally. What role has mentoring played in your career? I was very fortunate to have a great mentor at CIT. Coming into the professional world as a young undergrad was challenging because the initial ambition and drive to succeed can be tamped down by the routine tasks that have to be done and that young professionals sometimes end up in charge of (i.e., verifications, collateral reconciliations, customer credit checks, etc.) My mentor always provided much needed perspective into how valuable those tasks are to the overall health of the portfolio. He sought opportunities to give me exposure to the senior credit team, attend credit committee meetings, and participate in underwritings and large/complex

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field exams. He outlined a career path that would be available to me in time, and that may have been a reason why I decided to stay in commercial finance. How do you think the commercial finance industry can attract more young professionals? We need to present our industry as a vital part of the financial markets, particularly the middle market. There are many recognizable companies that rely on the solutions provided by the commercial finance industry, be it ABL, factoring, or supply chain/trade finance. When young professionals see the kind of companies they’d be working with, they may open up to careers in our industry. Then we could explain the varied situations that a company may be facing, such as rapid organic growth, roll-up acquisitions, leveraged buyouts, turnarounds, seasonal demands, change in industry dynamics, etc. The opportunity to analyze these varied situations may be appealing. It’s also important to lay out a career path so they understand that there are many ways to contribute and grow within our industry. Lastly, I would add that it’s important to give young professionals increasing responsibility and keep them challenged. If they get bored in their position, it is only normal that they would try to find another role, and we can’t blame them for that.

WHITE OAK COMMERCIAL FINANCE CONGRATULATES ALL OF THIS YEARâ&#x20AC;&#x2122;S CFA 40 UNDER 40 HONOREES

We are especially proud of

David Montiel for his outstanding commitment to his clients and colleagues

WWW.WHI TEOAKSF.COM

tacy Odendahl is the vice president of business development for Crestmark Bank responsible for generating new asset-based lending, factoring and equipment financing opportunities. Stacy joined Crestmark in August of 2015 and covers the Southeast territory from Atlanta, GA.

Prior to joining Crestmark, Stacy held several sales roles over seven years at Bibby Financial Services and was consistently recognized as a top performer. Since 2011, Stacy has been very active with the CFA Atlanta Chapter and currently serves as president of the Chapter’s Board of Directors. Stacy has a Bachelor of Arts degree in economics from Stockton University. Outside of the office, Stacy enjoys golfing, and relaxing on the beaches of South Carolina and Florida. Stacy and her husband, Carl, reside in Dunwoody, GA, where they are active members of St. Jude’s Church.

BUSINESS DEVELOPMENT

STACY ODENDAHL Vice President, Business Development Crestmark Bank

How did you wind up in the industry? We know most kids don’t say, “I want to be in commercial finance when I grow up.” ue to the economic downturn, I found myself looking for a new career in early 2009. At a New Year’s Day party in Florida, I met a few Bibby Financial employees and what they did sounded interesting. I interviewed for an associate position on the 5th, and started as an employee on the 12th. I began in an analyst role and was pleased to be utilizing my degree in economics. However, within six months, it was clear I was well suited for sales. I really enjoy speaking with clients and finding solutions for companies in need of working capital to grow their business.

What is the best professional advice you have been given and how have you implemented it? Jim Farrell, East division sales manager at Crestmark, reminds me to have more patience. I am very energetic and like to move at a fast pace, but the transactions we come across in the commercial finance industry require close analysis and often require time to get to completion. How do you think the commercial finance industry can attract more young professionals? There are noticeably not enough young professionals in the industry, and we need that to change. Firms should hire more young professionals and, when possible, hire a group of them at around the same time frame. My first job out of college was at an investment firm in Philadelphia where I was part of a group that were all about the same age. It was great to learn with friends, as well as commiserate together after a long day. Young professionals enjoy working with colleagues at a similar stage of their career, and look for an office environment with positive energy, and ideally with coordinated activities outside the office to build a sense of community and camaraderie. In order to attract young professionals, the banking and commercial

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finance industry may be required to evolve from its conservative roots to adapt to a younger workforce. Many employers outside our industry are recruiting strong college graduates with flexible work schedules and comprehensive benefits packages. One of the reasons I chose to work at Crestmark was the culture. When I went to meet with folks in the Troy, MI headquarters, everyone said the bank was a great place to work with a dynamic environment. Regardless of age, having a comfortable place to work is crucial. Something Crestmark does to ensure inclusion of a younger workforce is their great summer internship program; it allows students to become familiar with the industry, and hope they return to work with Crestmark upon graduation. We can all try to encourage young professionals in commercial finance to stay in commercial finance by engaging them at CFA local and national events. It is easy to chat with old friends, but we should make an effort to bring new members into the conversation.

Congratulations to Stacy Odendahl and to all of the 2017 40 Under 40 rising stars.

Crestmark is a commercial lender that provides a diverse assortment of financing solutions from asset-based lending, equipment financing and leasing, to SBA lending nationwide. Our purpose is to make a difference by helping businesses succeed.

5480 Corporate Drive, Suite 350 Troy, Michigan 48098 www.crestmark.com 888.999.6088

ick Payne is a senior vice president based in Siena Lending Group’s Chicago office. He is responsible for originating, structuring, and executing senior capital solutions for middle and lower-middle market companies in the Midwest region. Prior to joining Siena Lending Group in 2015, Nick was a vice president of originations for Nations Equipment

Finance, sourcing opportunities requiring senior term debt, collateralized by the company’s capital equipment assets. Nick started his career at Morgan Stanley in New York City before moving to the asset manager and commodity specialist, Van Eck Global. Currently, he is a candidate for the Level 2 CFA Exam. He lives in downtown Chicago with his wife and son (3). Nick currently serves as the Treasurer for the Commercial Finance Association, Midwest Chapter.

BUSINESS DEVELOPMENT

NICK PAYNE

Senior Vice President Siena Lending Group

Is there a piece of professional advice that you would give yourself if you could go back in time? f you ever stop learning, find a new role with the company that you’re working for or find a new place to work. For me, this resonated in the same silo that houses my healthy fear of complacency. In the past, if I haven’t felt challenged, I’ve tried to find a challenge. That could have been: positioning myself for a promotion, studying for the CFA/GMAT or some other continuing education, or moving to another firm to continue advancing in my career.

What role has mentoring played in your career? Mentoring has been paramount for me in my career. The fact is, no matter where someone is in their profession, or where they’re going, someone else has been there before. Leveraging their experiences can provide one with the necessary confidence

to execute and awareness to avoid familiar pitfalls. The genesis of my career in finance was the result of much consultation from a college mentor. In my current role with Siena, my mentor is our CEO, David Grende. I’ve learned so much in such a short period of time from mentors – if you pay attention it’s like getting the cliff notes version on how to be good at what you do or how to make the right decision when given a set of options. Mentoring is so important to me that, as a board member for the Midwest chapter of the CFA, it’s my intent to formalize a structure for a mentoring program for our members. How do you think the commercial finance industry can attract more young professionals? Continue to innovate. Wall Street’s biggest competitor for top young talent is Silicon Valley, and has been for over 20 years. Attracting talent to any industry requires the hiring institutions to take an interest in what matters most to their target audience and engage them. So how do you engage a young professional this day in age? I think you must offer one or more of the following: flexibility, education, creativity (liberties), ownership in work product, opportunity to make a tangible impact. Moreover, young professionals want to work for a person or organization that is inspiring to them. This could mean many things and it’s ultimately up to the leadership at an institution to determine what it means for their employees (or target employees). But this perhaps

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highlights the most important attribute required to bring in young talent – quality of management. Put simply, young professionals want to work for someone whom they like – someone that they can identify with. Having a meaningful relationship with a superior can be an extremely motivating factor. Lastly, and although it’s cliché, having a robust social media presence has proven time and time again to be the most popular medium for connecting with young professionals. This is a relatively underdeveloped platform in our industry, but I can see that changing in the next 10 years as human resource departments become more comfortable with the regulatory framework and continue homing in on recruiting the next generation. How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” After taking some time off from the industry, I returned to finance but in a different area than with what I was familiar. Having spent years in securities, I had frequently wanted to know what it felt like to make a meaningful impact on my client’s business, something that was hard to do in sales on such a large platform. Lending was a way for me to explore that. The decisions that we make at Siena (or the hundreds of other lenders in the marketplace) have a result. It’s our hope that the result has a positive and fulfilling effect on the current state and future operations of all the businesses that we are fortunate enough to partner with.

To achieve your vision, you need a lender who can see the possibilities.

Your business is complex. Not just any lender will take the time to understand your unique challenges—and potential. At Siena Lending Group, we open doors for middle-market companies with asset-based loans from $3–$30 million. Siena consistently finds ways to deliver financing when others won’t, and provide more liquidity and flexibility than our clients could obtain elsewhere. Our creative financing solutions help companies overcome critical challenges, achieve their visions—and build a brighter future. For more information on our asset-based lending solutions, call (203) 842-5555 or visit sienalending.com Flexible Solutions • Firm Commitment

lients and their advisors work with James Poston to structure and implement flexible working capital solutions for their businesses.They appreciate his ability to quickly grasp a comprehensive understanding of their unique situations and needs. James is Bibby Financial Services’ Executive Vice President Business Development. He is responsible for overseeing the sales and

marketing strategy for Canada. James is a product expert in receivables financing, trade finance including purchase order financing, and asset-based lending. James joined the team eleven years ago as a member of the graduate entry program. James’ experience in all aspects of the business allows for quick responses to a company’s needs. James has been a top performer in all aspects of the business and has been the number one sales manager for the past four years across North America. James completed a degree in economics and political economy at McGill University where he was also a member of the varsity football team. While working at Bibby, James also completed his Chartered Professional Accountant (CPA) qualification.

BUSINESS DEVELOPMENT

JAMES POSTON, CPA, CMA

EVP, Business Development – Canada Bibby Financial Services (Canada) Inc.

Is there a piece of professional advice that you would give yourself if you could go back in time? ne thing someone once told me that resonated was, there is a difference between hearing someone and actually listening to them. I would say very early on in my career I heard a lot of what people were saying, but did not listen to them and, in certain instances, I really wish I had. Listening is a good trait to have as a business leader; the more effective you become as a listener, the more adept you will be at understanding the issues and addressing concerns in the commercial finance industry. It is important to sleep on weighty issues and subjects to avoid an emotional response you may later regret. Carefully think of your response to avoid emotional responses not based on fact or relevance which can impact your personal brand.

What is the best professional advice you have been given and how have you implemented it? Younger professionals enter the work force thinking: we can conquer the world in a day. When I joined Bibby Financial Services under the graduate program eleven years ago, I always knew I wanted to end up in business development. I was in such a rush to get there! The best piece of professional advice I received very early on in my career was, to “slow down and learn the business first, as it will provide you the background knowledge needed to be more effective.” I initially spent close to three years in operations. Once I had developed a firm understanding of the operations side of the business, I was ready to move into the risk department. As I would later learn firsthand, the greatest place to absorb a relevant foundation of commercial finance is working on the risk team. They see the opportunities coming in the form of new business and see the variety of exit scenarios. I worked in risk for about twelve months. During this time, I got a 360-degree view of our business and industry, working on everything from collect-outs to new business approvals and deal structuring. After nearly four years in operations and risk, I finally felt ready to move into business development. Reflecting back

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on it now, the time spent in operations and risk was fundamental to any success I have in business development. What role has mentoring played in your career? In addition to the traditional support relationships family, friends, colleagues, etc., mentors can provide you with a unique perspective. They are a key part of an individual’s development. I have had a number of mentors throughout my career, some from within the industry and some from outside the industry. I think the most important thing, is to ensure there is a good fit between mentor and mentee as this ensures everyone gets the desired results of a truly symbiotic relationship. It is important to be honest in what you are looking to get from the relationship. Agree to a framework, and do not commit to it unless you have the time to work with the person. As my career has developed, it has provided me with the opportunity to mentor a number of our new graduates globally. It has been a great experience and something I look forward to continuing.

WE BELIEVE IN OUR PEOPLE CONGRATULATIONS JAMES POSTON Bibby Financial Services is proud to acknowledge James Poston, EVP Business Development and 11-year veteran of BFS Canada, for his career achievements and as a representative of excellence in the commercial finance industry. James exemplifies our passion for doing the right thing for our clients and we are pleased he will receive recognition as a CFA 40 Under 40 Award winner. Delivering on our Promises Through Our Global Capabilities BFS is a leading global independent financial services provider to more than 10,000 businesses worldwide. Our global presence makes us a unique funding partner as we are able to structure deals that cross country borders. • More than $1.25 billion in funding to our clients annually • A network of over 44 operations in 13 countries spanning Europe, North America and Asia • Asset Based Lending and Factoring solutions to help businesses grow in domestic and international markets To find out more about Bibby Financial Services, call us or visit our website today.

CALL (877) 882-4229

bibbyusa.com

WE BELIEVE IN YOUR BUSINESS AS SE T BAS E D L E N D I N G • FACTO R I N G • T R A N S P O RTAT I O N F I N A N C E

Simrita Singh is currently the director of marketing at InterNex Capital, NYCbased Fintech lender formed in 2015, specializing in asset-based lending for small and medium-sized businesses. Simrita is responsible for the development and implementation of the brand strategy, direct/channel marketing strategy, PR/communications and social media. She is a dynamic and

energetic marketing leader with deep expertise in B2B marketing, strategic planning and analysis. Simrita also works closely with the team on business development and capital markets. She is a creative problem solver and team player with strong communication skills. Prior to InterNex, Simrita spent over six years at Newtek Business Services as director of marketing, leading marketing and business development activities from digital advertising, PR/events as well as managing alliance relationships with brokers, credit unions and financial institutions. She was born in Michigan and graduated from the Kelley School of Business at Indiana University in Bloomington. She is a Certified Lean Six Sigma Green Belt Professional. “It is our tremendous pleasure to see Simrita recognized for her relentless dedication to InterNex, our customers and our unique Fintech lending growth strategy,” said Lin Chua, co-founder, COO and cap markets.” Simrita embodies the traits of a modern marketing leader. She has been instrumental in creating and growing InterNex’s brand, including incorporating a savvy but sensible use of social media. Most of all, her enthusiasm, persistence and drive, coupled with her consistent focus on InterNex’s customers and the people around her, all serve to reaffirm that it is our team that make InterNex’s business a success.” BUSINESS DEVELOPMENT

SIMRITA SINGH

Director of Marketing InterNex Capital

What is the best professional advice you have been given and how have you implemented it? y first boss taught me his mantra of the “three Ps”: people, process and problem solving. Understand the interest of the person you are working with, evaluate their opinions and needs, and work towards a solution. The three Ps always work together and have shaped how I approach all situations. Problem solving requires mutual effort, the people involved are essential to create and execute on the right solutions. By leveraging others’ strengths, I consistently remind myself that people lead people and the processes we follow and the problems we solve are a joint effort. I truly believe that people are the most important part of an organization and everything else follows. I always take time to think about how others will feel when I communicate with them as it

is critical to treat everyone with respect. Respect leads to a collaborative work environment, which drives success. What role has mentoring played in your career? Mentoring has been a privilege as well as a valuable tool to teach others from my own experiences. Often, I see mentees seeking out their passions and searching for the resources to make their goals a reality. I was once in the same shoes and it was proper guidance and a few trip and falls along the way which lead me to where I am today. I value the ability to steer younger generations in the right direction while enabling them to follow their passions. I am grateful to be a mentor because the passion of the youth and their fresh drive is so motivating. I work closely with an organization, Hire Cause, a project-based learning program encompassing New York-based business school students who develop business ideas to raise money for charity. I also volunteer with New York Cares Day for Schools, an organization that changes the lives of thousands of children each year. How do you think the commercial finance industry can attract more young professionals?

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To attract and retain young professionals in any industry, it is essential for businesses to adapt, evolve and convey the right message. Millennials often have a negative preconception that the financial services industry is “traditional”. InterNex Capital is a perfect example of the future of the financial industry. We operate in a shared workspace community and stress the same vision of many startups today which is efficiently leveraging technology to improve client experiences. We have a business casual dress code and no one has to wear a suit to work. How did you wind up in the industry? We know most kids don’t say, “I want to be in commercial finance when I grow up.” I started my career with Owens Corning as a financial analyst in Santa Clara, California. I was fascinated with the idea of working for a global company that produces housing products. I worked in the manufacturing plant and was directly exposed to the operations. Fun fact: I even wore a hard hat and steel-toe shoes.

CFA’s 73rd Annual Convention

Speakers Announced

NOVEMBER 8 – 10, 2017 SHERATON GRAND CHICAGO CHICAGO, IL

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IMPACTFUL PANEL SESSIONS

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Ellen Alemany, Chairwoman Tom Ricketts, Chairman and Owner of the Chicago Cubs and CEO of CIT Group After snapping their 108-year championship Presented By The Women in Commercial drought with a World Series win last fall, the Finance Committee Cubs earned another title this past spring when chairman and owner Tom Ricketts was In 2013 Ellen Alemany retired as head of the named Sports Executive of the Year at the Royal Bank of Scotland Americas and Citizens Sports Business Awards, and, really, who Financial Group, receiving a Lifetime Achieveelse was it going to be? Since his family ment Award from American Banker the same bought the Cubs in 2009, Ricketts presided year. Her retirement would be short-lived: over a makeover of the organization that Three years later CIT Group asked her to culminated in a World Series championship revamp the commercial lender, which serves in November. Hard to top exorcising 108 middle market clients and small businesses years of futility. nationwide. Alemany quickly launched a three-year transformation plan that included In addition to his Cubs duties, Tom is also simplifying and strengthening the company chief executive officer of Incapital LLC, a and growing its core businesses. Chicago investment bank that packages corporate bonds for retail investors. He is Her four decades in financial services, largely also a director of TD Ameritrade Holding focused in commercial banking, make her Corporation as well as the son of Ameritrade well-suited for the task to revamp one of founder J. Joseph Ricketts. America’s 100+ year-old companies by focusing on delivering for clients, customers BE PART OF SOMETHING and shareholders. Investors seem to approve, driving shares up 50% since June 2016.

epic

Michael Ticehurst is a partner and field exam manager for Rosenberg and Fecci Consulting, LLC, with 12 years of field exam experience. He handles routine field exams across all industries as well as effectively managing large, complicated multi-location or multi-entity requests. In addition to Mike’s general industry knowl-

edge, he specializes in technology-related field exams in both the AssetBased and Recurring Revenue (MRR) structure. Michael plays an essential role in the growth, mentoring and development of the field examiner staff at R&F. He is very involved in developing the company’s field exam policies and procedures and is also heavily involved in business development. Michael holds a BS and a MBA in finance from Monmouth University. Michael is currently on the Executive Board of the NJCFA. Michael resides in Hamilton, NJ, with his wife, Jennifer, and his two children, Brayden and Olivia.

FIELD EXAMINATION

MICHAEL TICEHURST

Partner and Field Exam Manager Rosenberg and Fecci Consulting, LLC

How did you wind up in the industry? We know most kinds don’t say “I want to be in commercial finance when I grow up.” ike many college graduates, I had an indistinct idea of what I wanted to do in my professional life. I left school looking for a “job” because I had littleto-no direction in regards to what I wanted my “career” to be. I left school confident in myself, my education and my drive to succeed but with no specific career goal. I left school solely with the intention of putting my undergraduate degree in BusinessMarketing to good use. Following graduation, my first “job” was doing derivative trend analysis for a financial economist in Boston, MA. While not my dream job or a career, I learned enough to become more interested about the world of finance. My second “job” was in marketing/advertising for a Fortune 500 publishing company in NYC, which was more in line with my “career intentions”

based upon my college degree. During my time with this company, I gained valuable experience and refined many skills. Most importantly, I was afforded the opportunity to begin my work on my MBA, which I would pursue with a concentration in Finance. Once I started the MBA program, I began to look for opportunities where I could utilize both my Marketing and finance degrees. That is when I found Rosenberg and Fecci Consulting and was offered a “job” in field examination. At the time, I thought this position would be a valuable resume item to get me into banking/lending, my newly-identified potential career path. When I started with Rosenberg and Fecci, I quickly realized that this firm was not giving me a “job”. They were offering me a career opportunity. Since joining R&F in 2005, I have been given the opportunity to grow professionally. I continually climbed the ranks from Junior examiner, to senior examiner, to field exam manager, ultimately culminating to being named a partner of R&F in January 2015. What role has mentoring played in your career? First, mentoring is a two-way street. You continually learn from those with experience and you pass off your knowledge to those who are learning. When I came to R&F twelve years ago as a junior examiner, I had very little knowledge of what field examination entailed. I was confident that in time, my education and

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experience to date would allow me to be successful. I was the only junior staff examiner at the time and my time was split working with the five senior examiners on staff. Working with this group of five senior examiners, I quickly realized that each of these senior examiners had a unique set of skills, knowledge and experience that they have accumulated over their professional careers, which they were more than willing to share with me. While I was new and learning the procedures, these senior examiners mentored me in refining my skills, explaining things to the point of comprehension, and providing both positive and negative feedback to help constructively advance my value to the firm. As the saying says – “pay it forward”. Twelve year later, I am very proud to be considered a mentor to several members of our firm. I work very closely with junior examiners through the training program and with senior examiners making myself available as a resource when needed. As a mentor, I stress the importance of communication. The key to being a good mentor is to not only to teach but to also listen and respond. As a mentor, I have to be assured that those being mentored by me are comfortable to ask me questions. Whether formal or informal, having a mentorship program within your firm or organization is very valuable to develop the culture of success for employees in their pursuit of a “career” instead of a “job”.

Insight beyond the numbers

Rosenberg + Fecci Would Like To Congratulate Our 40 Under 40 CFA Field Examiner Award Winner Michael Ticehurst

Every move counts. Make your next move to us.

Our management team includes the firm’s five partners which have a great depth of experience and knowledge in lender services. In addition,

Rosenberg + Fecci is a full-service financial consulting firm delivering the industry’s highest quality field

each partner comes from a variety of backgrounds and industries, including Asset-Based Lending, Financial Control, Banking, Operations Management, Finance, Auditing, Underwriting and Public Accounting.

examinations for more than 20 years.

R&F maintains an information security policy to safeguard against

R&F provides lending institutions and investors a broad

unauthorized data access. Additionally, we have developed Security

range of due diligence and financial business services,

Incident Management Policies in the event of a data breach. R&F has

with a particular focus on field examinations.

received a satisfactory rating or better from six major banks regarding “Information Technology Security Assessments”. In addition, each examiner is equipped with the latest, high performing technology to complete their assignments.

We'll help you navigate your business landscape. Headquarters: 623 River Road, Suite 9 Fair Haven, NJ 07704 (732) 933-4815

www.rosenbergandfecci.com

Connecticut & New England: 1 Padanaram Road, Suite 147 Danbury, CT 06811 (203) 744-8040

eth Good is a principal in Goldberg Kohn’s Commercial Finance Group. Seth represents banks, hedge funds and other financial institutions primarily engaged in middle-market lending activities with average transactions ranging from $40 million to $400 million.

His practice focuses on structuring, documenting and negotiating both asset-based and cash-flow deals covering a broad range of commercial finance transactions including mergers and acquisitions, leveraged buyouts, recapitalizations and refinancings. In particular, Seth has extensive experience representing lenders in multi-lien and unitranche structures, with a noted focus on the technology and software industry. In addition, he has worked frequently on cross-border lending transactions in North America and Europe, often involving multiple currency credit facilities. Seth received his law degree from Harvard Law School in 2003 and his B.A., with highest distinction, in economics, from the University of Michigan in 2000, and was a member of the Phi Beta Kappa honor society. “Seth is an accomplished finance attorney with experience and acumen well beyond his years,” said Michael Hainen, chair of the Commercial Finance Group. “He is tireless and completely dedicated in his work and is a valuable asset to Goldberg Kohn. Seth’s future is extremely bright.”

LEGAL SERVICES

SETH GOOD Principal Goldberg Kohn

What role has mentoring played in your career? egardless of the degree of effort, talent and ability one brings to the table, it is an uphill battle to achieve success without having the guidance from, and support of, others who are invested in your development. Luckily for me, I began my career at a law firm (Goldberg Kohn) that prides itself in the nurturing and training of young associates. Whether through formal substantive training sessions or informally through observation while in the trenches together during a deal, I was surrounded by a collection of partners that were invested in my growth and devoted their time to demonstrate what it meant to be a successful commercial finance attorney. I was a direct beneficiary of this spirit of generosity in time and patience, and I learned at an early stage in my career how to connect with clients on both a personal and professional level and earn their trust,

how to bring adverse parties together to reach common resolution on difficult issues, and how to balance multiple transactions with conflicting schedules with maximum efficiency and precision. I would like to take this opportunity to acknowledge a personal mentor who I had the tremendous pleasure and privilege of having worked side by side with for the last 14 years, and who tragically passed away earlier this year. Gary Zussman was a colleague, a mentor and a friend. Beloved by clients, respected by opposing counsel and admired by all who knew him, Gary was widely regarded as a true legend in commercial finance. And as good as a lawyer as he was, he was an even better person and taught by example to do things the right way. Gary was a source of professional guidance for me for the entirety of my career, and I try to honor his legacy by staying true to the standard of excellence that he set. How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” I must admit that, growing up, “commercial finance attorney” was pretty far down on my list of possible career choices; behind astronaut, Chicago Cubs second baseman and policeman. However, looking back, I trace the origin of the path that

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led to my profession to my discovery of economics at the University of Michigan. There is an inherent logic that permeates the philosophy of economics that deeply appealed to me and that made such intuitive sense. From there, law school was a natural successor. What did at the time, and what still does, attract me to a transactional practice of law is the spirit of collaboration. Ultimately, as commercial finance attorneys, our role is to resolve problems through creative solutions and to bring different parties together in pursuit of a mutually beneficial outcome, all while protecting the client’s best interests. That mutuality of celebration, appreciation and optimism among all parties to a transaction at its close distinguishes the practice of commercial finance lawyers. For all sides to hopefully walk away as winners is rewarding. There are probably a number of transactional practices that could claim similar attributes. However, ultimately, it is the people you surround yourself with that determine the quality of the experience. And this industry is filled with such talented, passionate and accomplished individuals, all with a great spirit of camaraderie. I am appreciative of having made the decisions that lead me to becoming a part of this great collective.

Congratulations to our standout Commerical Finance partner

SETH GOOD and all of the 2017 honorees on being chosen as a CFA 40 Under 40 Awards winner.

Goldberg Kohn, a commercial law firm located in Chicago, has one of the most highly respected commercial finance practices in the U.S. The firm represents a diverse group of major moneycenter and regional banks, commercial finance companies, mezzanine lenders and other institutional lenders in structuring and documenting commercial finance transactions. The commercial finance practice runs the gamut of transactions, including revolving working capital facilities (asset-based and cash flow), leveraged acquisitions, loan restructurings, mezzanine loans and debtor-in-possession financings, covering virtually all business sectors.

neoma is an attorney in Otterbourg’s nationally recognized banking and finance practice. Nneoma represents financial institutions and other lenders in all aspects of financing transactions and, in connection with such representation. She has established herself with the firm’s clients as an essential and indispensable member of their legal team and brings to her

legal practice the ability to formulate and maintain lasting client relationships. Within the firm, Nneoma has a particular focus in enhancing Otterbourg’s role as a leader in diversity and, through her efforts, Otterbourg was one of the founding member firms of the New York chapter of the Coalition of Women’s Initiatives in Law, a non-profit focused primarily on advancing the recruitment, retention and promotion of women lawyers. Nneoma was recognized in 2017 by Best Lawyers as one of 10 women lawyers in private practice who were granted a “Women of Influence” award. Nneoma serves as the Vice President of the Coalition of Women’s Initiatives in Law – New York and is also a member of its Board of Directors. Nneoma volunteers multiple times per year with moot court programs held at high schools in the city, including the Bronx Academy of Letters and City-As-School. Nneoma is passionate about ensuring access to legal services and, in partnership with various non-profit organizations, has provided pro bono legal services to victims of LEGAL SERVICES

domestic violence through her work.

NNEOMA MADUIKE Associate Otterbourg P.C.

What advice would you give your younger self? s someone who finished law school at 23 years of age, the entire gamut of professional advice would have been invaluable to my younger self. The most important piece of advice that I wish I could go back and give 23-year-old me, however, is to learn the value that I bring to my work and practice. Learning my value was a process that experience taught me, but still is something a young professional should work towards from day one. For instance, I would have liked to know that my value could have been measured by simply keeping a running tally of my areas of strength and contribution, however small they seemed. In addition, I wish I had more actively solicited feedback in order to quantify the value I added and also to identify

what areas could use improvement. Learning to appreciate the value I bring breeds confidence and a better understanding of what success means and looks like to me. I hope that all young professionals can learn to approach their process of growth and learning with the added goal of being aware of their value. Doing so can allow them to become emboldened in their careers to embrace the unknown, define what success would look like to them, and, as a result, allow them to gain appreciation of their role as an important participant in each aspect of their job and career to keep growing professionally. What role has mentorship played in your career? The mentors I have met during my career have played an integral role in where I am today. I have been extremely lucky to have the chance to work directly with people who had attained the career successes I aim to achieve. The mentors I have met throughout my career came in many forms, including as my direct supervi-

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sor, clients and industry professionals I met outside of the four corners of my office. These mentors were always people who recognized and believed in my skills and capabilities and who supported my career aspirations and generously provided invaluable guidance and encouragement. These mentors actively helped me advance my career and actively advocated for me at every turn. Mentorship allowed me to recognize the various opportunities at my doorstep and how to take advantage of these opportunities in order to concretely shape the paths to my career goals. For young professionals, I would stress the importance of reaching out to the people you meet at networking or social events and, if possible, tailor such networking to people with whom you feel a genuine connection. One may be surprised at the sheer vastness of the community of people willing to sit down with a junior colleague and, if there already is a genuine connection between the two, it fosters the growth of an organic mentorship relationship.

Otterbourg P.C. congratulates

Nneoma A. Maduike and

the other honorees on the

Commercial Finance Association 40 Under 40 Award

evin O’Malley is Of Counsel in Blank Rome’s Los Angeles office. He represents commercial banks, private equity groups and institutional lenders in structuring, documenting and negotiating commercial finance transactions, with a focus on asset-based and cash flow loans. Kevin joined Blank Rome’s Philadelphia office directly from

law school in 2006 and relocated to the firm’s Los Angeles office in 2009 to service the firm’s West Coast clients and help establish the office’s financial services practice group. Kevin was recognized as a “Rising Star” by the Southern California Chapter of the Association of Corporate Counsel in 2012. He was elected of counsel in 2017. Kevin was previously an advisory board member of Back on My Feet (Los Angeles Chapter), a non-profit organization that combats homelessness through the power of running, community support and employment training. He was also a board member of MEND (Meeting Each Need with Dignity), a non-profit organization that assists individuals living in poverty. Finally, Kevin is co-founder, president and general counsel of Indie Brewing Company, a craft brewery and tasting room in downtown Los Angeles.

LEGAL SERVICES

KEVIN O’MALLEY Of Counsel Blank Rome LLP

What role has mentoring played in your career? he mentoring I’ve received at Blank Rome throughout my career is a significant factor in my success and in molding me into a lawyer who clients appreciate, trust and enjoy working with. Many of the attorneys in my practice group have been with Blank Rome their entire careers and as a result, place a premium on training young associates and developing their skills to ensure the future success of the young associates, the practice group and the firm. When I first started practicing, I had no idea what qualities made a successful lawyer, especially a successful commercial finance lawyer. Fortunately, I was given the opportunity to work with a multitude of respected partners in both our financial services and bankruptcy/restructuring group. Through observing all of these different partners, I learned that there

were many ways to draft and negotiate documents, communicate with clients and to close deals. Every attorney has his or her own style and methods and the key is finding the style that works best for you. Early in my career I began working with a partner whose style and relaxed personality mirrored my own and he took me under his wing and gave me as much responsibility as I could handle (or enough rope to hang myself, depending on how you view it). He also took the time to involve me in all aspects of a transaction from term sheet to closing which I think was invaluable. I was also lucky to find a senior associate who taught me how to balance my time, prioritize work assignments, and deal with lifestyle issues that arise in the life of a young associate, all of which are essential to be successful. I attribute much of my success to these mentors and the lessons they taught me early in my career. What is the best professional advice you have been given and how have you implemented it? I think the best piece of advice I’ve been given is that our role as an attorney and advisor is to close the deal for our client. We need to ensure the transaction is done correctly and in a manner that protects our client but, if issues arise, we are engaged

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to analyze those issues (the quicker the better, of course) and arrive at a solution that satisfies all parties. After ten years of observing successful attorneys at Blank Rome and other firms, the ability to solve problems and be a facilitator is one characteristic that I believe sets attorneys apart. I have tried to implement this into my practice by never believing there is an issue that can’t be overcome. One of the things I enjoy about being an attorney, and especially a commercial finance attorney, is identifying solutions to problems or issues that may seem insurmountable or deal killers. How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” I received a finance degree from Penn State but, after taking a job I was not very fond of, I decided to go to law school. During law school, I assisted a family friend in reviewing an asset-based loan he obtained for his business. It was my first exposure to fixed charge ratios, borrowing bases and other financial covenants, but I really enjoyed it because it combined my accounting and finance background with the legal concepts I was learning in law school. As a result, the commercial finance industry was near the top of my list for desired practice areas.

Congratula�ons to

Kevin M. O’Malley and to all of the CFA 40 Under 40 Winners. We are proud of Kevin for his outstanding work and commitment and are honored to be a long�me supporter of CFA!

www.blankrome.com

Founded in 1946, Blank Rome is an Am Law 100 rm with 13 oﬃces and over 600 a�orneys throughout the United States and in Shanghai who represent businesses and organiza�ons ranging from Fortune 500 companies to start-up en��es around the globe. Cincinna� • Fort Lauderdale • Houston • Los Angeles • New York • Philadelphia • Pi�sburgh • Princeton • San Francisco • Shanghai • Tampa • Washington • Wilmington A�orney adver�sing. ©2017 Blank Rome LLP. All rights reserved.

hristopher G. Ross is Of Counsel in the corporate practice of Paul Hastings LLP and is based in the firm’s New York office. Chris’ experience includes representations of banks, financial institutions, direct lenders and corporate borrowers in middle-market and large-

cap debt financings, including widely syndicated, club and single lender transactions in connection with acquisitions, restructurings and recapitalizations. He has extensive experience advising clients on all aspects of senior secured, first lien/second lien, asset-based and cross-border financings. He earned his J.D. magna cum laude at Fordham University School of Law, where he was Order of the Coif. During law school, Chris was an associate editor for the Fordham Urban Law Journal and a member of the Moot Court Board. He received his Bachelor of Arts in philosophy, politics and economics from Pomona College.

LEGAL SERVICES

CHRISTOPHER G. ROSS Of Counsel Paul Hastings LLP

Is there a piece of professional advice that you would give yourself if you could go back in time? f I could speak to my former self, back when I was just starting out as an attorney, I would encourage him to take ownership of his practice from day one. The pressure on corporate lawyers to select and pursue a specialty area early on in their career can be intense and at the same time subtle. If one is not paying attention to the makeup of their deal flow and actively pursuing the type of work and professional relationships that they find rewarding and engaging, it is possible to end up with an unfulfilling practice without even realizing it until it is too late. For attorneys in my age cohort, choosing your own path was made difficult by the 2008 financial crisis, when the avenues towards attaining a successful career as a corpo-

rate lawyer narrowed and, in the case of some specialties, closed completely. During that time, I was fortunate enough to recognize and pursue an opportunity to work in a finance practice that had a broad enough client base to maintain workflow even during the downturn. As a result, I was able to develop a deep yet expansive knowledge base that has attributed to my professional development and success. As my practice has matured, I find that I naturally gravitate towards corporate finance because it requires a wide range of skill sets and broad industry knowledge, in addition to business acumen. How do you think the commercial finance industry can attract more young professionals? While everyone likes having a job that provides perks and allows autonomy and flexibility, in my experience, more than anything else young professionals want to work in an environment that imparts them with the sense that their job has meaning and importance. Bright young lawyers with the intelligence and aptitude to succeed in the exacting and fast-paced commercial finance arena can burn out and leave the practice of law, or may simply switch gears to pursue other areas of interest, unless they can tie the long

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hours and grueling negotiations to some higher purpose that aligns with their principles. In order to bolster junior level recruiting efforts, market participants in the commercial finance industry must be able to show a tangible link between the day-to-day workload that is the responsibility of young professionals and how the results that those efforts drive also align with the recruits’ values and world view. When a company is able to secure needed capital, it will often directly convert that investment into capital expenditures, advanced product development or other strategic goals. However, the hard work of junior professionals in the commercial finance industry which underlies that loan also acts as a building block for the relationships that help those professionals and their firms successfully navigate the industry and ultimately develop business opportunities that are both personally and professionally satisfying.

With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the worldâ&#x20AC;&#x2122;s most innovative global law firms.

Congratulations to Christopher Ross and all of the 2017 award honorees

on is an associate at Greenberg Traurig, LLP with a practice focused on traditional asset-based financings across a wide variety of industries and financings and strategic transactions for clients in the entertainment and media industries. Jon drafts and negotiates

full sets of transaction documents as the lead associate on deals for Greenberg Traurig, from term sheets and commitment letters to credit, security and inter-creditor agreements. Jon earned a B.A. degree from Columbia University in 2004 and a J.D. degree from the University of Pennsylvania Law School in 2007. Jon is certified as a volunteer preparer of income tax returns for the Internal Revenue Service’s Volunteer Income Tax Assistance program and has assisted low-income individuals and families with their federal and state income tax returns in Philadelphia, New York City, and Orange County. Jon is a member of the ASPCA, the SPCALA, and Southern California’s Dedicated Animal Welfare Group, and lives in the Los Angeles area with his wife, Cindy, and their two cats.

LEGAL SERVICES

JONATHAN M. SCHALIT Associate Greenberg Traurig, LLP

Is there a piece of professional advice that you would give yourself if you could go back in time? f I could go back in time and give myself a piece of professional advice, I would tell myself to confer with the business development, underwriting and relationship management personnel on each deal as early as possible. I have found over the years that business development team members have important business insights and objectives that inform drafting and negotiating term sheets and commitment letters, while relationship managers often have preferences for the day-to-day administration of a loan that may require sign-off from underwriters and is, at times, at odds with initial versions of credit approvals.

How do you think the commercial finance industry can attract more young professionals?

I think that the commercial finance industry can attract more young professionals by highlighting the industry sectors and unique elements of contemporary finance transactions. Every borrower and every deal is different, and part of what makes finance work so interesting is that considerations for a loan to a borrower in one industry may be completely different from considerations for a loan to a borrower in a different industry. Each deal is a chance to immerse oneself in a new field. For example, a loan to a diversified supermarket chain requires an examination of the Perishable Agricultural Commodities Act with respect to certain inventory, an analysis of the ability of a secured party under applicable laws and regulations to foreclose on alcoholic beverages and restrictions on sales thereof, and an inquiry into HIPAA and related healthcare laws, rules and regulations regarding realization on collateral consisting of pharmacy prescription lists and pharmaceutical products themselves. On the other hand, a loan to a film producer to finance a film that will be distributed globally implicates an entirely different set of concerns. Such a loan requires, among other things, an understanding of the relationship between the producer and its sales agent, an analysis of the financial strength of distributors, a ne-

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gotiation of waivers from such distributors of defenses to payment under their respective distribution agreements, a review of the enforceability of a judgment against non-U.S. entities under the laws of various foreign jurisdictions, and an examination of the claims of actors, directors, and writers to proceeds of the film under collective bargaining agreements. Commercial finance offers today’s young professionals avenues to explore any industry that interests them. What role has mentoring played in your career? Mentoring has been critical in my development as an attorney. My mentors have played a central role at each stage of my career, from explanations of provisions of loan documents as a junior associate, to understanding the legal and business risks of often-requested compromises from opposing counsel as a mid-level associate, to client relationship management and collaborative loan document form creation as a senior associate. I believe that there is truly no substitute for mentoring from senior attorneys who are invested in one’s career, as I have been lucky to have.

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A T T O R N E Y S

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L O C A T I O N S

W O R L D W I D E˚

Greenberg Traurig is proud to support the Commercial Finance Association’s 40 Under 40 Awards in recognizing the achievements of young professionals in the commercial finance industry. Congratulations to Jonathan M. Schalit and all the 2017 award recipients.

T R A U R I G ,

L L P

AT T O R N E Y S

L A W

W W W . G T L A W . C O M

Greenberg Traurig is a service mark and trade name of Greenberg Traurig, LLP and Greenberg Traurig, P.A. ©2017 Greenberg Traurig, LLP. Attorneys at Law. 29566 All rights reserved. °These numbers are subject to fluctuation.

ushara is a partner in McMillan’s Restructuring group. She is a passionate advocate who is known for crafting timely, creative and practical solutions for her clients. After practicing law at McMillan for eight years, Tushara took a brief sabbatical in 2013 to travel,

following which she undertook a year-long engagement as in-house derivatives counsel at a prominent financial institution. Tushara rejoined McMillan at the end of 2015 energized and excited to return to the restructuring practice. Her practice involves all aspects of insolvency law including reorganizations, bankruptcies, distressed M&A, and lending. Tushara is also an active promoter of diversity initiatives and a dedicated advocate for the advancement of women and visible minorities in the legal field.

LEGAL SERVICES

TUSHARA WEERASOORIYA Partner McMillan LLP

What is the best professional advice you have been given and how have you implemented it? he best piece of professional advice that I have received is to ask for the things that you want - whether that is asking to be part of an interesting file, asking for a promotion, or even just asking for an introduction to a client or a coffee with a mentor. Of course, you have to be prepared to get a “no” or, at best, a “maybe” in response. But, I still think that it is a worthwhile exercise because it forces you to really think about the things you want for your career. I spent my early years in practice working very hard, but without any real direction because I hadn’t bothered to stop and think about where I wanted to go. When I returned to McMillan in 2015, I was determined to be more pro-active. I was interested in expanding my practice beyond Canada and the

U.S. and trying to cultivate relationships with Asian and South Asian clients and firms. I reached out to some of my more senior colleagues in that space with some pretty basic questions about how to get involved. This led to an opportunity to co-head the firm’s India desk and then, eventually, led to an invitation to become part of the firm’s delegation to the International Bar Association and the International Pacific Bar Association. How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” It was quite serendipitous. I’m not sure that I had even heard of “commercial finance” when I started law school. I have a science degree and always assumed that I would practice in an area that had a connection to science, like patent law. But, I was lucky to join McMillan as a summer law student and I just happened to spend my summer working with some fantastic finance and bankruptcy lawyers. I found the work exciting, complicated and challenging and something just clicked for me. What do you know now that you wish you knew when you first started your career? Your working life is probably going to be 30 to 40 years long (maybe even longer!), so pace yourself. It’s cliché to

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say it, but it really is a marathon and not a sprint. I wish that I had known that when I first started my career. In fairness, someone probably did tell me, but I just refused to believe them. Sometimes experience is the only way to learn some lessons. If I had appreciated that lesson in my early years of practice, I think that I would have probably enjoyed my downtime more, instead of worrying and stressing about the lack of work. I would definitely have used all of my vacation time. Most of all, I think I would have been better at making the time to take care of myself – whether that meant spending more time with family and friends, remembering to eat better and exercise more, pursuing hobbies and interests, or just taking a random day off.

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rad Rosenthal is a director in PNC’s Capital Markets group. Brad joined PNC Bank in 2008 through the Corporate & Institutional Bank Development Program. Upon completing PNC’s Corporate Credit Training Program, Brad undertook a six-month rotational program in PNC Business Credit’s Field Examination group. Brad joined PNC Capital Markets in 2009 as an invest-

ment banking analyst on a team responsible for the structuring and syndication of cash flow loans for middle-market, large corporate and financial sponsor clients. Brad was promoted in 2011 to join PNC’s asset-based Debt Capital Markets team, which is responsible for structuring and syndicating asset-based facilities, as well as placing junior capital and advising on institutional term loan facilities. Brad is experienced in asset-based and cash flow secured lending for purposes of mergers, acquisitions, leveraged buyouts and bankruptcy and reorganization transactions. Outside of work, Brad is the co-founder and chairman of the Tri-Rivers Heritage Foundation, an organization with the goal of providing children within the Pittsburgh community the resources necessary to build a strong foundation for future success. To date, the charity has raised over $110,000 to support Sarah Heinz House. He earned a B.S. in business administration, with a double major in finance and accounting, from the University of Pittsburgh’s College of Business Administration. Brad holds Series 7, 79 and 63 security licenses.

LOAN SYNDICATIONS

BRAD ROSENTHAL

Director, Loan Syndications PNC Capital Markets, LLC

How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” hrough my college tenure, I made an effort to undertake internships in financial advising, public accounting and sell-side investment banking. The last internship I had, coupled with the prerecession period of 2008, made me realize the importance of joining a franchise with a solid credit training program and stable platform. Additionally, I wanted to launch my career by learning about a diverse set of industries. By accepting a position with PNC, I was able to leverage the classroom-like educational opportunities to further my career development. Debt Capital Markets has since afforded me the opportunity to implement business school fundamentals, such as accounting, marketing and finance, and the individuality of every transaction keeps me excited on a daily basis.

What role has mentoring played in your career? I have been fortunate to participate in PNC’s leadership development program. Through the program, I was asked to nominate 12 work colleagues, both within debt capital markets and line-of-business partners, to complete a 360 evaluation of my strengths and weaknesses. As a result of the feedback, I have had the opportunity to work with my mentor on an action plan to strengthen my leadership qualities. In a candid moment, I was surprised by some feedback specifically focused on the importance of soft skills in a fast-paced transaction environment. By having a close working relationship, my mentor is able to provide constructive feedback, based on actual events, which could be uncomfortable in nature. My mentor brings a player-coach mentality to my development as I work with him on a frequent basis. I am grateful that we have such an open relationship and respect his feedback based on his career trajectory and leadership style. I recognize the role and importance of serving in a mentorship capacity to my younger colleagues. What is the best professional advice you have been given and how have you implemented it? A work colleague played football for legendary head coach Frank Beamer at Virginia Tech. Frank preached a daily phrase, and

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even had it painted in the locker room: “If you take care of the small things, then the big things will come.” As a rising millennial in today’s workforce, I face the stereotype of wanting immediate gratification before it is fully earned through merit. By practicing this simple quote, it keeps me focused on diving into the details of transactions and earning the trust of broader deal team members. Before I know it, bigger leadership opportunities tend to emerge. I make an effort to impart this mentality to junior folks whom I mentor. A prime example is teaching the fundamentals of business writing, as it is invaluable to keep a message clear and concise, while being organized in nature. What do you know now that you wish you knew when you first started your career? I have the opportunity to work with professional service providers on a regular basis, such as legal, accounting and advisory firms. A defining moment in my career is when I elected to establish mentor-like relationships with these service providers to utilize their expertise to augment my career development. The commercial finance industry is very tight-knit in nature and it really is an open door policy for collaboration. By going to industry events and forming a robust network, it becomes a seamless process to speak to these providers on a casual basis to discuss topics of interest.

that you can explore and execute your strategic alternatives with PNC.

DEBT ADVISORY

M& A

PNC Bank, NA is the sixth largest bank in the U.S.1 PNC Capital Markets LLC is a top 3 arranger2 of Middle Market loan syndications

A preeminent Middle Market investment bank focused on best-in-class mergers & acquisitions advisory services3

ESOP

IPO ADVISORY

Relationship-based ESOP expertise with $3+ billion in capital committed to more than 150 ESOP companies across the U.S.

A premier Equity Capital Markets and Investor Relations Advisory firm advising roughly 250 IPOs, follow-ons and block trades since 20134

CORPORATE & INSTITUTIONAL BANKING I Whether your strategy involves growing your company with access to the right capital, or transitioning ownership to enable a strategic direction, PNC can help. With a family of capabilities and specialized advisors that offer sophisticated advice and hands-on transaction support, there’s no alternative we can’t help your company explore.

FINANCING

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1 Federal Reserve, Dec. 2016, https://www.federalreserve.gov/releases/lbr/current/. 2 According to Thomson Reuters LPC as of 1Q17. 3 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. Harris Williams LLC is a subsidiary of The PNC Financial Services Group, Inc. 4 Equity capital markets advisory services are provided by Solebury Capital LLC. Solebury Capital LLC is a registered broker-dealer and member of FINRA and SIPC and a subsidiary of The PNC Financial Services Group, Inc. PNC is a registered mark of The PNC Financial Services Group, Inc. (“PNC”). Banking and lending products and services, bank deposit products, and treasury management products and services are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC. Investment banking and capital markets activities are conducted by PNC through its subsidiaries PNC Bank and PNC Capital Markets LLC, a registered broker-dealer and member of FINRA and SIPC. Certain banking and lending products and services may require credit approval. ©2017 The PNC Financial Services Group, Inc. All rights reserved.

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teve Szymanski is a director in the asset-based capital markets group at Bank of America Merrill Lynch (BofAML) with more than 10 years of leveraged lending experience. Based in Charlotte, NC, he is responsible for sourcing, structuring and syndicating asset-based loan transactions for large and mid-sized corporate clients and financial sponsors

across a variety of industries. Prior to his current role, Steve spent more than six years in the broader leveraged finance group at BofAML, executing on multiple products including institutional leveraged loans, high yield corporate bonds, investment-grade loans and both cash flow and asset-based commercial bank loans. His background working across a range of credit products has provided him invaluable experience involving complex financing transactions, such as leveraged buyouts, corporate acquisitions, turnarounds and refinancings. Steve holds a Bachelor of Science in finance (2006) and a Master of Science in accountancy (2007) from Wake Forest University.

LOAN SYNDICATIONS

STEVE SZYMANSKI

Director, Asset-Based Capital Markets Group Bank of America Merrill Lynch

Is there a piece of professional advice that you would give yourself if you could go back in time? f I could go back in time to give myself a piece of professional advice, I would say to take more chances and worry less about failing. Looking back at the last 10 years, the periods where I experienced the most professional growth occurred when I found myself in situations for which I didn’t think I was ready. These situations are often stressful, but I think the best approach is to embrace them as opportunities and accept that I’ll make some mistakes. When I had the opportunity to step into a more senior role with a meaningfully increased level of responsibility, it came far sooner than I expected. Leaning on the deeply experienced and talented team at BofAML, I was able to seamlessly transition into my new role and gain invaluable experience along the way.

How did you wind up in the industry? We know that most kids don’t say, “I want to be in commercial finance when I grow up”. In college I struggled to decide where I wanted to start my career and wound up pursuing degrees in both finance and accounting. What really made the difference for me was the ability to complete several internships in different fields, including corporate finance, public accounting and leveraged finance. What was a difficult decision initially became a very easy one after I spent a summer in BofAML’s leveraged finance group. The program provided me real experience and proved that the job would be challenging, engaging and rewarding, all of which convinced me that it was the right position for me. I think internship programs are a fantastic way for the commercial finance industry to recruit young talent, with clear benefits for both young professionals and employers. Further, as a young professional, I was attracted to the broad range of opportunities available within the industry. Entry-level roles in this field provide a great foundation for those starting their careers – most of the colleagues with whom I started in 2007 have moved to all corners of

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the financial world, including private equity, specialty finance, buy-side loan and bond funds, corporate finance, etc. What is the best professional advice you have been given and how have you implemented it? The best professional advice I’ve been given came from my middle-school soccer coach, who told our team, sometimes in frustration, to “take pride in what we’re doing”. He may have been looking for a better effort on some of the mundane parts of training, but his message stuck with me and I think is broadly applicable. In my view, feeling a sense of pride and accountability for your work is foundational for a prosperous career. The most successful people I have encountered care deeply about their work and the results they achieve for their clients and the firm. At BofAML, I have found this mindset to permeate the culture and I think it’s one of the key drivers of the bank’s continued success.

Bank of America Merrill Lynch congratulates Carin Julsgard, Steve Szymanski and all the recipients of the CFA 40 Under 40 Awards. bofaml.com

Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2017 Bank of America Corporation. GBAM-103-AD ARHPBW6S

icia graduated from the Carlson School of Management at the University of Minnesota with a Bachelors of Science in accounting and minor in economic theory in 2005. Shortly before graduation, she began her career as a relationship manager at Principal Resources, LLC, managing a small portfolio of factoring loans. Over

the years she added accounting, human resources, operations and even a bit of IT responsibilities to her job. Now a part of North Mill Capital LLC, Licia serves as the company’s controller and head of accounting and human resources for the Minneapolis office. Seeking to balance the structured nature of commercial finance, Licia completed a yoga teacher training program in 2013 and leads yoga and group fitness classes at a boutique studio in Minneapolis. Licia is also a member of a women’s community service group; she has enjoyed serving as chapter president, treasurer, secretary, and parliamentarian as well as working on service projects and attending member socials.

OPERATIONS

LICIA JACQUES

Senior Vice President North Mill Capital LLC

How do you think the commercial finance industry can attract more young professionals? believe our industry needs a larger presence on college campuses: career fairs, information sessions, club sponsorships, etc. Factoring was covered in one paragraph in my senior level accounting course and wasn’t even mentioned in my finance course, yet I had semester long-courses on audit and tax. Many more accounting students go into those areas than commercial finance, so we need different ways to let undergrads know our industry exists! I was a member of the Business Association of Multicultural Students club and each of our events was sponsored by a different local company. A few representatives from the business would come to the event, tell us about the company in general and also how each of the business major areas (accounting, finance, marketing, human

resources) translated into careers and advancement at the company. These presentations were a great way to learn about ways to use our degrees in lesser known industries and companies. Entrepreneurship is such a large part of our economy and a growing force on college campuses, it seems like young people are starting businesses more frequently than in the past. How does a fresh college grad with little experience and a mountain of student debt fund her startup? In school we learn about venture capital firms, traditional bank loans, stock offerings and that’s about it. A small startup isn’t exactly the ideal candidate for any of those types of finance, but it sure could be for asset-based lending, factoring, or some other kind of alternative finance. Involvement in entrepreneurship clubs or small business groups on campus gives our industry exposure to potential clients and also potential employees. I’ve learned so much about small and medium-sized businesses in all different industries while I’ve been with North Mill. Learning from our clients’ successes and, let’s be honest, their failures too, is invaluable experience for anyone interested in starting her own business. What do you know now that you wish you knew when you first started your career? I wish I would have known how important it is to have connections outside of work!

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Yes, being an accountant certainly helped me when I was treasurer of my volunteer group, but the things I learned and the confidence I built as a member of the group have helped me even more in my career. Leading volunteer projects with the support of my group was a pretty low-stakes way to learn how to solicit donations for a fundraiser, use social media to publicize our events, and speak to our elected officials, all of which are applicable to things I do at North Mill. When I tell non-members about the group, they usually ask if it’s a networking group, people looking for jobs or clients. Some members might treat it that way, but I do not. It is something I do for myself and to give back to my community; I rarely talk about work with the group members. At first I struggled to make yoga and fitness a part of my schedule but, once I established a routine, I noticed how it positively impacted my work day. I am certain that fitness has improved my ability to concentrate, manage stress, and maintain a positive attitude at work. I believe that keeping a full schedule of activities outside of the office makes me more effective and efficient when I am at work.

THE NORTH MILL CAPITAL TEAM PROUDLY CONGRATULATES OUR COLLEAGUE

LICIA JACQUES

ON BEING SELECTED AS A 2017 40 UNDER 4O AWARD WINNER

Licia has been a valuable member of the team since 2005 and we look forward to her continued contributions and success.

Princeton Office 821 Alexander Road Suite 130 Princeton, NJ 08540 Phone: 609.917.6200 Fax: 609.919.0677

North Mill Capital is a national asset-based lender and factor financing small and middle-market businesses. www.northmillcapital.com

Minneapolis Office 5401 Gamble Drive Suite 200 Minneapolis, MN 55416 Phone: 952.545.1600 Fax: 952.545.7774

ishi is founder and CEO of Coral Capital Solutions LLC, a commercial finance operation that has provided over $1 billion in financing to small businesses since its inception. Rishi manages the underwriting, financing and operations of the business.

Rishi is also founder of Kashable, a financial wellness benefit technology company. As an MIT computer scientist and former derivatives trader on Wall Street, Rishi combined his engineering techniques in analyzing big data with cutting-edge financing and underwriting to create a cloud solution that enables instant access to affordable on-demand credit available to every American worker. Kashable is deployed nationwide by private exchanges, ben-admin systems, PEOs, benefit brokers and HSA/401(k) plan sponsors and administrators. Previously, Rishi was an executive at a New York real estate development firm, responsible for acquisitions, structuring, financing and management of real estate transactions. He was also a Fixed Income derivatives trader at a bulge bracket investment bank. Rishi earned his MS degrees in electrical engineering and computer science, and his BS degrees in management science (finance track), computer science and electrical engineering from the Massachusetts Institute of Technology.

OPERATIONS

RISHI KUMAR

Founder and CEO, Coral Capital Solutions, and Founder, Kashable

How do you think the commercial finance industry can attract more young professionals? oung people are looking for companies that will help them create a foundation for a successful career (much like generations past), but will also give them a sense of personal fulfilment in the pursuit of a greater mission beyond profits, empowering them to learn and grow in a way that will ensure their longevity even in the face of automation and AI. We can attract new talent to the business by encouraging innovation, embracing technology, adapting our workplace culture, providing meaningful continuing education and training, mentoring upcoming leaders, and emphasizing the mission-driven nature of our business in powering the entrepreneurial growth engine of America.

How did you wind up in the industry? I was at a point in my life where I was looking to start an entrepreneurial venture that played to my strengths in finance and technology. I was presented with an opportunity of a lifetime in the form of the credit crisis, and was able to jump into the commercial finance industry at a time when many others were running for the exits. I felt that the mix of short duration assets with high quality obligors, and relatively high yields on offer in the factoring space was a compelling trade that would weather the downturn well. The thesis worked out and I was able gain a toehold in an otherwise mature industry and build a high growth company with a strong team and portfolio.

but also to mean a willingness to learn and grow by boldly and frequently stepping outside my comfort zone. My first day in the commercial finance industry was as a founder of Coral Capital Solutions, and my first day in the consumer lending industry was as a founder of Kashable. Creating each of these enterprises as an upstart, coming at it from the outside, and yet shaping each into a successful player in its respective industry, needed an immense of amount of work, education, and an acceptance of the uncertainty that comes with being on unfamiliar turf. Every measure of success you achieve puts you in a more rarefied field of similar achievers, where ongoing success requires a commitment to creativity and effort.

What is the best professional advice you have been given and how have you implemented it? A lot of the best guidance I’ve received that has helped me scale new heights in my life, whether professional or personal, can be summarized into a pithy aphorism from Thomas Jefferson: “If you want something you’ve never had, you must be willing to do something you’ve never done.” In my development, I’ve translated this to mean a willingness not just to put in a greater quantum of labor than I’ve put in before,

What role has mentoring played in your career? I came to the US as an immigrant, and stepped into the world of finance armed with a good education, but little by way of capital and relationships. My path to a successful career has been paved with the consistent support of family, friends, colleagues, and investors that have together played the roles of champions, mentors, and coaches. All my professional achievements rest squarely on the foundation of their abiding faith in my abilities.

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CFA’s Panel Topics go to cfa.com to see full agenda Panel 1: View from the Top: Large ABL Lenders Moderator: Janet Jarrett, SunTrust Robinson Humphrey Panelists: Chris Carmosino, Citizens Commercial Banking Paul Cronin, KeyBank Business Capital David Marks, Wells Fargo Capital Finance Sam Philbrick, U.S. Bank Panel 2: View from the Top: Independent Lenders Moderator: Robyn Barrett, FSW Funding Panelists: Tania Daniel, ENGS Commercial Capital Michael Finkelstein, The Credit Junction Jeff Goldrich, North Mill Capital Jennifer Palmer, Gerber Finance Panel 3: Private Debt Placement Moderator: David Morse, Otterbourg P.C. Panelists: Allan Allweiss, LBC Credit Partners Mitch Goldstein, Ares Management LP Ted Koenig, Monroe Capital LLC Dan Wolf, Cerberus Capital Management Panel 4: Managing Up/Down - Millennials, Gen X and Baby Boomers Moderator: Stephanie Maas, ThinkingAhead Panelists: Sam Alexander, Wells Fargo Capital Finance Mark Cerminaro, RapidAdvance Rob Meyers, Republic Business Credit Panel 5: Cybersecurity - Click Here to Panic! Moderator: Richard Palmieri, ANR Partners Panelists: Casey Plunkett, Senior Director, Security Practice, Oracle Corp. Rajesh De, Partner - Cybersecurity & Data Privacy Practice, Mayer Brown; Former General Counsel, NSA Andreas Kaltsounis, Head of Cybersecurity, BakerHostetler, LLC Panel 6: Lien On Me - Intercreditor Issues Today Moderator: Joye Lynn, Wells Fargo Capital Finance Panelists: Valerie Mason, Otterbourg P.C. Andy McGhee, AloStar Capital Finance Michael Pizette, Crystal Financial Chris Winter, Duane Morris LLP Panel 7: Breakfast Panel: Insights to International Lending Moderator: Alister Bazaz, Bank of America Panelists: Ed King, King Trade Capital Tessa Payne, FGI Matt Stanley, ExWorks Capital Ian Varley, Eagle Business Credit Panel 8: Breakfast Panel: How to Market ABL and Factoring in the New World Moderator: Cole Harmonson, Far West Capital Panelists: Lin Chua, InterNex Capital Jason Jones, LendIt Scott Winicour, Gibraltar Business Capital Panel 9: Breakfast Panel: Report of General Counsel Moderators: Jon Helfat, Otterbourg P.C. Richard Kohn, Goldberg Kohn

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ohn Nesci is an operations manager for both domestic and international factoring. He has been with Wells Fargo for over 16 years and manages a team based in New York and Los Angeles. He oversees four departments which handle all client accounts-receivable activity for the entire Trade Capital portfolio. This includes processing of approximately nine million

invoices annually and over half a million payments in excess of $10 billion. John currently serves on the Wells Fargo Capital Finance Operations Recognition committee and is actively involved in team-member development programs. John received his B.S. in finance from Manhattan College and his MBA from Dowling College while on baseball scholarships to each institution. He is married with two daughters and enjoys spending time with his family, travelling, golf and baseball.

OPERATIONS

JOHN NESCI

Operations Manager Wells Fargo Capital Finance

How do you think the commercial finance industry can attract more young professionals? do not believe there is a magic formula, but I will offer a few suggestions that have worked for us. First, we make sure to understand what role we are trying to fill so we can target the proper audience—it’s not one size fits all. Young individuals are just like the rest of us—unique and motivated differently. Some may aspire to higher wages, while others gravitate to work-life-balance perks, such as working from home. Find what the position calls for and see if the person is a fit. Do not force a square peg into a round hole. Once they’ve been hired, it’s important to pay attention and make sure they are still in the right seat on the bus. I am a firm believer of recognition and mentoring playing a key role in the retention and development of our team-members.

What role has mentoring played in your career? I do not have enough space to express how grateful I am for all the support and education I have received in my career from everyone inside and out of the organization. Because of all that support, I am now being recognized in an industry filled with so many talented individuals, which is a tremendous honor. I have been at Wells Fargo for over 16 years. While I have served the Operations group in various roles, I have been fortunate to have the same individual lead our Commercial Services Operations team the entire time. That’s uncommon these days, and I’m proud to have learned so much from such a remarkable person. In addition to the support our senior leaders always provide, our entire team is extremely experienced and knowledgeable and willing to share both. I remember how much everyone has taught me over the years, and try to pass those experiences along as well as hope to help influence those who are in the early stages of their career. What do you know now that you wish you knew when you first started your career? As technology has evolved, it has made it much easier for everyone to stay connected and up to date with almost anything in real time. This allows folks the opportunity to see the big picture

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and get a more rounded understanding of the role each item plays. When I began my career there was no such thing as a smart phone, and all of the information was not as readily available as it is today. This resulted in limiting the data being put into decision-making. It’s easy to get caught in the day-to-day, but having a larger perspective about what’s happening with items such as legislation and industry regulations is important, especially when making long-term decisions. I’d also say that it’s essential to pay attention to all of the opportunities available to you when you are young. As you get older, you are more encumbered by responsibilities, so take chances when you are young and be open to different paths. What is the best professional advice you have been given and how have you implemented it? It’s actually quite simple: treat people how you want to be treated. For me, that means being good at observing and listening. Take the time to absorb what you are being told and have a wellthought-out response. While I may not always succeed, in my opinion, it is a great goal to have. It’s easier sometimes to try and barrel through an issue, but I have found a slower, more thoughtful approach usually yields the best results.

Great leaders inspire us Leaders engage us, allow us to take chances, unite our voices, and focus our ideas into actions. Wells Fargo Capital Finance congratulates all of the Commercial Finance Association’s 40 Under 40 winners. “John has been instrumental in streamlining the remittance application process with many major retailers which provides a high level of customer service to our clients. His efforts have delivered efficiencies and accuracy when exchanging detailed electronic information. John has provided leadership to help this growing business achieve its goals.” John Nesci Vice President Operations Manager Wells Fargo Capital Finance

— Patrick DeStefano, Executive Vice President, Wells Fargo Capital Finance

Wells Fargo Capital Finance would like to recognize 40 Under 40 award winner John Nesci, Operations Manager, for his effort and contributions to the organization.

zurdee Ramasar is the assistant vice president, portfolio manager with Engs Commercial Capital. Over the past decade, Azurdee has worked directly with businesses to help leverage their cash flow and working capital needs by providing accounts receivable financing, inventory financing and other forms of asset-based lending.

Azurdee started her factoring career in 2006 as an accounts receivable specialist with LSQ Funding Group. During her time with LSQ, she played a fundamental role in building the accounts receivable and collection teams, developing risk management parameters, and creating training and development programs for both internal employees and clients. She was able to grow within the organization in operations and risk management roles of increasing responsibility. Azurdee’s most recent role with LSQ was as an account executive, overseeing risk management, credit and daily operations for an $80MM portfolio.

OPERATIONS

AZURDEE RAMASAR Assistant Vice President, Portfolio Manager Engs Commercial Capital

Is there a piece of professional advice that you would give yourself if you could go back in time? know now that change is inevitable, and my attitude towards it will determine everything. While it is very easy to complain about change, throw a pity party or even run from it, I’ve learned, and continue to learn, that change should be embraced. My career, as many can relate, has ebbed and flowed, and deviated from any set “plan” that I may have had. Nonetheless, change is not a road block; it is an opportunity to grow and a stepping stone to the next level. Every change that I thought would set me back, propelled me forward to milestones in my career that I would have never imagined.

What role has mentoring played in your career? I am fortunate enough to be surrounded

by some of the most knowledgeable industry leaders, even from my very first day in finance. Over the course of my career, my mentors have surrounded me, taken me under their wing and invested considerable time and effort in my professional growth, and still do. Their guidance has been critical to my career. In turn, I am passionate about providing the same dedication to others. I love to see people feel empowered and watch them grow to their fullest potential. Knowing I have support in my role has been invaluable to me, and I want to provide the same for any team I work with. Mentoring is, and always has been, one of my favorite aspects of my career. Team members and employees are not just cogs in a wheel; we are all real people with real lives and being able to help someone advance in their career is the true reward. How did you wind up in the industry? We know most kids don’t say, “I want to be in commercial finance when I grow up.” Eleven years ago, I stepped into the commercial finance industry after hearing about an open position at a local factoring company from an associate. Quite honestly, I simply needed a job. On my first day, I had absolutely no idea what factoring was. I quickly recognized the opportunity that was in front of me and became a sponge. I asked every question I possibly could and became hungry for more knowledge. Within a few short years, I began working my way up within the company and industry, and have been determined to keep growing in my career ever since.

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How do you think the commercial finance industry can attract more young professionals? I have personally witnessed an unfortunate stereotype around the commercial finance industry. More than a few young professionals see the industry as closeminded and old-fashioned. Very simply put, if you want to attract up-and-coming talent, you must change your mind, and then follow through with supporting change. That could mean using updated software and technology, providing more competitive benefits and pay, or even reevaluating a strict dress code; nonetheless, there are steps that can and should be taken to draw in a new generation of professionals. Contrary to what many people think, changing your outlook does not mean you must sacrifice professionalism or risk management. On the contrary, you set the goals, establish and nurture the culture, and acquire young, driven, talented and ambitious individuals who are eager to leave a legacy.

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In Blues We Trust Annual Convention Opening Reception House of Blues®Chicago is a premier restaurant and entertainment venue located in the historic Marina City Complex offering the ambiance of an old Southern Delta Juke Joint. With a stage that would make Jake and Elwood Blues jealous, this venue has hosted some of the world’s best musical acts. Featuring multiple bars and private areas, you can easily move from the rockin’ show to a quiet conversation. The blues comes alive at this venue, and the CFA , RedRidge Finance Group & Exworks Capital are proud to host our Opening Reception here!

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CFA’s 73rd Annual Convention REGISTER NOW WWW.CFA.COM

NOV. 8 – 10, 2017 SHERATON GRAND CHICAGO CHICAGO, IL

arol has over 15 years of experience in underwriting and account management of asset-based and cash-flow transactions. Most recently in her role at U.S. Bank, she manages a portfolio in the largecap retail sector, which she finds interesting as she views her ac-

counts from both the perspective as a banker as well as a consumer. She began her career at GE Capital as an investment analyst and later joined GE’s Global Sponsor Finance team, followed by several years at Freeport Financial. Carol graduated from the University of Wisconsin – Madison with a BBA in finance, international business and business French. She lives in Chicago with her husband, three-year-old son and, until very recently, her giant Bernese Mountain Dog.

PORTFOLIO MANAGEMENT

CAROL ANDERSON

Vice President, Portfolio Management U.S. Bank Asset Based Finance

Is there a piece of professional advice that you would give yourself if you could go back in time? erhaps a common answer, but worthy to repeat…Speak up! Early on, it was intimidating to not only be the youngest in the room, but often the only female in the room. A number of times, someone else would state out loud what I was thinking, but just didn’t vocalize, which was frustrating. However, I distinctly remember how one manager in particular would go around the room and ask what we, as deal team members, thought of a new transaction after reading the offering memorandum, only he’d ask the younger people in the room first for their opinion. I gained great confidence from that ongoing experience. I could voice my concerns, questions, or support for a deal and I didn’t have to be intimidated by trying to jump in mid-discussion with

people who were much more experienced than me. After the discussion concluded and most team members headed back to their desks, my manager would ask if I had any questions on the concepts discussed or if there was anything I didn’t understand. It helped to have someone not only act as a manager, but also as a teacher and I’m extremely grateful for that. What is the best professional advice you have been given and how have you implemented it? Don’t burn yourself out. It’s important to balance your career with family, travel or any other activities you enjoy. I took a few years off of work after my son was born and was so glad that I did. We spent long afternoons taking stroller walks with our pup, attending music and swim classes, building train tracks, and hanging out at the park. It was a break in my career, but worth, it as I’ll never get those early years back. I was fortunate enough to re-join the ABL team at U.S. Bank when I was ready to return and there happened to be an open position. Since rejoining, I make sure to balance my days by maintaining our balcony garden, taking brisk walks during my lunch hour, and of course, I still build train tracks with my son when I get home. How do you think the commercial finance industry can attract more young professionals? The industry needs to make itself

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known. Start by participating in more widespread college career fairs or other recruitment events. Young professionals may not even know that our type of financing exists, even though most places they shop or frequent likely have an asset-based or cash-flow loan. Our industry provides a unique experience, as not only do you learn how a lending institution works, but you also learn how our customers function across a wide variety of industries … oil and gas, healthcare, manufacturing, retail, etc. How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” I liked math. It just made sense to me. Often, while waiting in line at the store, my dad would challenge me to figure out how much the total would come to, including tax. When I got to college, I knew I wanted to do something with numbers and loved the idea of travel, which led me to major in finance and international business. I didn’t want to just sit behind a desk, so the investment analyst/collateral auditor position was a great way to enter the industry. I loved touring manufacturing facilities to see how products were made, enjoyed questioning management teams on the state of their business, while remaining speculative of fraud. Essentially, I got to be a “money-detective” while traveling the country.

Proud

to celebrate the strength, talent and commitment that enriches our community.

Congratulations to Carol Anderson, U.S. Bank Asset Based Finance, and all 40 Under 40 honorees. To learn more about how U.S. Bank Asset Based Finance can tailor a solution that's right for you, email us at assetbasedfinance@usbank.com

Member FDIC. ÂŠ2017 U.S. Bank. 17-0711-B

anielle Baldinelli is a director with Wells Fargo Capital Finance’s Retail Finance Division. Based in Boston, the Retail Finance Division provides asset-based credit facilities that are tailored to meet the needs of retail companies. She has over 15 years of experience in the financial services industry, with 12 years spent working with

retailers managing a variety of complex financing solutions. In 2005, Danielle began her career with Wells Fargo and has held multiple positions of increasing responsibility. In her current role, as a loan portfolio manager, Danielle oversees a portfolio of agented transactions with global commitments totaling approximately $4 billion. Danielle is involved in all aspects of structuring asset-based and term-loan solutions for her clients. She is responsible for managing risk through the entire credit life cycle; underwriting, due diligence, credit memorandums, negotiation of legal documentation and independently restructuring troubled credits. Additionally, Danielle oversees a team of credit analysts and is a strong advocate for their training and development. Danielle earned an undergraduate degree in finance from John Carroll University and holds a Master’s degree in finance from Northeastern University. Danielle resides in Hanover, MA, with her husband Scott and two children. PORTFOLIO MANAGEMENT

DANIELLE BALDINELLI

Director – Retail Finance Division Wells Fargo Capital Finance

What role has mentoring played in your career? ’ve had the privilege of working with many great mentors throughout my career, both within and outside of the commercial lending industry. This business is not taught in a classroom or from a text book, but learned through “on the job training,” with coaching from influential mentors. Early in my career, the credit cycle shifted and a significant number of my portfolio customers experienced distress. This was an important learning period for me, and my mentors invested time and energy teaching me how to work through this new set of challenges and the importance of developing productive relationships with our customers during these difficult times, which ultimately led to restructuring events. During that economic downturn, I quickly

learned the uniqueness of each of these situations, and the experience I gained from handling these tasks, allowed me to better serve my customers, perform at a higher level in my role at Wells Fargo, and better manage future challenges. I worked with customers, colleagues and senior leaders within Wells Fargo, and other industry professionals who collectively provided me this valuable “on the job training.” The coaching and mentoring I benefited from during this period in my career was critical in helping me become an effective lender. What do you know now that you wish you knew when you first started your career? Focus on building a strong network, both internally and externally. Rarely do any of us succeed professionally on our own; we rely on advocates and mentors to help shape our careers along the way. Once you’ve nurtured and developed an effective network, it is critical to maintain these relationships and actively seek out feedback and advice. This, more than anything, will serve as a great resource to help navigate through any obstacles you may encounter professionally.

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What is the best professional advice you have been given and how have you implemented it? Don’t hesitate to recommend a solution and make a decision. In our professional careers, we interact with senior members of our respective organizations to resolve problems. When these situations arise, collect the facts, develop a recommendation and be prepared to support the “why” behind your recommendation. Yes, this involves taking a risk because, ultimately, you could be wrong; however, chances are, if you are making informed recommendations, there’s a high likelihood you’ll be right. All senior leaders are tasked with making decisions and most find it refreshing and a sign of leadership potential if you’re confident enough to put forth well-thought-out solutions.

$2,350,000,000 Senior Secured Revolving Credit Facility Lead Arranger and Administrative Agent

Wells Fargo Capital Finance would like to recognize 40 Under 40 award winner, Danielle Baldinelli, Director, Loan Portfolio Manager, for her effort and contribution to the $2,350,000,000 JCPenney credit facility. “Danielle was instrumental in leading all aspects of this high-profile transaction for a long-standing Wells Fargo customer. Danielle’s ability to build strong client relationships combined with her sound credit judgement and leadership qualities were key to the success of the JCPenney transaction.” — Matt Williams, Managing Director, Wells Fargo Capital Finance

fter graduating from The Ohio State University with a BBA in finance and then earning his MBA from John Carroll University, Craig built his career in corporate and commercial banking. He gained extensive experience in credit underwriting, risk management and loan work-

out, both at small community banks and large regional banks. At Advance, Craig oversees all aspects of credit underwriting and risk management functions in addition to supporting clients with mergers, acquisitions and business valuation. “We’re all part of a team working toward a common goal. It’s motivating to know that your contribution is not only necessary, but truly matters. That’s what makes Advance great and sets us apart.” Craig is also very committed to The First Tee of Cleveland, a youth development program that teaches core values and life skills through the game of golf. He is a volunteer coach and serves on the Board of Directors. Outside of Advance, Craig enjoys spending time with his wife, Kimberly, and daughter, Quinn, while vacationing, swimming and other fun activities around Cleveland. He is also an avid golfer and snowboarder.

PORTFOLIO MANAGEMENT

CRAIG COHEN

Senior Manager, Credit Advance Partners

Is there a piece of professional advice that you would give yourself if you could go back in time? tay the course and don’t give up! Life is hard and not always fair. Do not become complacent with the status quo and rest on your laurels. There will always be someone waiting behind you who is younger and smarter so continue to strive for greatness while looking over the horizon. There were many times I thought this business just wasn’t for me. I was stuck in a position and felt limited in my growth. And sometimes I didn’t have the fortitude to be a great visionary and move the business forward. Moving up throughout your professional career will always be a grind, nothing will come easy and it doesn’t happen overnight. Becoming successful is a marathon, not a sprint. Work hard, surround yourself with great people, and a little bit of luck never hurts. Don’t look for handouts, go

out and be the creator of your own destiny. What role has mentoring played in your career? Mentoring has played a major role for me, both as a beneficiary and contributor. Early on in my career I was fortunate enough to work with some of the greatest financial minds in the business. They were seasoned veterans who showed me what it was like to be a leader within the organization as well as gave me the knowledge and skills to drive a business successfully into the future. Pay attention to the veterans of your business and industry; they have a depth of understanding to be imparted on you. You may not realize a mentor relationship until after that person has moved on, so do more listening than talking. These are the lessons not learned in a classroom or training workshop. It’s the information buried within and not written on pages of textbook or publication. The intrinsic value they provide comes from vast experience in a variety of fields and life experiences. These mentors were the ones who gave me the opportunity and platform to further my career. Knowing that people took a chance on me provides the appreciation to pay it forward and act as a mentor to other young professionals. It is extremely satisfying to be able to mentor individuals

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and provide them with the same guidance many others gave me along the way. This does not always have to be in a formal work setting as a manager or leader. Get to know some of the new employees and find out what they like and don’t like, what are their aspirations and career goals. Being a mentor is not limited only to business so participate in your community. What do you know now that you wish you knew when you first started your career? It’s perfectly ok to graduate from college and not have your life course already charted. Try different fields and positions where you think there might be interest. I finished undergrad with some experience in banking and investments, but still had no idea where I was headed. There seems to be so much pressure on young adults today to have it all figured out the moment they walk out the door. Explore, see what’s out there, and network with as many people as possible. This will serve you well as you move ahead in your career. I fell backwards into banking but quickly realized that analytics and problem-solving was exciting for me. It kept me interested, played to my strengths and opened an entire world I never knew existed.

an joined BMO’s Asset-Based Lending Group in 2008. Under the leadership of BMO’s ABL Group head, Michael Scolaro, and team lead and managing director, Andy Pappas, he was able to become one of the team’s lead underwriters, closing and manag-

ing a number of commodity metals deals over the past several years. He manages a significant portfolio of lead transactions for the group and has experience in underwriting, negotiating and closing new deals. Any success achieved has been made possible by the support of Dan’s wife, Stacy, and their four children who are the biggest source of pride and accomplishment in Dan’s life. Dan has a BA in political science from the University of Illinois and an MBA through Northern Illinois University.

PORTFOLIO MANAGEMENT

DAN DUFFY

Vice President BMO Harris Bank N.A.

What role has mentoring played in your career? entoring has played a significant role in my career. It’s important to have role models and examples to seek advice from and whose leadership you can follow. My father has always provided that for me. When I was younger, I saw not only how hard he worked, but how he treated people who worked for him, and how he balanced hard work with making time for myself and my four brothers. Since I began work in BMO’s ABL Group, Mike Scolaro has provided a similar support system and provided an example on how to be a professional. Specifically, the advice I have received included how to set career goals and seek out new opportunities that allowed me to differentiate myself as an individual within the group. This guidance has proved invaluable over the years.

Growing as a professional requires not only building off your own experiences, but learning from the knowledge and experience of others. Having excellent mentors provides for not just a great resource and sounding board, but a road map to success. How do you think the commercial finance industry can attract more young professionals? I believe attracting the top young professionals to a career in commercial finance has become an increasingly difficult challenge. The current group of young professionals has placed an increasing premium on flexibility at work and the value of their time away from work. We have to find a balance in recruiting and job placement allowing for flexibility and valuing the time of young professionals without sacrificing productivity. I find the current generation of young professionals to be a dynamic group, one focused on hard work and willing to challenge the inefficiency of the status quo. Employers have to demonstrate a willingness to be open-minded and flexible to attract top talent from this group. In my career, BMO has provided this flexibility and it was one of the reasons I joined the team nearly a decade ago. Our group head and our individual team leads have placed a focus on execution and efficiency while acknowledging

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a need for an appropriate work life balance that has created a tremendous work atmosphere with limited turnover in growing our business during my time here. How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” At Illinois, I was a pre-law political science major with a minor in English literature. While reading Dickens and Shakespeare certainly prepared me for interpreting credit agreements, it wasn’t the most conventional background for a career in commercial lending. After deciding I didn’t want to go to law school towards the end of my senior year, I got a job selling fixed annuities at a local retail bank before going back to school for my MBA and applying to BMO’s Credit Training Program. The experience gained through my MBA and the training program at BMO allowed me to enter into this field on the right footing. While not the easiest road into commercial lending, I believe having a broader background has helped my development and served me well over the years. I believe diversity of thought, background and perspective is integral to industry growth and should be sought out when hiring in this field.

Looking to leverage assets?

When youâ&#x20AC;&#x2122;re looking to leverage the value of your assets, BMO Harris Bankâ&#x20AC;&#x2122;s Asset Based Lending group can help. From recapitalizations to growth in working capital and restructurings to turnaround situations, we have the industry experience and flexible financial solutions to support your vision. bmoharris.com/abl Banking products and services are subject to bank and credit approval. BMO Harris Commercial Bank is a trade name used by BMO Harris Bank N.A. Member FDIC

om Floyd is a managing director with Regions Business Capital, a division of Regions Bank. He manages an ABL and leveraged cashflow relationship-management team in Dallas, Texas and has been with Regions since 2014. Prior to Regions, Tom was with JPMorgan for three years and Wells Fargo (and its predecessors) for 12 years.

While the majority of his career has been spent in asset-based lending, Tom also has commercial banking and leveraged finance experience. Tom has an undergraduate degree from Wofford College and an MBA from Southern Methodist University, where he finished at the top of his class. Originally, from South Carolina, Tom lives in Dallas, Texas with his wife, fiveyear-old daughter and seven-year-old son. He is a wine collector and loves all things related to food and cooking.

credit risk, etc. If nothing else, this one attribute keeps things interesting every day.

PORTFOLIO MANAGEMENT

TOM FLOYD

Managing Director Regions Business Capital

How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” uring my senior year at Wofford, I was seeking finance positions in large corporations and wasn’t even considering banking. I was contacted by a recruiter with First Union in Charlotte, NC who had a position in First Union’s ABL group. At the time, Charlotte wasn’t a city I really wanted to relocate to, but decided to drive up for an interview anyway since, at worst, it would be additional interview experience. I really liked the people I met and ultimately made a gut decision. While I attempted to learn more about assetbased lending ahead of and during the interviews, it turns out I didn’t have a clue. It didn’t take long after starting, though, to discover one of the main things I like about this industry- that the companies range across numerous spectrums with regard to industry, size, life cycle stage, ownership,

What is the best professional advice you have been given and how have you implemented it? One of the earliest pieces of professional advice I was given related to work ethic. A senior leader in my group explained to me that there isn’t any rocket science in what we do and that all it takes is hard work and some drive. He was also fond of saying “you don’t have to be the smartest person in the room, but you do have to be in the room”. By that he meant that, if you want to be successful, you have to be visible and engaged. You have to ask questions, volunteer for projects and always treat your job description as a bare minimum set of requirements. In the first few years of my career, my group was working on a large project and, I along with a few others, were tasked with providing a very specific piece of analysis. This happened to be late in the day and my co-workers finished their assignment and sent it to the person running the project and quickly left for the evening. I took my portion of the work into the conference room where they were assembled and quickly explained my methodology and assumptions and then starting asking how this fit into the bigger project as well as what I could do next. This led to me taking on a much larger role in the project and worked on it to its conclusion. I have passed this advice along to many young

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bankers with an addition that all of these things are critically important during the first few years of a career when people are assessing potential. What role has mentoring played in your career? I have had numerous mentors, both formally and informally, over the years but one particular experience was very valuable. While in business school, I considered moving to an entirely different industry and leaving the banking world behind. I sought out and found a mentor in the industry I was considering and met regularly with him for a period of around six months. I went into the relationship with the goal of learning how to facilitate a career move into a different industry but the result was entirely different. My mentor really challenged all of my assumptions about the industry and myself. After a lot of honest discussion, we both came to the conclusion that I should stay in banking/finance. This experience and my mentor’s wisdom likely saved me a tremendous amount of turmoil and also reinvigorated my interest in banking.

Leadership that moves us forward. Regions Bank congratulates Charlotte Parsons and Tom Floyd for being recognized as 2017 CFA 40 Under 40 Honorees. Charlotte Parsons Assistant Vice President

Tom Floyd Managing Director

Our experienced banking teams deliver customized financing structures based on your needs and goals. Whether considering an acquisition, merger, recapitalization or simply taking advantage of market conditions to expand operations, Regions offers innovative solutions to help move your business forward.

ÂŠ 2017 Regions Bank. All loans and lines subject to credit approval and other terms and conditions. | Regions and the Regions logo are registered trademarks of Regions Bank. The LifeGreen color is a trademark of Regions Bank.

effrey Giunta joined People’s United Business Capital in 2014 as a relationship manager in the Asset-Based Lending Group. In his role at Peoples he manages a portfolio of middle-market asset-based customers. Prior to joining Peoples United, Jeffrey was with Wells Fargo Capital Finance for 11 years. During his career he has held

roles in all aspects of asset-based lending from collateral analyst to collateral examination to his current role as a relationship manager. In 2008 Jeffrey was awarded Wells Fargo’s Golden Spoke, which is awarded to team members for their outstanding work. He is an active member of the CFA and TMA and participates on the TMA golf sub-committee. Jeffrey graduated from Bentley College (now University) with a BS in finance. He lives in Wakefield, Massachusetts with his wife, Beth, and three children, Charlotte, Benjamin and Daniel.

PORTFOLIO MANAGEMENT

JEFFREY GIUNTA

Relationship Management People’s United Business Capital

Is there a piece of professional advice that you would give yourself if you could go back in time? earn how to play golf. Kidding aside, the advice would be the same as it is to be successful in any career. Work hard, act professionally and don’t be afraid to express your opinion. I would also say to take everything in stride and not get too worked up in situations. Sometimes you get bad news, have to deliver bad news or end up in tough situations. Don’t get too stressed and let things play out while managing risk to the best of your ability. We structure asset-based loans in a way that works for the borrower and manages the risk for the bank. You need to rely on the structure established because, if things were done correctly, you should be able to manage out of most situations.

What role has mentoring played in your career? Mentoring has played a huge role in my career development. I have been fortunate to work for and learn from a lot of great mentors with decades of asset-based lending experience. The industry has changed so much in my 14 years that it is important to keep evolving and learning. Mentorship plays a role in that learning process because you are learning from people with real life experiences. I have been unfortunate/fortunate to have had to manage through multiple liquidations and bankruptcy proceedings. While it is unfortunate to have to work through the closure of a business, it is a learning experience to carry with you and pass on whatever knowledge was gained. While I still think of myself as one of the young guys in the office, reality is setting in. I try to work closely with my younger colleagues to pass along whatever knowledge and experience I have gained over the years. I always appreciated being brought into a meeting or taken on a call and I try to remember to do the same with my colleagues. How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” I wasn’t enjoying my first job out of

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college so I was actively looking for something new. My former employer, Wells Fargo, was recruiting through my school, Bentley College, and through that I got an opportunity to get into the commercial finance industry. I find the job very rewarding in getting to work with middle-market businesses on financing solutions that help them thrive while keeping the bank in a secure position. While there is a growing list of monotonous tasks, no day is alike and that helps to keep me engaged and on my toes. It is definitely not the flashy career that kids dream of, but it is a satisfying job that allows me to support my family with a great work/life balance. People’s United Bank is very supportive of establishing that balance and keeping employees happy and motivated to perform at their best.

arin Julsgard is an asset-based senior portfolio specialist in the Business Capital group at Bank of America’s office in downtown Los Angeles where she manages a large diverse portfolio of clients with asset-based loans. Bank of America Business Capital is one of the

largest asset-based lenders across the globe and provides loans to middlemarket and large corporate borrowers in the United States, Canada, Europe, and Asia Pacific. Carin has over 10 years of banking experience, with the past five years working at BABC. Prior to Bank of America, Carin spent seven years at Wells Fargo in both the commercial finance group (Wells Fargo Capital Finance) and the institutional investment management group (Wells Capital Management). Carin graduated from the University of California, Los Angeles with a B.A. in economics. She resides in Santa Monica, California with her husband, Daniel.

PORTFOLIO MANAGEMENT

CARIN JULSGARD

Senior Vice President Bank of America Business Capital

Is there a piece of professional advice that you would give yourself if you could go back in time? now the difference between complaining and being part of the solution. There will always be parts of your job you are not satisfied with and there will always be organizational challenges that you will be faced with. Be selective and thoughtful when voicing your criticism. Rather than adding to the problem, be part of the solution and help come up with how things could be improved. When there are not good solutions, you have to make the conscious decision to either accept and adapt to the situation or be prepared to move on. Moving on is not necessarily a failure and one of the best career decisions I ever made was the result of not being able to adapt to and accept a frustrating situation.

What is the best professional advice you have been given and how have you implemented it? The best professional advice I have been given was from my manager, Matthew VanSteenhuyse. One of the first things he ever told me when I started working for him is: “Always under-promise and over-deliver.” This advice is particularly applicable in any client-facing role. It’s much easier to satisfy clients when you are able to manage and beat their expectations. When I communicate internally or externally on what can be delivered by a certain date, I always make sure to select a date I know I will be able to make. I’ve worked with many professionals over the years who have overpromised and then inevitably come up short. Not being able to deliver on your word will unnecessarily hurt your professional reputation and will damage your credibility. How do you think the commercial finance industry can attract more young professionals? Automation and work-life balance will be critical in attracting younger professionals to commercial finance. In order to compete for the best talent, commercial finance needs to offer jobs that are not bogged down by the administrative and compliance requirements that are the reality of

commercial finance today. Automating processes will allow more time to be spent working on the value-add, educational parts of the job. Work-life balance and a flexible work schedule will also be critical for attracting younger talent to commercial finance. By focusing more on the end result versus office seat time, employees are able to decide when they complete work more on their terms. We need to keep in mind that, even though many of us did not have the benefit of this flexibility early on in our careers, most recent college graduates expect to have this option made available to them. What do you know now that you wish you knew when you first started your career? Credit, credit, credit…You will never go wrong by taking a job that will teach you credit skills. Even if commercial finance is not your ultimate goal, a credit background is a very valuable skill set across a multitude of industries. The earlier on you’re able to obtain this skill set, the more flexibility you will have in regards to career progression.

THE SECURED LENDER SEPTEMBER 2017 71

ennifer Kempton is a managing director at The PrivateBank, having spent more than a decade as an asset-based lender. Jennifer attended Murray State University where she obtained a B.A. in finance and was twice awarded the Allen Preble Memorial Scholarship from

the CFA Midwest Chapter. Following graduation she was hired into LaSalle Bank’s commercial bank training program and subsequently joined LaSalle Business Credit as an analyst. A few years after Bank of America’s acquisition of LaSalle Bank, Jennifer joined the ABL team at The PrivateBank as the group’s first relationship manager. Kempton is a board member of the Allen Preble Memorial Scholarship Foundation which has granted a scholarship to children of CFA members for the last 15 years. In addition, she is a founding board member of the Midwest Chapter of Women in Commercial Finance.

PORTFOLIO MANAGEMENT

JENNIFER KEMPTON Managing Director The PrivateBank

How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up?” ve always been fascinated with problem-solving and learning how things, work; from “Mr. Rogers” and later school field trips, it seemed natural that I would pursue a career that allowed me to incorporate my interests. Without a natural aptitude for science, finance seemed like the next logical option. My studies took me to Murray State University in Kentucky and then on to The University of Regensburg in Germany to study finance. A mere semester from college graduation, I was unsure what I wanted to be when I grew up, and panic was setting in! I had always found my corporate banking classes interesting, but didn’t know exactly what my career path in

banking might look like. Fortunately for me, my father, a veteran of the asset-based lending industry, introduced to me a former colleague, Carol Morse, who thought I would be a great fit for LaSalle Bank’s Commercial Bank Training Program. I guess you could say the apple didn’t fall far from the tree as my first rotation was with Doug Colletti in asset-based lending and I have been doing it ever since. In 2010, I joined Doug and other senior leaders I had formerly worked with who were launching an asset-based lending division at The PrivateBank. I was fortunate to be exposed to every aspect of managing an asset-based credit in those early days, from reconciling borrowing bases, to structuring and underwriting transactions and subsequently managing those transactions. More than seven years later, I am still working with the same team at The PrivateBank. What role has mentoring played in your career? I firmly believe that mentorship is the best path to career success. I have been extremely fortunate to have great mentors who were willing to invest in me and provide meaningful opportunities for growth. The network of both personal and professional mentors, including my manager of more than 10 years, Doug Colletti, and

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the senior managers at The PrivateBank have been integral in guiding me to be in the position I am in today. Their willingness to take a risk in hiring me as their first asset-based lending relationship manager back in 2010 is something for which I will always be grateful. While I am everlastingly grateful for the skills I’ve learned over time as a mentee, I also believe that mentoring is a two-way street. No role has as a mentor has been as transformative as my role as a Big Sister in partnership with Big Brothers Big Sisters of Metropolitan Chicago. I have mentored two “Little Sisters” through high school and on to college. While originally getting involved with Big Brothers Big Sisters to hopefully pay it forward in some small way, I underestimated how positively these two young women would impact my own personal development. I have found that the lessons I teach on personal and professional development are often the best reminders for my own life.

The PrivateBank is proud to congratulate Jennifer Kempton

2017 Forty Under 40 Honoree

RELATIONSHIPS THAT WORK AS HARD AS YOUR BUSINESS At The PrivateBank, we recognize that not every companyâ&#x20AC;&#x2122;s best assets are reflected on its balance sheet and that the opportunities and challenges our clients face are unique. Thatâ&#x20AC;&#x2122;s why we take the time to listen and get to know you and your business. From this solid foundation, we can put our expertise and understanding to work and build the right asset-based financing solution1 for you.

To learn more, call Jen Kempton at 312.564.3932

All loans subject to credit approval

uke LaHaie has over nine years of professional experience, which includes commercial lending, transaction advisory, audit, tax and lender services. At ExWorks Capital, Luke participates in all facets of the business including portfolio management, credit analysis/underwriting, investment committee presentation, investor relations and new business development.

Prior to ExWorks Capital, Luke was focused on transaction advisory and lender services at both RedRidge Due Diligence Services and PriceWaterhouseCoopers. He has led multi-man quality of earnings and lender service engagements in various sectors including healthcare, specialty finance, manufacturing and professional services with deal sizes ranging from $1 million to $500 million purchase price/credit facility. Luke holds a master degree in accountancy from the University of Notre Dame and a bachelor degree in finance from Michigan State University. He is a Certified Public Accountant registered in both Illinois and Michigan. Additionally, Luke is a CFA® Charterholder.

PORTFOLIO MANAGEMENT

LUKE LAHAIE Senior Director ExWorks Capital

What is the best professional advice you have been given and how have you implemented it? othing can be substituted for hard work.” In today’s world of instant gratification and on- demand everything, it’s easy to feel that progression and promotion should happen automatically overnight. I learned the foundation of hard work from my early teen years working for my dad’s construction company, which mainly consisted of sweeping floors and hauling materials. This experience taught me that you have to be willing to do any and all job duties and, in order to earn people’s trust and support, you had to do it well and with a good attitude. Throughout my career I have made a conscious decision to always put in the maximum amount of effort. By being willing to get in early and work late, it

“N

has allowed me to build a deep level of trust with the people at each organization I have been at, which in turn has opened doors and further opportunities that I would not have been able to get had I not been willing to go the extra mile. What role has mentoring played in your career? Mentoring has played a significant role in my career. Throughout my career, I have been fortunate enough to have a mentor at each stop along the way. Having someone that can champion for you and provide objective insight into opportunities, regardless if it is in their benefit or not, is crucial to being able to truly assess what career path and experiences are the most impactful for you. At ExWorks Capital, I have been fortunate enough to have three mentors who are industry veterans: Randy Abrahams, Andy Hall and Matt Stanley. They have brought me into the management team and have allowed me to participate fully and equally, despite the fact that I do not have the same level of professional experience. They continually stress that years of experience do not dictate performance and I aim to continue to use that mantra throughout my career as I progress and as I have coworkers that I mentor. I am truly grateful to them for helping me get to this point in my career and I look forward to continuing to grow ExWorks Capital with them for many years to come.

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How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” For me, I was always interested in investing. While at Michigan State I had thought I would pursue a career in equities. However, 2008 happened and, when I was graduating, the industry did not seem stable enough so I chose to pursue a master’s in accounting at Notre Dame. Now looking back, beginning my career in public accounting at Ernst & Young was invaluable. In public accounting I was able to work on numerous companies across many industries and through this I gained a deep understanding of financial statements and business operations. Throughout my time in audit, I still had that burning desire to move into investing. From audit I navigated my way into M&A advisory and, once I gained exposure to acquisitions and lending transactions, it was clear to me that ultimately I needed to get to the investing side. Being in the right place at the right time couldn’t have rung more true for me. In June of 2015 ExWorks was gaining traction and the team needed someone to help with modeling and drafting investor materials. After many years of building models and deliverables in M&A advisory, I was uniquely positioned to move from diligence at RedRidge to our fund, ExWorks Capital. Now that I have landed on the debt side of the investing spectrum, I could not imagine a better spot to be and I’m excited to be a part of this industry.

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anika Louis is the portfolio manager for Republic Business Credit, LLC. Danika began her career in the commercial financial industry in 2000. As Republic Business Credit’s portfolio manager, Danika is responsible for providing direction to the operations team, portfolio performance monitoring, debtor risk management, contract renegotiations, and staff develop-

ment. Danika leads a team of two relationship managers, two account executives, two collateral analysts, and three data entry administrators. Danika has been with Republic Business credit for over six years. In her spare time, Danika enjoys fishing with her family and supporting her kids in their extracurricular activities. A graduate of Xavier University of Louisiana, Danika lives in Gretna, LA with her husband, Gregory, and their three children, Kylah, Gavin and Shelbi.

PORTFOLIO MANAGEMENT

DANIKA LOUIS

Portfolio Manager Republic Business Credit, LLC

What is the best professional advice you have been given and how have you implemented it? arly in my career, I wish I would have considered the conviction that change should not be feared. Change should be embraced because the only thing constant in the world is change. Even when I cannot change a situation, I empower myself by changing my response to difficult situations. Looking back, I realized that I often feared what I would have to give up during the process of change rather than focusing on what I would gain once I embraced the change. Managing and embracing change has presented me with some of my best opportunities.

How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up

As a freshman in college, I decided to work in a local community bank as a part-time teller just to make a bit of money while in college, while still having ample time to concentrate on my education. After completing my undergraduate work, I took a full-time position within the bank, prior to continuing my education by working on a graduate degree. While working as a full-time teller, the community bank acquired a factoring portfolio and I decided to join the factoring and asset-based lending division of the bank. I became quite intrigued by this alternate type of commercial finance and therefore decided to immerse myself into and expand my knowledge of the industry. With the help of great mentors who saw potential in me that I didn’t necessarily see in myself, I have been fortunate enough to serve as a data entry administrator, collateral analyst, account executive, operations manager and portfolio manager. My path in the industry came by chance, but my growth has been on purpose. What role has mentoring played in your career? I have been extremely fortunate to have been mentored by some of the industry’s most experienced and brightest leaders. Early on in my career, being quite unaware of what I was getting into, I approached my quest for greater understanding very

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timidly. Thankfully, my mentors pulled me out of my shell by not only encouraging me to ask questions, but they also all challenged me. The wisdom and support provided to me by my mentors has enhanced my ability to be an effective mentor today. Serving as a mentor, I challenge mentees to focus on what he or she wants rather than what he or she does not want. I strive to make mentees understand that the world gives us what we focus on. Through experience, I understand the importance of seeing hope inside of others and supporting those people to a point of them seeing that same hope within. Is there a piece of professional advice you have been given that you would give yourself if you could go back in time? I was once told that I am my only limit. Initially, the false notion of being limited by factors outside of myself restricted my professional development. Once I began to understand that I should not stand in my own way, I realized that my potential for progression was limitless. I now know that limitations live only in my mind. If I could go back in time, I would advise myself to let go of insecurities, focus on what is wanted, and embrace change.

FROM NEW ORLEANS TO NEW YORK, REPUBLIC BUSINESS CREDIT PROUDLY CONGRATULATES

DANIKA LOUIS AND ALL OF THIS YEAR’S 40 UNDER 40 WINNERS

“Danika is not only a leader in our business, but a mentor and inspiration to many of her colleagues. We are proud to have Danika on our team and pleased to see her gain such valued recognition.” - Stewart Chesters, CEO

New Orleans, LA

Los Angeles, CA

Chicago, IL

Houston, TX

866.722.4987 • www.republicbc.com • info@republicbc.com

anner is a first vice president and portfolio manager in the Asset-Based Lending group of Sterling National Bank. He was part of the original Core Business Credit group founded by Michael Haddad in 2007, which was sold to NewStar Financial in 2010 and then sold to Sterling National Bank in 2016. Tanner joined as an underwriter in 2008 and transitioned to portfolio

management in 2012. Prior to Sterling, Tanner spent five years at Merrill Lynch in various roles within their commercial banking group including originations, internal sales management, and underwriting middle-market transactions. Tanner has a B.A. in economics and business administration from Coe College (Cedar Rapids, IA) where he was the first athlete in school history to earn all-American honors all four years. Tanner resides in Dallas with his wife and their two young boys.

PORTFOLIO MANAGEMENT

TANNER PUMP

First Vice President & Portfolio Manager Sterling National Bank

How do you think the commercial finance industry can attract more young professionals? ot every shop can be exclusively full of 15-year veterans for very long. Eventually, some of the pioneers of this industry will retire, leaving more leadership roles for experienced, younger professionals. But to keep the industry moving, a continuous pipeline of talent is needed. I think there are three key aspects to attracting and retaining younger professionals. First, having a place in organizations for entry level of professionals is critical. This is tough in small shops but, as organizations grow, committing to hiring inexperienced people and training them is healthy for a number of reasons (and provides mentoring opportunities for the experienced staff). Second, accepting talented people with non-ABL experience is also important. While direct experience

is great, ABL can be learned, especially by bright, young individuals. Third, fostering a culture of identifying and promoting talented people will keep them here for a career and not just a job. If talented people are pigeon-holed into roles or not allowed to utilize their talents, other parts of the broader finance industry will steal our best, young talent. Additionally, showcasing the career development of younger people such as the CFA 40 Under 40 Awards is a great way to inspire younger professionals. How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” I was first introduced to commercial finance in a group at Merrill Lynch with a broader charter to do everything from leveraged finance, real estate, securitiesbased lending and asset-based lending leading into 2008. When the financial crisis hit in September 2008, I saw nonbank ABL as a sector that would be very active as the rest of the banking world froze. I was fortunate to find Core Business Credit during that time (now part of Sterling National Bank). Nine years and two ownership changes later, here I am. What do you know now that you wish you knew when you first started your career? There’s no substitute for patience and experience. It’s easy early on to get frustrated or want to make career moves perhaps earlier than you’re prepared for.

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Over the span of several years, gaps in training or education can easily be made up. Similarly, an unconventional job in the course of a longer career becomes much less relevant. I’m thankful now that I’ve stayed the course and listened to so many people who said “you just have to do a lot of deals.” What role has mentoring played in your career? I have been very blessed to have some great mentors, particularly early in my finance career. I was eager to learn and was willing to put in the time and, fortunately, my mentors sacrificed the extra time to invest in me. Without them spending extra effort going through deals with me when they didn’t need to, I wouldn’t be where I am today. As I’ve advanced, I make it a point to try to “pay it forward” and spend time with our analysts and investing in their development. This is also beneficial as it requires a higher degree of understanding to be able to explain concepts in a simple, understandable way.

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rian is a senior vice president for Citizens Business Capitalâ&#x20AC;&#x2122;s underwriting team. His primary responsibilities include completing due diligence and documenting ABL transactions for new client acquisitions. Brian joined Citizens Bank in 2000 and completed the Credit Analyst

Training Program. In 2001, he joined the Business Capital group as an analyst. After gaining further experience as a portfolio manager, Brian moved into underwriting in 2006. Brian received his Bachelor degree in management with concentrations in finance and accounting from Boston College in 2000. Brian, his wife Carolyn and daughter Sophia reside in Redding, CT, where they enjoy gatherings with friends and family, swimming and golfing as the seasons permit, and most of all playing all kinds of crazy games that Sophia creates.

UNDERWRITING

BRIAN BAKER

Senior Vice President Citizens Business Capital

How did you wind up in the industry? s I was completing college, I interviewed for a number of positions in financial services. I knew that I wanted to remain in Boston, and Citizens was a great fit as it was an exciting time for the bank with the recently announced acquisitions of the US Trust and State Street Bank commercial lending portfolios. While in the Credit Analyst Training Program, I was advised to complete a rotation within the assetbased lending group since understanding ABL is a great foundation for all lending groups within the bank, providing a deep dive into credit analysis. I took that advice and, after receiving a full time offer upon graduating from the training program, have been part of the Citizens Business Capital team ever since.

What roles has mentoring played in your career, what is the best professional advice you have been given, and how have you implemented it? I have been very fortunate to have had several key mentors throughout the years, which, combined with great colleagues in general, are the primary reasons I have been with Citizens Business Capital for my entire career. The best professional advice I was given very early in my career, in addition to obtaining ABL experience, was to be inquisitive, absorb as much information as I can, and always strive to continue learning. It can be challenging to do this on every transaction opportunity due to the tight deadlines that we all operate under, but doing so not only ensures that credit risks are properly identified and mitigated for the current opportunity being evaluated, but expands your knowledge base to better prepare you for the next one. I really appreciate the mentors Iâ&#x20AC;&#x2122;ve been lucky to have had throughout my career, and try to pay it forward with guidance and as a sounding board for younger colleagues on our team. Is there a piece of professional advice that you would give yourself if you could go back in time? The biggest piece of advice that I would give myself if I could go back in time, and which I have to remind myself often with only mixed success, is to keep priorities straight and main-

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tain perspective. It is so easy to feel overwhelmed when facing challenging underwrites and deadlines rather than taking things one step at a time. More often than not, things tend to work themselves out and the elevated stress levels prove unwarranted. In those cases when the high stress is absolutely warranted, finding a little time with friends and family to maintain perspective goes a long way to meeting the professional challenges as well as maintaining a strong work life balance. One other piece of professional advice that I would give myself would be to focus more on network development earlier. Although my network has expanded over the years through my membership in the New England Chapter of the CFA as well as through experiences on many transactions, I recognize that my network could be stronger at this point in my career and for a younger professional, more focus on building a strong network earlier could lead to additional professional opportunities.

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mily began her ABL career at Finova Capital and has been at PNC Business Credit for the last 14 years. She joined PNC as a field examiner in Philadelphia and then moved to the Underwriting group where she spent four years working on increasingly complex transactions. Emily then relocated from Philadelphia to the PNCBC Pasadena, CA office where she spent five

years in the Portfolio Group as a senior relationship manager, managing up to 15 accounts including several difficult workouts. Emily rejoined underwriting as a team leader in April 2015, a year later was promoted to regional underwriting manager, and today manages six underwriters across the country. Emily graduated from Villanova University with a BS in finance and international business and obtained an MBA with honors from Drexel University.

UNDERWRITING

EMILY CARROLL

Senior Vice President Regional Underwriting Manager PNC Business Credit

What role has mentoring played in your career? attribute a large part of my success to having good mentors. I am fortunate to have several (unofficial) mentors who have really helped guide me along the way, and shaped my professional development. I would strongly suggest that everyone find one or more mentors, and maintain these relationships throughout your career. The best mentors aren’t just people who can answer your work-related technical questions, but rather those who can provide support, guidance and advice on how to deal with situations that you may find yourself in. Your mentor doesn’t have to be in your same position, line of business or even your organization. In fact, you may find it helpful to have advice from someone in a different firm or line of business.

Don’t wait. Don’t just sit back until a corporate program assigns you a mentor – reach out to a senior person in your organization whom you respect and think will be interested in providing you guidance. And, most importantly, don’t forget to give back and mentor younger professionals yourself! What do you know now that you wish you knew when you first started your career? If I could go back in time to my early career, I would tell myself how important it is to stick up for one’s self and voice one’s opinions. It may seem easier to be agreeable and go along with what others tell you, and you may think that puts you on the path to being well-liked, but people will actually respect you more when you take a stance on an issue, even if that means politely disagreeing with others on the team. It takes a lot of confidence to stand up and say you disagree with someone (especially if that someone is your senior), but you may just be right and point out something they hadn’t thought of. Alternatively, you may be wrong, but then you’ll likely get a good explanation and learn something new. You can’t add value when you stay quiet. I also think it’s important to keep an open mind when it comes to your career path. I’ve taken a position or two along the way that—at the

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time—I didn’t really want, but they ended up serving me well for a couple of reasons. Firstly, I gained a variety of experience in different areas, thus making me a better-rounded individual. The most successful of us are those with a diverse background and a broad array of work experience. Secondly, it sent a message to senior management that I am a team player and am willing to step up when needed. Finally, you never know whether or not you will like something until you try it. By trying different positions within your organization, you may discover you have a skill set that makes you particularly well suited for that role. Being confident, flexible, and continuing to learn from mentors have opened doors for me and shaped my career.

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When it comes to closing the deal, we know you value flawless execution, expertise and the insight that comes from relationships that are built to last. At PNC Business Credit, our commitment to excellence has allowed us to deliver more than a thousand flexible capital solutions to private equity groups and mid-sized companies across the U.S., Canada and the UK over the past six years. That’s the difference between getting the deal done and getting it done right.

To learn more, visit pnc.com/donedeal

*A portion of the funding provided by Steel City Capital Funding, a division of PNC Bank, N.A. Steel City Capital Funding provides cash flow–based senior debt, junior secured and second lien loans for sponsored and non-sponsored transactions. PNC is a registered mark of The PNC Financial Services Group, Inc. (“PNC”). PNC Business Credit is the senior secured lending division of PNC Bank, National Association (“PNC Bank”) and its subsidiaries, and is part of PNC. In Canada, bank deposit, treasury management and lending products and services (including secured lending by PNC Business Credit) and leasing products and services are provided through PNC Bank Canada Branch. PNC Bank Canada Branch is the Canadian branch of PNC Bank, National Association. Deposits with PNC Bank Canada Branch are not insured by the Canada Deposit Insurance Corporation. Deposits with PNC Bank Canada Branch are not insured by the Federal Deposit Insurance Corporation, nor are they guaranteed by the United States Government or any agency thereof. In the UK, lending products are provided by PNC Financial Services UK Ltd., which is an indirect wholly owned subsidiary of PNC Bank. Lending products and services, as well as certain other banking products and services, require credit approval. ©2017 The PNC Financial Services Group, Inc. All rights reserved.

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athleen Davenport is a director and senior asset-based lending underwriter at Wells Fargo Capital Finance where she leads all aspects of the underwriting process including the structuring, negotiation and documentation of asset-based facilities ranging from $10-to-$500 million. She has been with Wells Fargo for over 11 years, working in the New York City and Los

Angeles markets in a variety of roles including cash flow lending to large corporate clients, cross-sell and asset-based lending. Kathleen is currently a council member for the Wells Fargo Capital Finance Diversity Council. She received her B.S. in business, marketing and finance from Saint Louis University with magna cum laude distinction. She is married and has two daughters under the age of three. Outside of work, Kathleen enjoys volunteering, watching college football, and reading. She is originally from Omaha, Nebraska.

UNDERWRITING

KATHLEEN DAVENPORT

Director, Senior ABL Underwriter Wells Fargo Capital Finance

What do you know now that you wish you knew when you first started your career? t’s not enough to simply put your head down and focus on execution. You must also put equal effort towards developing and strengthening working relationships. People want to work with those who get the job done and those who are also fun and engaging. Don’t be afraid to give them both.

What role has mentoring played in your career? Mentoring continues to play a critical role in my professional development and career. For instance, my mentors taught me the art of “polling the crowd” before making important decisions. Doing so gives me valuable insights and creates buy-in with my partners. I am intentional in connecting with my mentors, both person-

ally and professionally, so that they understand my values, priorities and aspirations. They, in turn, are better prepared to challenge, inspire and encourage me. I’m lucky to say that my mentors include a mix of colleagues, managers, best friends and even family members. They provide me with courage, confidence and additional vantage points to consider. I am particularly thankful for the mentor relationships that I have had over the past 11 years at Wells Fargo– it is a testament to the quality of people and leadership at the organization. It’s amazing to me the number of people that I worked with very early in my career that have shown up in different stages of my career. Wells Fargo is one of those places where the people truly do make it special. I aspire to “pay it forward” as so many at my organization have done for me. What is the best professional advice you have been given and how have you implemented it? While my Mom was the one with the corporate finance job and was a role model by her actions, it was my Dad who has provided so many great life lessons that have translated into practical professional advice. My top three are: First, don’t be afraid to be loyal. My Dad worked for the same consumer product company for 35 years. Growing up (and still to this day) there is only one

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brand of cereal allowed in their house. My Dad’s commitment to his job, the company and the brand is a powerful example of loyalty. I aspire to show loyalty in key aspects of my career. Second, use your resources. When we didn’t know what a word meant or how to spell a word, my Dad would make us look it up in the dictionary. Every single time. My parents’ dictionary was huge-it had the thinnest pages with tiny font and often, it took a while to find the answer (especially when you didn’t know how to spell the word!). Now I appreciate the early lesson of developing the skill of being resourceful. Third, do your best (for your teammates too!). My brother and I played a lot of sports growing up. Despite my parents both working, they showed up to every game with a few quick and fast rules: give it your all, be a good teammate and be a good sport. “If we “gassed it” on the field and didn’t try our best (as my Dad called it), my Dad would quickly remind us how lucky we were to have the opportunity at all and how our team was relying on us. The rules my parents had for sports translate well for the professional setting and I constantly strive to perform at a high level in order to not let my team down.

$75,000,000 Senior Secured Credit Facility ™

Sole Lender

Wells Fargo Capital Finance would like to recognize 40 Under 40 award winner, Kathleen Davenport, Director, Senior ABL Underwriter, for her effort and contribution to the $75,000,000 Basic American Foods credit facility. “Kathleen was an integral part of the team that won the mandate for Basic American Foods, which was a long-time prospect of Wells Fargo, but had been with a competitor for over 60 years. Kathleen led the team that successfully closed and funded the transaction, despite an aggressive timeline and numerous challenges to overcome. After the closing of the transaction, the CFO of Basic American told me that Wells Fargo has a real asset in Kathleen and to be sure to keep her happy. As her manager, there are few higher forms of validation than when a customer provides direct and positive feedback on your employees. Kathleen is well deserving of this award!” — Sanat Amladi, Managing Director, Wells Fargo Capital Finance

hris Jensen is a financial services professional with 13 years of experience across a variety of business lines. He presently is a vice president on the Structuring team in SunTrust Robinson Humphrey’s (STRH) Asset-Based Lending (ABL) Group.

Prior to joining STRH’s ABL Group in 2011, Chris was with Wells Fargo’s Regional Commercial Banking Office (RCBO) in McLean, VA for two years, where he served as a credit professional and authored a white paper entitled “Lending to Government Contractors” that became the framework for the institution’s lending policy in the federal services market. Chris began his career in institutional fixed income sales and trading with RBS Greenwich Capital, providing sales coverage for government, asset/mortgage backed and credit default swap products. While earning his BA and MBA from Wake Forest University, Chris completed an undergraduate internship on J.P. Morgan’s institutional equity sales desk in Boston, MA and was an MBA summer associate with private equity firm The Halifax Group in Washington, D.C.

UNDERWRITING

CHRIS JENSEN

Vice President, Asset-Based Lending SunTrust Robinson Humphrey

Is there a piece of professional advice that you would give yourself if you could go back in time? would alert my younger self to the reality that “sometimes the borrower-prepared projection model has a bust.” On a couple of occasions early in my career I spent countless hours trying to get my financial model to tie to management’s forecast. Paralyzed by indecision and self-doubt, I opted to futilely spin my wheels and hope for a resolution, rather than consult a colleague or reach out to the borrower for guidance. While success in the commercial finance industry is predicated on “learning by doing,” I can’t overstate the importance of having the courage to ask for help. I have found that professionals in our industry want to help each other because nobody has gotten where they are without some assistance.

What is the best professional advice you have been given and how have you implemented it? While interviewing with the ABL team at SunTrust, a managing director told me, “Work ethic and intellectual curiosity are essential to succeeding in this business.” Those words have stuck with me ever since. At the beginning of a new engagement, I ask myself “What interests me about this business?” and use that as the jumping-off point for my due diligence. Although my underwriting responsibilities focus on identifying deal merits and mitigating risks, I never lose sight of the opportunity for learning and personal development afforded to me by each transaction. Every day I get a chance to learn something new about a company and their industry. The most rewarding part of my work is applying the breadth of knowledge I have accumulated on the job to my everyday life. For example, I haven’t looked at the beer aisle of a grocery store the same since I underwrote a credit facility for a beer, wine and spirits distributor. I am grateful for a career that allows me to never stop learning. What role has mentoring played in your career? Throughout my career I have benefitted from relationships with mentors who have exhibited a commitment to my personal and professional development. Having worked in a unique cross-section of the financial services industry, I am no stranger to the challenge of getting up-to-speed when starting in a new role. When facing new challenges, my mentors have always

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encouraged me to lean on the knowledge I have accumulated rather than focus on the steep learning curve ahead. Today, my mentors offer me perspective when being too close to a situation hinders my ability to be objective. The lessons my mentors have gathered throughout their own careers and bestowed upon me, allow me to avoid mistakes and make better decisions. Given the importance of mentoring in my own career, I am proud to serve on the leadership committee of STRH’s ABL analyst training and mentoring program. My hope is that younger professionals can benefit from my experiences the same way that I have benefitted from those of my mentors. How do you think the commercial finance industry can attract more young professionals? I believe opportunities in commercial finance, especially entry-level roles, are often erroneously associated with tedious paper-pushing and bean-counting exercises. While our line of work requires precision and executional excellence, it is far from monotonous. Young professionals should know that the essence of commercial finance is identifying problems and developing collaborative solutions. We are the engine that facilitates economic growth and job creation. Commercial finance offers as much creative latitude and opportunity for advancement as any other segment of financial services. I can’t think of a more solid foundation on which to build a career.

SunTrust Robinson Humphrey congratulates Chris Jensen and all the award recipients of this year’s Commercial Finance Association’s 40 Under 40 Awards.

Debt and Equity Capital Raising Mergers and Acquisitions Financial Risk Management Treasury and Payment Solutions ©2017 SunTrust Robinson Humphrey® is a federally registered service mark of SunTrust Banks, Inc. SunTrust Robinson Humphrey® is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey®, Inc., member FINRA and SIPC. Financial risk management, deposit and treasury and payment solutions offered by SunTrust Bank, Member FDIC.

mna first started her career at CIT in 2007 as a client credit analyst, after graduating from Baruch College with a Bachelor’s degree in finance and investments. Within two years, Amna started handling a small portfolio of her own while assisting senior account executives and eventually started

handling a full portfolio of accounts. In 2014, she moved into the client underwriting team and became a senior underwriter in the Northeast region, working on large and complex transactions. In July 2017, Amna was promoted to underwriting manager for the Northeast region. Additionally, Amna runs the rotational Analyst Program for Commercial Services, which provides training to the new hires and also acts as a mentor to the young professionals at CIT.

UNDERWRITING

AMNA MAHMOOD

Director, Underwriting Manager CIT Group

What role has mentoring played in your career? entoring has played an integral role in my career. It’s not always easy to transition from a school/ student mentality to being in a work setting full time. CIT understands that and provided me with great mentors right from the beginning. Knowing that you have someone to lean on or even to ask a silly question is extremely important, especially at the beginning of a career when one is learning the very basics of the role. It eliminates some of the pressure of not knowing a lot in early stages. My mentors have also provided me with networking opportunities which have also played an important role in my growth. With time I realize that I could be a mentor and be of help to other young professionals.

It is such a rewarding feeling to be able to extend my hand to young(er) professionals and provide them the guidance they need. Frankly, it’s a reminder of the process I went through and makes me appreciate those that extended their counsel to me when I needed it the most. That’s not to say I no longer need my mentors; believe me, I still harass them. How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.” Luck! It was not my dream to be in commercial finance. I needed a job to support myself and I was applying for jobs across the financial industry. I had a few offers, but had it narrowed down to two options: one was the position with the CIT analyst program and the second was a starting position in Merrill Lynch’s operations area. Even though I knew nothing about factoring or asset-based lending, I chose CIT’s offer because I felt I would learn more from a front desk position, and I sure did! The 2008/2009 financial crisis had me question my decision more than a few times. But it’s not just about what brought me to this industry, it’s also what kept me in it. And that was the people, especially those I worked with and for within CIT. They kept me in check, challenged me, educated me, and allowed me to prosper. Looking back, it’s hard to believe how fast ten years flew by.

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What is the best professional advice you have been given and how have you implemented it? Learn the details! That’s the only way you can excel at what you do. Once you learn the nitty gritty details and mechanics of a business (whether it’s operations, legal, credit or structure), it allows you to see the bigger picture and the day-to-day work is easy. This was instilled in me when I first started handling a small portfolio and I have carried it with me since. Underwriting is all about understanding the needs of the prospect and knowing how the various parts come together in order to get a deal done. So do your “homework,” ask the questions, and obtain the details.

CIT is proud to honor Amna Mahmood, CIT director, underwriting manager, and 40 Under 40 winner! Congratulations to all of this year’s honorees for your extraordinary leadership and vision. CIT Commercial Services is one of the nation’s leading providers of credit protection, accounts receivable management and lending services. CIT Commercial Services tailors financial solutions that help companies of all sizes increase sales, improve cash flow, reduce operating expenses and eliminate customer credit losses.

CIT Commercial Services is a leading provider of financing solutions for apparel, footwear, furniture and consumer electronics companies. cit.com |  @CITgroup |  CITGroup |  CIT

harlotte is currently an assistant vice president of Regions Business Capital. Working in the underwriting group, Charlotte focuses on evaluating new business opportunities for the platform, which includes historical financial analysis, collateral analysis, financial modeling as well as identifying trans-

action strengths and weaknesses. Since joining Regions in 2012, she has had the opportunity to work on many unique transactions across various industries, originally serving as an analyst before being promoted to an associate and then to her current role. Charlotte received her Bachelor degree in economics from Auburn University and MBA in finance from the University of Alabama. She currently resides in Birmingham, AL with her husband, Jon Michael, and their daughter, Julia.

UNDERWRITING

CHARLOTTE PARSONS Assistant Vice President Regions Business Capital

What is the best professional advice you have been given and how have you implemented it? he best advice I have received is that one of the most important things you can develop in your career is your reputation. Once that has been established, it is hard to change. As a result, my reputation has always been of the utmost importance to me, and I constantly work to ensure that my colleagues and clients never question my reliability by giving all my energy, efforts, and ability in every situation. Additionally, given how interconnected our industry is, your reputation has the potential to follow you across organizations.

What do you know now that you wish you knew when you first started your career?

It is vital that you communicate with your team members and senior leaders in your organization. It is okay to make mistakes early in your career, but don’t be afraid to ask for help and leverage the experience of senior members of your team. It is important to form your own thoughts and try to work through difficult issues, but if you reach the point of counter-productivity, you are better off asking for help rather than continuing down the wrong path. Don’t be afraid to reach out for help if you are in a situation where you feel you are over your head. You are not expected to know everything starting out and, in my experience, people are happy to share their knowledge. How do you think the commercial finance industry can attract more young professionals? I think one way the commercial finance industry could attract more young professionals is to implement a more transparent career track. Every organization seems to have a different name for different roles that serve the same function. It can be very confusing for a young person to understand their career path, and I think our industry would benefit from a system that more clearly defines roles and promotion standards. I think a betterdefined promotion system would also

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allow more opportunities for young professionals to manage junior members of their team and gain managerial experience early on. It would also be easier to communicate to young talent different paths they could take by more clearly defining roles and opportunities in the industry across organizations. Is there a piece of professional advice that you would give yourself if you could go back in time? If I could go back in time, I would encourage myself to work with as many people as possible early in my career. I have learned that everybody has their own unique approach to their work, depending on what field they began their career in and different things they have picked up along the way. By working with people across the organization, you can develop your own set of best practices by getting exposed to a variety of different work styles. I would also encourage myself to pursue new/different assignments, even if they weren’t in a field I was particularly interested in at the time, because they can help you find your strengths and be a good way to guide you early in your career.

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aitlin Sanders is a principal for Gordon Brothers Finance Company’s Underwriting and Portfolio team. Her responsibilities include the underwriting and structuring of new debt transactions and managing credits within the existing portfolio. Over the past four years, Caitlin has played an integral role in

GBFC’s lending business in Europe and the UK. Prior to joining the Company in 2013, she was a senior analyst in Gordon Brothers’ valuation group. Prior to joining Gordon Brothers in 2011, Caitlin was a fixed-income credit analyst at Logan Circle Partners, LP, where she covered the telecom, cable, media, technology and healthcare sectors. She received her Bachelor degree from the University of Pennsylvania. In her spare time, Caitlin enjoys traveling and golfing with her husband Steve.

UNDERWRITING

CAITLIN SANDERS

Principal Gordon Brothers Finance Company

How did you wind up in the industry? We know most kids don’t say, “I want to be in commercial finance when I grow up.” was moving to Boston from Philadelphia and looking for a job in finance when I came across an opening at Gordon Brothers Group. What struck me most at the time was the different areas of expertise within the firm, offering a debt platform and private equity group alongside the main disposition and valuation businesses. Coming from a credit background in fixed income, the firm’s lending offerings really appealed to me. I was lucky enough to join the Industrial team on the valuation side, which provided me with a great introduction into asset-based lending, and from there was able to leverage my fixed income credit background into a role with GBFC. My overall experience

at Gordon Brothers has been invaluable to my day-to-day work at GBFC. The relationships that I have developed with members of the disposition and valuation teams provide me with daily access to how assets are trading and recovering in the marketplace, which, in turn, has a direct impact on our credit decision-making process. Going from analyzing cash flows of high-yield corporate bonds to analyzing tangible asset classes was an interesting change. What role has mentoring played in your career? Mentoring has played an instrumental role in my career. As a woman in finance, I had the rare opportunity to report directly to a woman during my internship and into my first full-time position. At the time, there were very few women in our firm, so being able to watch someone navigate her way through the junior ranks and into a senior role, while being so open about what she had learned along the way, was more valuable than I probably realized at the time. She became an ideal professional for me to emulate. GBFC is unique in that we are a small firm, which provides me the opportunity to work with each managing director on various deals. Given our open door policy and senior management’s diverse commercial finance

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background, I consider each of them a mentor. It’s incredibly valuable when you find a group of people who are willing to share that knowledge with you and take a genuine interest in getting you to the next level. Is there a piece of professional advice that you would give yourself if you could go back in time? Early in my career I would tell myself that nothing is permanent. Your interests evolve, companies are bought and sold, and management transitions. There are a number of things that will happen over your career that are out of your control. Be patient. Change can be the best thing that happens to you. I have experienced a number of changes during my time at Gordon Brothers and GBFC. Ultimately, it has led to the best place for me professionally. Every day is different, and that’s what keeps it interesting. The key is to surround yourself with people whose careers you admire and who share similar goals.

Congratulations

Caitlin Sanders

Winner, CFA 40 Under 40 We are proud to support talent and growth within the industry today and tomorrow.

Diversity in the Ranks

The CFA Community Forges a Path BY MYRA THOMAS

MEMBERS OF THE COMMERCIAL FINANCE INDUSTRY SPEAK OUT ABOUT DIVERSITY INITIATIVES.

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TSL PARTICIPANTS

t’s no secret that the finance industry, like several other industries, is working hard to create a more inclusive working environment. Top executives in secured lending and the lawyers who advise the field do cite the difficulties in recruitment. They also acknowledge that within the financial services arena, secured lending is still somewhat of an enigma. Part of the industry’s challenge in recruiting more women and minorities first means getting candidates to better understand the many career opportunities available in ABL and factoring versus the more well-known roles in retail and investment banking. Despite the hurdles, industry leaders say strides are being made and that a big part of recruiting a more diverse group of lenders means readily acknowledging the issue in the first place. Darrell Cole, vice president, field exam manager and co-chair of the Diversity and Inclusion Council at Wells Fargo Capital Finance, has more than 20 years in the industry and he notes a growing focus on diversity recruitment in ABL and factoring. He also sees improvement in the industry, especially in recruiting women professionals into the field. “It can be a challenge, since the field is so specialized,” he admits. “Everyone is simply less informed about it than cash-flow lending, which they may study in college.” Finding the Next Generation of Lenders Given the public’s lack of familiarity with the industry, Cole says traditional hiring methods aren’t always the most effective. He believes it’s essential to recruit into entry-level roles and invest in training. ABL and factoring are notorious for hiring experienced finance professionals and moving them into middle-manager spots. Cole suggests a “ground up” approach, especially

when recruiting diverse candidates who may not be as familiar with secured lending. “I don’t focus on how quick a candidate may be able to perform the role at hand,” he says. “I look at what is unique about the candidate from a critical thinking standpoint and identify if they have the acumen to excel in the role, as well as flourish in the organization.” Einat Steklov, president and in-house counsel for Coral Capital Solutions, agrees with this approach. She notes, “It’s essential to look for people who not only have the basic skill set, but who have the propensity and interest to learn about this lucrative field and who you can mentor and help them achieve their personal career goals.” By addressing recruitment from the ground up, asset-based lenders and factors can also avoid tapping into their old networks that might not be as diverse. At the end of the day, Steklov says that diversity initiatives have to be an active, concerted and thoughtful effort. Addressing Company Culture Today, Coral Capital Solutions’ employee base is 50-50 male female. CEO Rishi Kumar notes, “We have a broad range of ethnicities representing six different countries.” He notes that diversity efforts have to be more than just lip service. “If you have a goal to achieve something, you don’t achieve it accidentally, and diversity is one of those things,” says Kumar. “You need intent and you need to have processes in place. It might come with mentoring or additional hiring at the leadership level. And you have to make sure people feel connected to the company.” Company culture can go a long way in recruiting and retaining a more diverse workforce. According to Nick Payne, senior vice president of new business originations at Siena Lending Group, secured lenders need to establish “a merit-based culture to reaffirm the belief that all employees and their efforts are reviewed and potentially rewarded based on the results of those efforts alone.” He believes lenders need a very specific and written plan in place so that every employee in the institution can reference it and get a sense of the explicit mandate to diversify.

Cesar Alvarez Greenberg Traurig

Katherine Bell Paul Hastings

Lin Chua InterNex Capital

Darrell Cole Wells Fargo Capital Finance

THE SECURED LENDER SEPTEMBER 2017 95

Payne does see progress being made. “There’s no question that, traditionally, this has been a Caucasian, maledominated industry,” he says. However, Payne acknowledges the many strides that female secured lenders are making in the space. “I’ve observed a very welcomed influx of women into the industry,” he says. “It’s an area that I hope we see more improvement, but we’ve made some strides in the last 30 years.” Doing the Hard Work The active and open discussion of inclusion in the industry is a strong sign that things can get better. According to Meg Sullivan, chief business development, marketing and CSR officer who oversees the diversity committee at law firm Paul Hastings, financial services has finally come around to understanding the true value of diversity. But she admits that change is hard in any field. “You have to work at it,” Sullivan says. And the commitment has to come from the C-suite first if it’s going to be effective. Diversity initiatives need to be set from the top, so everyone in the organization knows the imperative and understands its necessity for innovative business growth. Part of getting the buy-in is in understanding the bottom line. “Diversity creates a culture that fosters alternative perspectives, embraces change and is focused on innovation,” says Lin Chua, co-founder, COO and head of capital markets at InterNex Capital. And innovation is one of the key drivers of success in any organization. It’s also about expanding the customer base, she notes. “Our goal is to create a workplace that resembles the communities we serve.” And for all lenders, that’s a diverse one. For now, Chua acknowledges the challenge, and she recommends that firms take a very close look at the success of their diversity initiatives. Retention also has to factor into the conversation. “According to the United States Department of Labor, overall entry level statistics are showing improvements in diversity for banking and related

sectors,” she says. “The real question is if we are keeping up with the diversity through the ranks and retaining talent. This requires companies to think beyond recruiting to talent retention, succession planning, mentorship and sponsorship.” It can be hard work to develop longrange initiatives to address diversity. Marissa M. Weidner, director of engagement and HR marketing, VP, at Sterling National Bank, says it requires having a very specific strategy in place and ensuring the appropriate steps are taken to attract and retain top talent, as well as fostering “a culture of innovation and high-performance.” She adds, “Ensuring our organization is diverse allows us to better serve our markets and is also a very sound business decision.” Weidner continues, “Diversity is also about differing experiences, opinions, and perspectives, which enables our business to think outside of silos to encourage innovation.” The New Guard Cesar Alvarez, senior chairman of business law firm Greenberg Traurig, believes the industry has made progress, but that there is still much work to be done to have a fair representation of women and minorities in the secured lending and legal field. “I don’t think anyone is operating in bad faith, but we have to say there’s a problem,” he notes. “Unconscious bias is hard to fight, and we can’t get rid of it completely.” Alvarez is encouraged by a changing of the guard that he sees coming in the industry. “The next generation gets it,” he says. “Younger people simply have less bias than there was in my generation.” However, metrics and accountability shouldn’t fall by the wayside, even as times change. “We might feel good if we have the process in place,” he says. “But we should only feel good about the results.” For now, Alvarez notes that there is very little diversity in the executive suite, on boards, and in roles close to the CEO. “Committees don’t change the culture to a diverse one,” he adds. “Only leaders in the organization

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do that.” According to Alvarez, secured lenders and law firms should leverage the talent they already have on staff, asking women and minority executives to help raise the visibility of secured lending and increase the pool of diverse applicants. But that doesn’t let the rest of the firm off the hook, he says. The Value in Organizing Sullivan of Paul Hastings is a big believer in leveraging connections. In 2011, she founded the Quorum Initiative, an international organization focused on accelerating the advancement of executive women in business. Sullivan notes that women in the organization share what “the world looks like in their shoes”, act as role models and provide networking opportunities. The Quorum Initiative represents women working in business, education and government from a cross-section of industries. “They hold roles at the level where strategy is defined, policy is set, and budgets and businesses are managed,” she notes. “Behind every good woman executive is another woman executive,” says Carol Fox, principal at GlassRatner Advisory & Capital Group. She notes this especially true for many female executives in secured lending, given the supportive nature of the community. Fox recommends lenders capitalize on this “power from within”, using women and minority executives to recruit more diverse employees. In fact, a female role model and colleague helped her develop the confidence to move up the ranks. Conveying this culture of internal care and support may attract candidates who otherwise would have ignored the industry altogether. Recognizing the importance of a supportive environment, Fox also participates in programming offered through the International Women’s Insolvency and Restructuring Federation, which she describes as “an excellent networking and mentorship opportunity for female professionals of all levels from sitting Federal court judges and C-level executives to recent college graduates.”

TSL PARTICIPANTS

he Commercial Finance Association is contributing to the advancement of women in the industry through its Women in Commercial Finance Committee. Established in 2013, it has grown to include more than 90 members, serving as the largest CFA committee to date. According to Katherine Bell, partner, corporate development at Paul Hastings and chair of the CFA’s Women in Commercial Finance Committee, the mission is to promote the advancement of women in leadership in the commercial finance industry through networking, education and advocacy. “This is an active and dynamic committee, and I have been proud to serve as the chair for the past two years,” she says. “We regularly sponsor top-notch speakers and panels at national CFA events. We were instrumental in the publication of the recent Women in Commercial Finance issue of The Secured Lender, which profiled over 50 women in the industry, and the CFA is holding its firstever Women’s Conference in September. ”The power in networking is clear. Today, financial institutions are also working with women and minority professional groups, as well as historically black colleges, to widen the net of candidates and get the word out about asset-based lending and factoring. Affinity groups, as well as mentoring and other networking efforts, are also commonplace at most banks and finance companies.” The Right Strategies Danika Louis, portfolio manager at Republic Business Credit, suggests lenders also employ more creative approaches to recruitment to reach an untapped talent pool. She notes that Republic Business Credit uses multiple managers during the interview process to ensure that the best person is hired. “Unconscious bias can be

avoided where we recognize its possibility and encourage interviewing panels to ensure that the best evaluated person is employed,” she says. “The first strategic requirement is a genuine recognition that more diverse teams build a better, more stable and more profitable enterprise.” But once more women and minorities are on board, secured lenders and their partner law firms need to keep them. “Employee retention is a combination of efforts led by all employees and not merely a management directive,” says Robert Meyers, president at Republic Business Credit. The firm’s senior management team is 60% female with its employees over 50% minority backgrounds, as they focus on being representative of the New Orleans community. Meyers says creating the right company culture is an imperative. He recommends lenders hold informal social events, in addition to putting formal initiatives in place, to make people feel more at home with one another. “Employees who like each other are more likely to stay,” he adds. Look to the Source Recruiters are a major factor in how an organization looks, of course. Paula Currie, senior vice president and field exam director at PNC Business Credit, recommends selecting recruiters and interviewers from different backgrounds, races, religions, sexual orientations and generations. “Lenders have to ensure that interviewers and recruiters are representative of the companies and customers they serve,” she says. But Currie says the work doesn’t stop there. She notes that all employees need support and training to qualify for management and executive-level positions. As a more diverse pool of talent moves up the ranks, they can act as role models for more junior women and minority employees, she says. Support comes in many forms, says Marsha Jones, chief diversity officer at PNC. “We have challenged our managers to be accountable for building diverse and talented teams and have provided them with the training, tools and support they need to be effective leaders,” she notes. Diversity initiatives require managers who are sensitive to the unseen challenges. “An

Paula Currie PNC Business Credit

Carol Fox GlassRatner Advisory & Capital Group

Marsha Jones PNC

Rishi Kumar Coral Capital Solutions

THE SECURED LENDER SEPTEMBER 2017 97

TSL PARTICIPANTS

Danika Louis

Einat Steklov

Republic Business Credit

Coral Capital Solutions

Robert Meyers

Meg Sullivan

Republic Business Credit

Paul Hastings

Nick Payne

Marissa Weidner

Siena Lending Group

Sterling National Bank

Elliot Smith

Lynn Whitmore

Amerisource Funding

Wells Fargo Capital Finance

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awareness of unconscious bias, as well as knowing how to limit its impact, are important skills for a successful leader,” notes Jones. Unconscious bias can be one of the more difficult things to confront in an organization, admits Lynn Whitmore, managing director, retail finance, at Wells Fargo Capital Finance. She argues that one of the best ways to boost diversity efforts is to make the business case for it. The mandate should also come from the industry as a whole, she says. “If we’re more diverse, we benefit from more innovative thinking,” Whitmore adds. “We can better understand and service a larger client base. They see that we represent them.” A Look Ahead Clients aren’t any one type of person, and the employees in an organization need to reflect that reality, notes Elliot Smith, national sales manager for Amerisource Funding. Today, Smith acknowledges the challenge in finding a more diverse group of candidates. But he believes times are changing for the better. “Many of the major decision makers in secured lending have 30+ years under their belt,” he says. “Hiring was based on who you knew, and it didn’t always lead to bringing, in an outsider’s perspective.” Smith says as the old guard retires, there will be a different group of decision makers in secured lending and, consequently, he believes a much more diverse group of lenders. However, having a diverse workforce isn’t enough to give women and minorities a true seat at the table. “Diversity by itself is just numbers,” says Currie from PNC Business Credit. “What really makes the difference is having an organization that recognizes, embraces and promotes people’s differences,” she adds. “Diversity and inclusion go hand-in-hand. Diversity is having a seat at the table. Inclusion is being asked to speak.” It’s only then that an organization can fully leverage the diversity of its employee base, facilitate collaboration and drive results. TSL Myra Thomas is an award-winning editor and journalist with 19 years’ experience covering the banking and finance sector.

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Jeff McLane: Leading the Way at BABC BY MICHELE OCEJO

Jeff McLane will be awarded the CFA Leadership Award during the CFA 40 Under 40 Awards celebration on September 28 in New York City. This award is bestowed upon an individual who inspires, in both word and deed, the next generation of leaders, as well as his or her peers, to achieve their greatest potential. McLane served as the 2017 CFA 40 Under 40 Awards Leadership Council Chairperson. McLane is president of Bank of America Business Capital, part of the Wholesale Credit division at Bank of America Merrill Lynch. Based in New York, McLane is responsible for marketing, underwriting and relationship management globally for both asset-based lending and retail asset-based lending. He also oversees the credit relationships for Dealer Financial Services as well as Trade Accounts Receivables. Previously, he was head of Asset-Based Capital Markets for Bank of America Merrill Lynch. McLane has been with the firm and predecessor institutions for 21 years.

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During his career at Bank of America Merrill Lynch, he has executed a range of cash flow and asset-based financings including bank and bond transactions for corporate and financial sponsor clients. He is a member of the bank Ally program that supports LGBT associates. McLane holds the Series 7, 24, 63 and 79 FINRA registrations. He earned a bachelor’s degree from Babson College in Massachusetts, where he remains involved as Chairman of the Board of Overseers and a member of the Board of Trustees. He is a frequent contributor on CFA, TMA and ACG panels. As Chair of the CFA 40 Under 40 Awards Leadership Council, why do you think these awards are so important? These awards are important as we all invest in the future leaders of our business and industry. Recognizing the talent in our businesses and industry is vital. We have a lot of truly talented young people in our collective industry and acknowledging and shining a light on the talent is critical. We all look for ways to recognize and reward talented people on an ongoing basis and this has become a prestigious award in the asset-based lending and factoring industry.

What can the industry do to attract and retain more young professionals? I think there are a number of important things we can do to attract young talent in our industry. I would place them into three categories: 1) Training, 2) Coaching, and 3) Providing a variety of opportunities. In terms of training, we should continue to offer good training to our young people who are still learning the business. Some of this can be formal training at the beginning of their career and some of this is ongoing, with our more senior people investing time to train our younger people. Secondly, it’s important that we offer coaching for our younger talent, both in terms of providing ongoing feedback, and helping them think about various opportunities in the industry and with our respective institutions. Thirdly, I do think that young people want to experience different things over their career and they want to be constantly learning and challenged. We strive to provide those opportunities for learning and advancement. What “soft skills” do you think are most important for success in the commercial finance industry? I would highlight three necessary skills. First, I think it’s critically important to work well within a team. So much of what we do is working with other people, whether it be within our specific group, with other teammates in the Bank, or with our clients. Secondly, I think flexibility is a must. We operate in a dynamic business environment, and our clients’ needs are often changing. Those individuals who embrace change and who are flexible in their approach will have an advantage. Lastly, strong communication skills are helpful and important. Asking questions is important, and realizing when you need more guidance is a strength, not a weakness.

why you decided to participate. I am a fierce supporter, and advocate for our LGBT teammates in Bank of America Business Capital and throughout our institution. I truly believe that everyone should be comfortable bringing their whole selves to work, should not have to adjust who they are when they walk through the door every day. I believe deeply in equality, and providing an inclusive working environment for everyone. I also believe this allows people to perform at their highest level. I am truly proud to be an Ally for our LGBT teammates, and proud of all the programs and benefits we offer at Bank of America. It’s been proven that a diverse workforce improves efficiency and, ultimately, the bottom line. Have you seen this effect at Bank of America Business Capital? Yes. We have had success improving diversity at all levels of our organization over the past 10 years. Our clients are now more diverse than ever before, and having a diverse team to serve our clients allows us to be more effective and more competitive. Furthermore, a diverse team of people provides different points of view and ideas, which ultimately allows us to better serve our clients. We think it’s not only the right thing to do, but also good for our business, and allows us to be more competitive. TSL Michele Ocejo is editor-in-chief, The Secured Lender, and director of communications, CFA.

You’re a member of BofA’s Ally program that supports LGBT associates. Please tell us about the program and

THE SECURED LENDER SEPTEMBER 2017 101

Mentorship in the commercial finance industry is thriving. From formal bank programs to CFA’s Mentoring Program, executives share their insight and perspectives on the important role mentorship plays in their professional and leadership development. Loosely based on CFA’s 40 Under 40: Perspectives on Leadership Development Panel sponsored and organized by CFA's Women in Commercial Finance Committee at CFA's Asset-Based Capital Conference early this year, this article features CFA’s 2016 40 Under 40 Award recipients and their nominators and mentors; CFA’s Mentoring Program participants, and informal mentor/mentee relationships and a look at personal branding in the workforce.

LEADERSHIP AND MENTORSHIP

BY EILEEN WUBBE

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FA’s Inaugural 40 Under 40 Award Recipients and Their Mentors/Nominators With almost everyone in the commercial finance industry admitting they were unaware of the industry prior to being hired, mentorship has proven to be an invaluable tool to help guide them, provide insight and feedback and explain various career paths. New graduates join the industry just like any other, either applying to an open position, interning or joining a bank credit training program. Justin Mills, vice president, relationship manager, People’s United Business Capital, is a prime example of a college graduate with a finance degree who wasn’t aware of assetbased lending when he first joined the industry. An internship evolved into a credit training program for him at then-Sovereign Bank (now Santander) for several years. Since then, Mills joined Danvers Bank’s newly formed ABL group, which then was bought by People’s United Bank, resulting in a more significant expansion of its asset-based lending platform. A recipient of CFA’s 2016 40 Under 40 Award, Mills says the key to his success is to continually learn, work hard and align yourself with the right people. “Oftentimes people can become complacent,” Mills explained. “It’s really key to be open to learning and also be humble enough to know that you’re not going to know everything immediately, and work hard. Certainly, the CFA has been a big support and a great organization that I’ve been involved with for years. I remember as a young credit analyst starting out and it feel-

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TSL PARTICIPANTS

Samantha Alexander

Erica Breuer

Wells Fargo Capital Finance

Cake Resumes

and recipient of CFA’s 2016 40 Under 40 Award

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Tom Hartlett

Kate Lepak

Liquid Capital Solutions

People’s United Business Capital

Gina Mackenzie

Vince Mancuso

RapidAdvance

Next Edge Capital

ing intimidating, even among CFA’s New England Chapter. I loved going to the events and being out in the mix, talking to other banking professionals. Fast forward to where I am today; I’m actually the president of the New England Chapter. It goes full circle. “You’ll want to align yourself with like-minded people and be very careful about selecting those people,” Mills continued. “I think success in this business is built on relationships, and the relationships you build internally and externally with customers are reEva Chaleff ally key. That’s why I really appreciate Crestmark all the leadership from folks like Paul Flynn, Mike McDermott, Mike Maiorino, and Kate Lepak because I consider them to be strong leaders and people that I find myself graciously aligned with. If you have somebody that’s slacking up above you, you’re not going to really respect that person as much. But if they’re working as hard as you, that goes a long way.” Mills’ nominator for his CFA 40 Under 40 application, Kate Lepak, senior vice president, ABL business director, People’s United Business Capital, described Justin as engaging, with an Cheri MacDonald outgoing personality and intellectuWells Fargo Capital Finance ally curious. “He’s very much committed to his career path, his customers, his co-workers, and the younger employees tend to look to Justin as a great success story, and someone who’s managing his career in the right way,” Lepak added. Not putting much thought into the networking and professional development aspect of their careers when starting out is common. Mentors often provide a much-needed push to their mentees, having gone through firstJustin Mills hand what it takes to succeed. For People’s United Business Samantha Alexander, director, Wells Capital and recipient of CFA’s Fargo Capital Finance and recipient of 2016 40 Under 40 Award CFA’s 2016 40 Under 40 Award, learning the importance of networking and branding didn’t happen overnight. She credits her mentors, Cheri MacDonald, managing director, underwriting manager for the South region of Wells

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Fargo Capital Finance and Andrea Petro, executive vice president and manager for Wells Fargo’s Lender Finance division, for encouraging her to get out of her comfort zone. “When I started out of college and was coming up in this industry, I thought, if I came in, did my work, put my head down and did a good job, people would recognize it,” explained Alexander. “Over time, I’ve learned that you have to build and promote your brand. You have to get your brand out there and build your network. That was a huge part of my development over the last three-to-five years, and has had the biggest impact on my career. “Cheri likes to challenge people and she prompted me to expand outside my comfort zone,” Alexander continued. “I think once you step back and create that personal brand, it’s then being able to go out there and go to events, such as the CFA events, or other industry events and expand your network and your brand. Ten years ago, I wouldn’t have done any of that.” Wells Fargo’s Transformational Leadership Program, which focuses on promoting and creating a personal brand, also greatly helped Alexander. “I recommended for Sam to go through the Transformational Leadership Program and it gave her broader perspective and exposure to the rest of the bank. In our asset-based lending group, we’re very siloed and we’re good at what we do in our little part of the world, but there’s a much bigger world out there,” said MacDonald. “The program was really good exposure.” MacDonald says she takes an outof-the-box style to mentoring. “You can read books and take seminars, but it’s more about developing those personal relationships and understanding the inner workings of your organization and helping them through different hurdles,” MacDonald said. “There’s different personalities you have to juggle and navigate through for both parties. Listening to men-

tees’ feedback and making sure that I’m thinking about their perspective and making them feel valued is really important. It’s people’s lives; it’s not just a number. You have to really care about people.” Lepak stressed the importance of consistent communication and commitment to a conversation, coupled with listening skills, as the top characteristics of a good mentor. “The conversation should take the direction of the questions the mentees ask,” Lepak said. “For me, it starts with the mentee’s level of curiosity and career path possibilities and tracks. Mentors should ask questions that try to elicit a pattern around the mentee’s career strategy, what’re they looking for and what kind of a journey do they want their career to take as well as where their professional interests lie, their strengths and their concerns and areas they need to develop. Mentors can also share their experiences to provide a base of commonality, but the conversation should be less about that, and only as appropriate to the conversation to give the mentee some sense of comfort that what they’re going through is something everybody goes through.” Alexander said mentees must come into the relationship with goals they want to accomplish to allow the mentor to help them create and navigate a successful plan. “Sometimes mentees will come into the program that we have within Wells Fargo and expect the mentors to flip a switch and things will be different for them. You have to come into it with some type of objective,” Alexander said. “When you get somebody that’s eager, hungry and coachable, those are great folks to take under your wing and help them through the process,” MacDonald added. “Being a mentor is about listening and understanding what it is that they want and helping them to get there.” Becoming a leader is not without a learning curve. MacDonald said her

experience was different than most. She relocated from Wells Fargo Capital Finance’s corporate office in Santa Monica for a new opportunity as the regional underwriting manager in Atlanta, GA, responsible for restarting the underwriting team. “I ended up adopting a few junior resources like Sam at the time, 11 years ago, and a few others,” MacDonald said. “In addition to that, I had to hire new people to replace those that left. I was the person who came in from corporate that they didn’t quite naturally trust, who was changing things and trying to align processes with the way that we had done things in other regions. I think building that trust was a little challenging at first because I was making changes that probably weren’t real comfortable for people. “I came from an individual contributor role, so I used to be the person doing all the heavy lifting, and then trying to impart that knowledge on the rest of the team that either didn’t do it like I did it, or didn’t have the experience from prior training. So that was a real big challenge for me. Letting go absolutely was difficult.” Switching from what Lepak describes as a “Type A Achiever and Doer” to the person encouraging the skillset and the experience in other members of the team was one of the challenges that stood out the most. She credits most of her management skills to on-the-job training and experience as well as feedback. “People who ultimately gravitate to a leadership role are doers and problem-solvers and are intellectually curious,” Lepak said. “They ask questions until they get annoying. They keep pushing and pushing. But that’s all sort of an individual skillset. You have the whole responsibility as a leader, but the real skill then becomes learning to depend on other people with varying skills, and learning to blend consensus to a positive result. That’s a whole different set of skills, and it starts with listening.” THE SECURED LENDER SEPTEMBER 2017 105

Pairing up through CFA’s Mentoring Program In October 2016, CFA launched a pilot mentoring program which proved to be a great success and is being offered again in 2017-18. Enrollment begins in September and the program concludes in July. Participants who wish to be a mentor, or mentee, can start by registering on http://community.cfa.com/ communities/mentoring and filling out a profile. Gina Mackenzie, director of Strategic Partnerships, RapidAdvance, spearheaded CFA’s Mentoring Committee and program, which had 12 mentor/ mentee pairings during its launch. Having a mentor/mentee outside of one’s own organizations has proven to be invaluable, often with unbiased and more candid guidance. Mackenzie’s mentee through CFA’s mentoring program is Eva Chaleff, currently an assistant vice president and underwriter for the East Division of Crestmark, focusing on ledgered lines and asset-based lending. Chaleff graduated in May 2015 and was offered a full-time position in field examinations. She was an auditor for about a year and half, when an opportunity arose to join Crestmark’s underwriting team in November 2016. “Eva and I work extremely well together,” Mackenzie said. “We have discussed everything from communicating with higher-ups to business travel tips. We attend networking events together when I am working near where she lives in southern Florida. Eva has been proactive in our relationship and, though I am not taking credit for any of her successes, it has been rewarding to watch her grow.” “I have learned an immense amount in my time at Crestmark, and have had unique opportunities that have provided for great experience,” Chaleff explained. “Working with Gina has given me a great sense of encouragement and empowerment fueled by her willingness to listen and help with anything related to my growth and success. Having a mentor (especially one outside my organization) gives me a sense of security in that

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I can go to Gina for advice on almost anything, and she is a safe place to communicate my frustrations, insecurities, and doubts without feeling like I’m jeopardizing my position in the workplace. It’s great to have someone who can provide me with a different perspective grounded in years of experience. Having an unbiased mentor is key to accepting and applying their guidance.” “I have received positive feedback from other mentees; it seems that having someone ‘safe’ (outside their own companies) to run things by has been of great assistance,” Mackenzie said. “I know it was for me when I was new in my career.” Vince Mancuso, executive vice president of Next Edge Capital, is a well-seasoned mentor. He has mentored three people and currently is mentoring Tom Hartlett, principal of Liquid Capital Solutions, through the CFA mentoring program. Hartlett joined the industry after a career change, having previously been in the reinsurance industry for 29 years. Hartlett was introduced to Liquid Capital in May 2015 and purchased an operation based in Connecticut, focusing on receivables financing, ABL and purchase order financing. “I didn’t have any background in those fields previously, so while Liquid Capital provides a wealth of training opportunities, both through new folks coming in and ongoing within their own operations, I started looking at different associations like the CFA to determine other ways I could quickly build my experience,” Hartlett said. “My experience with Vince has mostly been about leveraging his expertise in the assetbased lending space and understanding how he built his network in business development to build his referrals so he had more business generation occurring. That’s really what I was looking for, and he was an ideal fit.” Building rapport and making the mentee feel comfortable is what Mancuso strives for in being a successful mentor. “The first introductory call is usually the stiffest, and you’re not going to get a lot of personality within it. You have to

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make sure your mentee realizes that you are not some authoritative know-it-all,” Mancuso explained. “Most importantly, I get as much or more out of it as they do, and I try to make the pendulum swing the other way, where I want them to understand I feel a little awkward. I’ll say things like, ‘This makes me feel a little uncomfortable saying this, but I want you to know that I’ve always had challenges speaking to large groups.’ A lot of times that puts them at ease, it allows them to let their guard down. I also always leave the mentee with assignments, and I follow up in an email about what we agree to talk about next and for how long. Before that meeting, we both have a checklist of what we’ll do.” “I always ask mentees if it’s okay if I push back, because I want them to ask me tougher questions,” Mancuso said. “I want to make sure that we’re advancing the conversation. If I’m challenging them on some of their responses, I keep them talking, and the more I can learn what’s important to them. I’ll say things like, ‘let’s pretend in six or 12 months nothing in your career, your life, your situation, your employer, has changed, what does that mean to you? Where are you personally and how do you feel about that?’ I’m trying to understand if there’s an urgency to what they’re trying to accomplish or if we’re just talking because they’re enamored with an idea. “If they were to say, ‘well, I’m really doing well at my job, I can’t afford to do something else,’ I say, well, you kind of can. Because if you’re really excelling at your job, your confidence is at an all-time high. Why not use that as your springboard? I want them to take action and not just eight pages of notes and do nothing with them.”

Eileen Wubbe is senior editor of The Secured Lender

TAPPING INTO YOUR BRAND Branding. It’s a term that seems to be used everywhere these days and it’s playing an increasingly important role in the workplace and online. “Most people are unaware of it, but their personal brand already exists. It’s not something that needs to be created, explained Erica Breuer, personal branding strategist, Cake Resumes. “Your personal brand is your identity, values, ideas, and talents. Personal branding, the act of capturing that identity and creating awareness around it, is where your real work lies. It’s a process that should unify every aspect of your brand, from your web presence and business cards, right down to the way you answer the phone and introduce yourself during cocktail hour.” Part of personal branding is also incorporated the digital world. Whether it’s LinkedIn, Facebook or Twitter, a presence on these sites reflects a personal brand. With everyone posting—from vacation photos to their fancy latte at that great new coffee spot, how does one stand out more in the digital space? According to Breuer, it’s simple. “Once you’ve solidified a clear message around who you are, it’s all about maintaining a consistent presence on your platforms of choice,” she said. “One that’s laced with value for anyone that encounters it. Every post, tweet, or comment should reinforce your brand while serving your following in some way. This isn’t about ego, or ‘me-me-me’ but gaining credibility through ‘we-we-we.’ “Does a sleek personal Website or clever podcast help? Absolutely. But your best bet is starting small through grassroots social interactions that share your insights and advice, and then launching your grander branding mediums once you’ve found some footing as a voice. If you can do that for a few months, you’re ready for the next step.” DON’T LET THE TROPHY COLLECT DUST “You can’t cut your own hair” is an often-repeated expression in the branding world, explained Breuer. If a company doesn’t offer branding resources, she advises to seek out a personal brand coach to serve as a guide and sounding board. There are also self-guided courses on Lynda.com and LinkedIn learning that can help shape your brand. For CFA’s 40 Under 40 Award recipients, Breuer stressed the importance of learning how to use the accolade to their advantage. “Strong personal branding is a balance of personality, promise and proof. A 40 Under 40 accolade falls right into that proof bucket, but simply dropping a note about it into the bottom of your LinkedIn profile and forgetting it means you’ll miss out on most of the firepower the award can deliver. Don’t back away from the chance to share the news of your award with your network. To do this with style, pair your announcement with mentions of other winners (tag them if you can), or an offer to mentor someone who’d love to be in your shoes. “By sharing in the success and bringing in the ‘we’ element, you’ve made your announcement dynamic, relatable and of value to others. When you get down to it, the award builds your credibility, but it’s your reputation as a trusted resource that is the real reason people do business with you.” For Mills, the CFA 40 Under 40 Award has given him more confidence and being recognized at the national level was career changing. “There were a lot of people reaching out to me to say congratulations from other areas of the country, and actually some increased deal flow from other parts of the country, which has been nice. It’s a really nice recognition, not only internally at People’s, but also externally across the U.S.” Alexander added on winning her 40 Under 40 Award that being recognized was an honor. “It has given me the confidence to put myself out there more often and challenge myself to get outside of my comfort zone. I was able to get more involved with the CFA and to add value by creating an onboarding process and package for new members, and being recognized both internally and externally for this accomplishment.” For more information on personal branding, be sure to read Robert Meyers’ article, Understanding and Developing your Personal Brand: Four Steps to a More Intentional Career Progression, on page 108.

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UNDERSTANDING AND DEVELOPING YOUR PERSONAL BRAND FOUR STEPS TO A MORE INTENTIONAL CAREER PROGRESSION Robert Meyers, head of the Origination and Marketing Department for Republic Business Credit, and a 2016 CFA 40 Under 40 Recipient, offers tips on building your personal brand.

BY ROBERT MEYERS

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It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies. This shouldn’t be confused with the chronological “requirements” of a career, but rather reassessed and evaluated throughout your career with short- and long-term viewpoints being considered. I was lucky to have several managers remind me that your title is the least important part of your twenties. During this period, combined experiences, challenges and continual learning prepare you for opportunities. The prompting for this article came through discussions with several senior lending executives who wished they understood more about their personal brand early in their careers. Your Personal Brand is generally defined in two schools of thought. The first, brand recognition, is the initial reaction when people hear your name. Frequently that thought is often determined by unconscious biases or heuristics. Our brains are prone to recall the most recent or most vivid “memorable” thing they associate upon hearing a name. This could be a mix of positive thoughts surrounding your title, family or various work-related successes. Conversely, it might evoke negative thoughts due to behavior, gossip or a host of elements both in and out of our control. The second school of thought is when people take more time to evaluate you over a specific set of criteria. Whether it is your fit/placement towards a certain deal, experience required for a promotion or documentary review of your publications, these generally override heuristic tendencies. We see this more through interviews, transactions and volunteer opportunities where systems exist that enable people to look past their heuristics into making a more complete evaluation of you as a person. Personal Brand is essential to your long-term career success as you will be generally be measured in criteria-

driven processes by the summation of your experiences. The importance of your personal brand is viewed almost daily by the number of times you hear the question, “What do you think of so and so?” Many of us make instant decisions throughout the day as a result of those initial biases when we hear a name. While there is no magic recipe, here are four steps that aim to help us be more intentional while remaining authentic throughout our careers. 1. Understanding the Difference between Management and Leadership A few years into my career, I had a great mentor/manager who explained the difference between management and leadership as simply, “Management is doing things right, where leadership is doing the right things.” Management is often expressed in the title or role we possess; leadership is how we behave. The key aspects of leadership that contribute to your brand are presence, self-awareness and emotional intelligence. Your management brand is typically more dependent on your technical skills, years of experience and the potential opportunities for advancement. Leadership typically combines with your management attributes to yield future titles/roles. I had a mentor early on in my career focus on improving my leadership abilities. Thousands of books have been written on leadership, from the recent obvious themes of being present or authentic to the less obvious tools of reflection, coaches and understanding that you don’t have all of the answers the day you become a manager. 2. Demonstrate Professionalism in your Actions Your reputation is earned, nurtured and will evolve throughout your professional career. Your reputation will typically remain consistent

THE SECURED LENDER SEPTEMBER 2017 109

until you reach one of those leaps, typically defined by strongly or widely known positive and negative moments. Always maintain a minimal level of professionalism in your day-to-day activities. A few examples are active listening, being respectful, unselfish, and kind and taking opportunities to get out of your comfort zone. In today’s connected world, there is a tangible cost to missteps, lies or how we act during those tough moments during the pursuit of our aspirations. Following up, remaining professional, being inquisitive of others, self-awareness and consistency are some of the most important aspects of building your brand. 3. Networking - Association Events and Social Media External (Intercompany) and Internal (Intracompany) Networking are probably the most important brandcreation activities. You will create, maintain and impact your brand throughout each networking opportunity over the life of your career. While first impressions initiate our early biases of people, being professional in every aspect is essential. I truly believe that very few people actually enjoy networking at first, but often they develop friends, peers and mentors that result in long-term relationships when done intentionally. We have all been in tough conversations while networking, so take it upon yourself to learn from a good networker about how they successfully approach it. The most success comes from following up within 24 hours or you might never send that email in the future. Social media is generally a less-personal, but very acceptable, approach to building your personal brand. One warning to keep in mind: prior to venturing into social media mediums, you need to assume that everyone you know, including your family and work associates, is able to read that

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message. Whether your platform of choice is Linked-In, Twitter, Facebook, Instagram or SnapChat, you must always be intentional in your actions. Social media serves as daily consumption for some, where noise, learning, connections and relationship building all intersect over a picture or a few characters. The connectedness of our world provides great advantages as well as perils. While comments, posts and tweets can be deleted, it is often too late to remedy the negative effects. It is also getting increasingly difficult to bifurcate your “personal” social media persona and your “corporate” social media persona. While I strongly encourage keeping them separate, I definitely recommend assuming that everyone you know is going to read this, and consider what you really want them to hear. Remember: anything done in the emotion of the moment often lives on for years after the fact. I think demonstrating thought leadership, sharing successes and respecting the contributions of others are some of the worthwhile purposes of social media. 4. Reflection Reflection throughout your career will help you understand events that might seem too complex in the moment to truly understand. It should also provide an objective review on your actions during a given day or preparation prior to a day beginning. Reflection allows us to capture both the good moments and the moments that deserve improvement. There are several techniques and frameworks that can help, but I generally revert to an easy one I learned several years back. It has three simple steps, “What”, “So What” and “What Next”. Reflect on something interesting that day/week, determine why it was interesting and then decide if you will do/improve something, think about it more or change your behavior as a result. Reflection will typically improve your desire for

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continual learning that is essential throughout your career. It is one consistent challenge that C-Level executives face as their internal learning chances reduce and they seek more peer learning. It drives many successful CEOs to 50+ books per year along with their executive coaches to improve their perspective. While these four steps are not a comprehensive guide to personal branding by any means, I hope it provides you with an initial framework so that we all can be more intentional throughout our careers as we lead our organizations over the years to come. I have been very lucky throughout my career to have worked with and worked for some amazing managers and coaches who took an interest in my career and devoted time to invest in my development. Thank you to all of you who have helped me so far and those who will do so in the future. TSL Heading the Origination and Marketing departments for Republic Business Credit, Robert Meyers puts into practice more than 12 years of commercial finance experience. Currently Robert serves as the VP of Programs for the Turnaround Management Association Midwest Chapter, CFA Executive Committee Member and past President of the Midwest Chapter of the Commercial Finance Association. Robert is a graduate of the University of Chicago and holds an MBA from the Kellogg School of Management. Robert was awarded the CFA’s Top 40 Under 40 Award in 2016.

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the cfa brief AMONG CFA MEMBERS

CFA NEWS IN PRINT

Access Capital: Angela Santi and Paul Mehring were promoted to be the company’s new co-presidents. Both Santi and Mehring were each previously executive vice presidents of the Company and have had years of experience at Access Capital and before that at other commercial finance companies. As a part of the fulfillment of this longplanned management succession strategy, Miles M. Stuchin, the Company’s founder and president since the start of Access Capital over 30 years ago, has moved from president to chairman. “This is a well-deserved promotion for both Angela and Paul. For the past several years we’ve been preparing for this change and their work going forward will very much be a continuation of the great work that they’ve been doing all along,” said Stuchin of the promotions. “Both Angela and Paul have consistently demonstrated the dedication, intelligence and drive of personal leadership that are so fundamental to the Company’s well respected position in the market. I have great confidence in the role they’ll continue to play together in the further growth and development of Access Capital.” Stuchin had the following to say about his own new position: “After 30 years as president, I welcome the change in responsibilities and the challenge of the new position. I’ll still be at Access Capital and look forward to continuing to contribute to our

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overall performance. Our long planned management succession, from the leadership of a founder/entrepreneur to the co-presidency by a pair of exceptionally capable industry veterans, is a significant step in our continuing drive to reach the next level of growth and development.” Santi has over 30 years of experience in account management, auditing, business development and credit analysis. A graduate of St. John’s University, she joined Access Capital in 2000 after working as an underwriting manager and deal facilitator for CIT. Prior to that, she was part of the asset-based lending group at GE Capital and before that she worked at the National Bank of Canada. Angela lives on Long Island with her husband and two children. She enjoys watching her daughter’s soccer games, having Sunday dinners with her family; and has high hopes for the Mets this year. Mehring joined Access Capital in 1990. His experience includes work in underwriting, portfolio management and business development. Mehring is a graduate of Villanova University. He enjoys live music, skiing and spending quality time with his wife and two children at his home at the New Jersey shore. Regarding the transition, Mehring said, “I look forward to continuing to work with Angela and Miles side by side as we have done so successfully for so many years. The strong, client-focused culture that we’ve developed at Access Capital during the more than 30 years that we’ve been in business will continue to thrive under the leadership of Angela and me.” Access Capital also announced the promotions of John Belling and David Hill as well as the hiring of Mark Gordon. Both Belling and Hill have been members of the Access Capital team and worked together for years in the Account Management Department. Bell-

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ing’s previous position was team leader in that department and he was recently promoted to the role of portfolio manager. Hill worked at Access Capital as an account manager before being promoted to team leader. In addition, Access Capital added Mark Gordon to the team who will serve as an account manager, specializing in servicing the Company’s west coast clientele. Belling joined Access Capital in 2003 and served for eight years as team leader. Belling began his career in 1993, working for the Credit Finance division of The CIT Group. Following CIT, Belling worked at Fremont Financial in Santa Monica, CA in auditing and account management. Belling later joined Access Capital, following a period of time as an independent field examiner, working for such clients as Bank of America, Finova Capital and Access Capital. Hill joined Access Capital in 2009 after working in portfolio management roles at Wachovia Capital Finance and Greystone & Co. Hill began his career in public accounting before transitioning to working in lending. Before his most recent promotion, David Hill filled the role of vice president – account manager. Gordon started his career path at CIT Credit Finance where he worked as an assistant account executive. Gordon then transitioned to public accounting at Richard A. Eisner & Company (now EisnerAmper LLP). Mark then moved to San Francisco and was an audit manager for KPMG before starting his own business as a field examiner for asset-based lending transactions. Bank of the West: Bank of the West’s Commercial Banking Group announced the opening of a new Commercial Banking Center in Cleveland, OH, at 1375 East 9th Street, Suite 1920, to address the growing needs of middle-market businesses and large corporate segments.

The Center offers a full suite of commercial banking services including working capital, financing, and term loans as well as payables and receivables management, and international banking services. The Commercial Banking Group also provides extensive expertise across several niche industries, including Food and Agribusiness, Healthcare, Real Estate, Title & Escrow, Financial Institutions, Government Banking, and Religious Institution Banking. This new Center will serve Cleveland and the surrounding region, including Columbus, Cincinnati, Pittsburgh and Detroit. This opening represents Bank of the West’s ongoing nationwide expansion, with Commercial Banking Centers from Los Angeles to New York, and most recently Atlanta. “The region surrounding Cleveland has a rich history in manufacturing, financial services, healthcare, agriculture and transportation, and is home to more than 100 Fortune 1000 companies. With this new Center, Bank of the West is committed to delivering the solutions that companies in this region need to continue to grow and thrive,” said Jean-Marc Torre, senior executive vice president, head of Commercial Banking Group, Bank of the West. “We help our clients be more agile, efficient and competitive, and the wealth of expertise and knowledge that David brings to the Bank of the West team will help us continue to do so for communities and companies in Cleveland and the surrounding region.” The new Center will be led by David Dannemiller, recently hired as managing director at Bank of the West. Prior to this role, Dannemiller was a senior vice president and regional manager at Fifth Third Bank, leading the bank’s Midwest Large Corporate banking practice in Cleveland. Dannemiller also spent 20 years at US Bank, most recently as senior vice president of Cor-

porate Banking in Portland, managing the bank’s national corporate banking business for the Northwest U.S. Dannemiller will report to John Thurston, managing director, area manager at Bank of the West. BNP Paribas Commercial Finance: Richard Winton has joined the sales team in the London office. Winton is an experienced ABL professional with a track record of success in originating, structuring and implementing ABL transactions. After graduating from Loughborough University with a First Class degree in economics and geography, Winton began his career at Lloyds Banking Group on their Graduate Scheme. After an initial focus on corporate banking, he moved into ABL at Lloyds where, after spells in credit and client management, he secured a role in ABL sales, London. Initially focusing on new-to-bank transactions for business with turnover between £25-100m, Winton was subsequently chosen to lead the ABL product for MidCap businesses in Central London, as part of a Global Transaction Banking team. This spanned Trade Finance, Corporate Asset Finance and Cash Management & Payments for businesses with a turnover in excess of £100 million. Additionally, his experience includes syndicated and off-balance sheet transactions. Winton has a history of exceeding targets over a number of years with particular success in generating newto-bank business in the external ABL market. Seeking a new challenge, Winton was attracted to BNP Paribas Commercial Finance by the diverse product range, the international ABL capability and the growth ambitions of BNP Paribas Commercial Finance.

Capital One: John Crosby has been appointed as the new head of commercial underwriting and portfolio management. His responsibilities include the management of Capital One’s commercial banking portfolio underwriting activities. Crosby will be based in New York and will report to Mike Slocum, president of commercial banking. Crosby joined Capital One as chief credit officer in 2015, when the firm completed the acquisition of General Electric Capital Corp.’s Healthcare Financial Services lending branch. While at GE Capital, Crosby served as chief risk officer. During his tenure, he oversaw global risk management activities for a $10 billion Commercial Finance Healthcare portfolio, including debt and equity products in corporate finance, cash flow, real estate and life science finance. Prior to joining GE Capital in 1993, Crosby was an audit manager at professional service company KPMG, where he represented clients from the health care, finance, education and manufacturing industries. He is a graduate of Quinnipiac University and is a Certified Public Accountant. Celtic Capital Corporation: Shane O’Grady has joined as senior vicepresident – client development. O’Grady has been in the asset-based lending community the past five years and will be covering the Arizona, Colorado, Utah, New Mexico and Nevada markets for Celtic Capital. Prior to his asset-based lending experience, O’Grady worked in the alternative capital markets, investment banking and mortgage fields. O’Grady can be reached at (480) 209-5400 or sogrady@celticcapital.com or visit www.celticcapital.com. CIT Group Inc. announced that its Equipment Finance business appointed Harold Ray as director and commercial

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leader of industrial markets, effective immediately. Ray is based in Atlanta, GA and serves on the Equipment Finance Management Committee. He reports directly to Mike Jones, managing director of CIT Equipment Finance. “Harold’s two decades of experience in winning and growing new vendor programs in the industrial sector make him ideal for this leadership position as we further build on our capabilities,” said Jones. “He is recognized in the industry for his ability to build successful finance programs for manufacturers and distributors, as well as work with Clevel executives of enterprise accounts to structure leases and loans to meet their requirements.” Since 1996, Ray has held a series of equipment finance sales positions at CIT, serving middle- and small-market commercial clients. Prior to that, Ray was a senior credit analyst with Heller Financial. Ray holds a Bachelor of Science degree in accounting from Saint Peter’s College in New Jersey. CIT Equipment Finance offers finance programs designed specifically for the unique needs of industrial, office imaging, technology and healthcare manufacturers, their distribution channels and end users. Crestmark: Scott Grady, president of Crestmark Equipment Finance (CEF), based in Bloomfield Hills, Michigan, announced the addition of Arick Levine as first vice president, Eastern Division sales manager. In his new role, Levine oversees a team of experienced business development officers and is responsible for growing CEF’s business east of the Mississippi River. Based in North Carolina, Levine reports to Grady. Levine brings over 30 years’ experience in leasing and financing to Crestmark, with many years spent in supervisory and senior leadership roles. He comes to Crestmark from SunTrust

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Equipment Finance & Leasing Corporation, where he was managing director of corporate bank originations. There, he was responsible for leading a team of originators, as well as implementing market strategies to grow and develop the existing client base. Previous work history includes positions at Oracle Financing, where he was senior sales director; Sun Microsystems Global Financial Services, where he was sales director; and Sun Microsystems Finance, where he was national sales manager. Levine has a bachelor’s degree in economics and political science from the University of California, Santa Barbara. James G. (Jim) Farrell was promoted to senior vice president and Vince Hamilton was hired as vice president. Farrell has been promoted to senior vice president, Eastern Division sales manager from first vice president, Eastern Division sales manager. Farrell continues to report to Ray Morandell, executive vice president, national sales manager. He splits his time out of Indianapolis and the Troy, MI office. Farrell joined Crestmark in August 2013 with an established asset-based lending background at such institutions as LaSalle Bank, Bank of America Business Capital, Huntington Bank and Crestmark. Farrell is a member of the Turnaround Management Association, where he is a past board member for the Detroit Chapter, and a member of Association for Corporate Growth. He holds a bachelor’s degree in finance from Michigan State University. Hamilton has joined Crestmark as vice president, account executive for the Eastern Division. Hamilton reports to Jeff Silverstein, senior vice president, East Division portfolio manager. He works out of the Troy office. Hamilton joins Crestmark with more than 20 years of commercial finance experience, and an extensive background in credit administration and small-

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business lending. Hamilton worked in various capacities with Comerica Bank in credit and lending; most recently as vice president and senior alternate credit administration officer, where he managed teams in private banking and commercial lending. Hamilton earned a bachelor’s degree in finance from Oakland University in Rochester, MI. Kyle Caraway was promoted to officer, debtor credit analyst. Caraway joined Crestmark in 2013 as a debtor analyst, and in 2015 was promoted to debtor credit analyst. Previously, he held positions as a mortgage banker, and as a bankruptcy counselor and educator. Caraway is also certified by the NFCC as a credit and housing counselor, and is state-certified in debt management planning. He earned a bachelor’s of business administration in finance and commercial law from Western Michigan University. Based in Troy, Caraway reports to vice president, debtor credit manager Iain Michie. Angela Kitter has been promoted to senior client analyst, operations officer. Kitter joined Crestmark in 2009 as an invoice analyst, and after eight months in that role, she became a payment analyst. In 2012, she was promoted to month-end analyst and, in 2013, she was again promoted to client analyst. Previously, she worked at The State Bank as a customer service representative and teller; and for VG’s Food Center as the store’s primary bookkeeper. Kitter attended Mott Community College for business and finance; and she participates in Crestmark’s community outreach programs, including Habitat for Humanity. Based in Troy, Kitter reports to first vice president, operations manager - client services Doug Kollman. Caitlin Purnell has been promoted to senior client analyst, operations officer. Purnell joined Crestmark in 2012, right out of college, as a payment analyst; and was later promoted to debtor ana-

lyst in 2013. After ten months in her role as debtor analyst, she was promoted to client analyst. Purnell has a bachelor of science in business administration and economics from Middle Tennessee State University. She is based in Crestmark’s office in Franklin, Tennessee, and reports to first vice president, operations manager -client services Doug Kollman. Eastern Bank: Gregory P. Buscone was appointed as a senior vice president and regional group head in Commercial Banking. Buscone will report directly to Jan Miller, vice chairman and chief commercial banking officer. Prior to joining Eastern, Buscone spent 17 years at Citizens Bank, serving as a senior vice president and market manager for Massachusetts Middle-Market and Specialized Lending. At Citizens, he managed a group of 30 persons with $1.4 billion in middle-market loans. Buscone began his commercial banking career in 1986 at Shawmut Bank. He brings more than 30 years in financial services experience to Eastern, including roles in retail banking, small business lending, and middlemarket and specialized lending. ENGS Commercial Finance Co. (ENGS) has announced the expansion of two office locations as well as additional team members to the company’s Factoring subsidiary, ENGS Commercial Capital (ECC). Joining the company are Bronwyn Hobson, vice president, risk management; Patrick Eakins, vice president, business development manager; Mike Costello, transportation sales manager and William Rodriguez, inside sales business development officer. In addition to its Birmingham, AL headquarters, ECC has added offices in Chicago, Illinois and Nashville, TN. Tania Daniel, managing director of ECC, commented, “The expansion and

market opportunities ahead of us are very exciting. We recognize the need to further support the industry by increasing local capability and could not have found a better portfolio of talent.” Daniel continued, “These individuals have extensive experience with accounts receivable funding, transportation credit management, direct lending and asset-based account management, which will provide our clients with unparalleled expertise in structuring working capital opportunities.” Bronwyn Hobson is responsible for risk management and brings over 30 years of experience in the financial services industry, most recently with Porter Capital. While at Porter Capital, Hobson managed its largest clients, trained associates on risk manage-

ment procedures, approved funding’s and audited the portfolio. Patrick Eakins brings over 17 years of commercial finance experience, most recently from TAB Bank, and is responsible for new business development efforts. With over 40 years of experience, most recently from JD Factors, Mike Costello has worked directly with businesses to help leverage their cash flow and working capital needs and will be responsible for managing and growing the Transportation sales efforts on behalf of ECC. Also joining the team is William Rodriguez, inside sales business development officer, who will be responsible for developing new business relationships and growing the inside sales portfolio.

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PNC Bank: Michael Keenan, based in Chicago, joined PNC’s senior secured lending team as senior vice president and business development officer. He is responsible for new business development, originating asset-based and cash flow financing for private equity firms and middle-market companies in the Upper Midwest. Previously, Keenan served as a business development officer with Ares Commercial Finance, providing asset-based loans to middlemarket companies, including those in distressed situations and start-ups. Keenan earned a bachelor degree in finance and economics from Indiana University of Pennsylvania and an MBA in finance from the University of Pittsburgh. A 10-year PNC veteran, Katie Marshall has transitioned to vice president and

business development officer with the senior secured financing team based in Dallas. She is responsible for new business development, originating asset-based and cash flow financing for private equity firms and middle-market companies in North Texas and Oklahoma. Marshall most recently served as a business development officer in the Upper Midwest region. She earned a bachelor degree in finance/accounting and French from the University of Pittsburgh. Aimee LeWinter, a 13-year banking veteran, has transitioned to senior vice president and business development officer with the senior secured financing team based in Fort Lauderdale. She is responsible for new business development, originating asset-based and cash flow financing for private equity firms

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and middle-market companies in the Southeast. LeWinter joined PNC in 2010, most recently serving as a middle-market relationship manager. She earned a bachelor degree in finance and an MBA from the University of Florida. PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. www.pnc.com Presidential Financial Corporation (PFC): Kevin Pearce has joined its team as a business development officer in Phoenix, AZ. In his new role, Pearce will be responsible for originating, structuring, and funding asset-based financing solutions with commitment amounts up to $30,000,000 for middle-market businesses in the southwestern United States. Pearce brings significant experience to PFC, including commercial portfolio management, portfolio review, workouts, and business development in the asset-based lending space. He comes to PFC from Opus Bank, Western Alliance Bank, and prior to that, Wells Fargo Capital Finance, for each of which Pearce covered the southwestern states in a variety of business development and commercial lending disciplines, including asset-based. Pearce earned a bachelor of science degree in finance from Western Kentucky University where he was a student-athlete in baseball. Later Pearce earned designations as a Certi-

fied Management Accountant and a Certified Financial Manager from the Institute of Management Accountants. He is a past board member of the Association for Corporate Growth – Arizona Chapter, and an active member of the Turnaround Management Association. Presidential Financial Corporation (PFC) also announced that Larry Swinney has joined its team as a business development officer in Atlanta, GA. In his new role, Swinney will be responsible for originating, structuring and funding asset-based financing solutions with commitment amounts up to $30 million for middle-market businesses in the southeastern United States. Swinney brings significant experience to PFC, including commercial credit and business development experience in the asset-based lending space. He comes to PFC from Huntington National Bank, FirstMerit Bank, and prior to that, Wells Fargo Capital Finance, for each of which Swinney covered the southeastern United States in the role of business development in the asset-based sector. Swinney earned a bachelor of business administration degree with a concentration in management from Georgia State University. He is a past board member of both the Alabama and Atlanta chapters of the Turnaround Management Association and an active member of the Association for Corporate Growth. Headquartered in Atlanta, GA, Presidential Financial Corporation provides flexible and customized financing to privately held and sponsor-backed middle-market businesses nationwide. PFC combines the best of asset-based lending with diverse product offerings and a strong commitment to the growth and capital needs of middle-market businesses. PFC provides working capital and term loan facilities for acquisitions, recapitalizations, working capital

needs, and turnaround situations. In addition to its Atlanta headquarters, PFC also has locations in Chicago, Cleveland and Phoenix. PFC is owned by MidFirst Bank, one of the nation’s largest privately held banks with approximately $15 billion in assets. This unique structure gives PFC the flexibility of a finance company with the financial backing and stability of a bank. Renasant Business Credit: Brian Mobley has joined as a new senior relationship manager based in the Charlotte, NC area. He will be responsible for originating, underwriting and managing asset-based loan relationships throughout the Carolinas, eastern TN and southern VA. “I am excited to be able to add such a talented individual to our Renasant Business Credit team,” said Mike Knuckles, the EVP and division manager. “Brian has the unique skill set to deliver our relationship lending business model to those middle-market companies throughout his assigned geographic territory.” Mobley added, “I am thrilled to join the Renasant Business Credit team. I look forward to sharing our business model and lending capabilities with all my prospects and referral sources.” Mobley can be contacted at Brian.Mobley@ Renasant.com. Renasant Business Credit, the Atlanta-based lending division of Renasant Bank, provides asset-based lines of credit from $2-25 million (and more) to lower and mid-market companies throughout the Southeast. Rosenthal & Rosenthal, Inc.: Megan Flaherty has been appointed as assistant vice president and account executive for Rosenthal Trade Capital. In her role, Flaherty will be responsible for account management and underwriting for the firm’s Purchase Order Financing division.

For the past five years, Flaherty served as vice president for loan and credit operations at Salus Capital Partners, where she funded borrowers and managed collateral and related compliance reporting. She brings significant consumer product and retail industry experience to Rosenthal and is a timely addition to the team, given the firm’s robust new business activity. “Rosenthal Trade Capital has expanded considerably since we first launched the division late last summer, and we’ve been fortunate to experience accelerated growth,” said Paul Schuldiner, Rosenthal Trade Capital Division head. “I have no doubt that Megan’s demonstrated knowledge of the unique needs of consumer product companies and the overall credit environment will allow us to further broaden our client base.” Rosenthal & Rosenthal (www.rosenthalinc.com) is the leading factoring, asset-based lending and purchase order financing firm in the United States. Founded in 1938 by Imre J. Rosenthal, the firm is now led by the second and third generations of the Rosenthal family. As a privately held company, Rosenthal is committed to providing personalized service and flexible lending to clients across a broad range of industries. Siena Lending Group LLC (Siena): Mark Orlando has joined the firm to lead its Los Angeles-based offices as directorWestern region manager. With over 25 years of experience in the finance and asset-based lending industry and having completed over $1 billion in transactions, Orlando is well qualified to expand Siena’s footprint in the Western United States. Formerly with Ares Commercial Finance and Ares’ predecessor, First Capital, as principal and senior vice president for the last six years, Orlando was responsible for originating and closing new lending opportunities to grow their market in the West.

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ASSET-BASED LENDING Whether you’re looking to cover gaps in cash flow, buy more equipment or expand into new markets, our Asset-Based Lending team works harder to provide quick, local decisionmaking so you can get the money you need, exactly when you need it. We take pride in truly understanding your business, positioning ourselves as a strategic partner in your success. • Working Capital • Short- & long-term Financing • Seasonal Sales • Management Buyouts • Acquisitions & • Recapitalization Mergers • Turnaround • Expansion

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Previously, Orlando served in senior business development, credit, and management roles for Rabobank, U.S. Bank and LaSalle Bank (now part of Bank of America), as well as founding his own firm, Arrowhead Capital, where he served as managing director. He is an active member of several professional organizations, including Commercial Finance Association, Turnaround Management Association, and Association for Corporate Growth, where he serves as a conference chairperson. “We are very pleased to add Mark to the Siena team as we continue to expand our lending capabilities,” said David Grende, president and CEO of Siena Lending Group. “Mark is a respected industry veteran with a broad reach that will propel our growth in the western United States.”

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“I’m excited to join Siena,” stated Mark Orlando. “Given my background and skill set partnered with Siena’s creative and flexible lending approach, I am confident that Siena’s expansion in the West will be successful.” Orlando can be reached at 310-857-6072 or at morlando@sienalending.com. Siena Lending Group is an independent commercial finance company offering asset-based loans between $3 and $30 million to growing and middle-market businesses across the United States. Its clients typically cannot access traditional financing from banking institutions due to high growth, leverage, losses or some other special situation. Siena also offers a turn-key servicing platform for community and regional banks, ABL Alliance, which allows banks to responsibly

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gain exposure in asset-based lending without investing the time or resources in building an internal back office and technological capability. Siena’s independence as a finance company allows innovative and flexible solutions, while allowing its customers to maintain a relationship with their own bank. Siena’s management team is experienced, innovative, dependable, entrepreneurial, and highly regarded within the industry. The team has, on average, 20 years each of experience and has transacted over $12 billion in facilities. Signature Bank announced that several new executive sales officers have joined Signature Financial LLC, the Bank’s specialty equipment finance subsidiary. The appointment of four new officers

brings the total of Signature Financial’s direct sales team to 32 professionals nationwide. Mark Murray, Dave Walter and Jason Wright were each named to the post of vice president - executive sales officer for Signature Financial’s equipment leasing and lending business while Devin Steele was appointed to the same post for the franchise finance business line. Murray, who will be based in Minneapolis, brings greater than 25 years of finance experience to his new position. Most recently, he served as senior territory manager at Caterpillar Financial Services Corp. and FCC Equipment Financing, a division of Caterpillar. In these roles, he originated and negotiated large leases and loan transactions with construction contractors, establishing a strong expertise and market presence in this area. He also served in key finance lending roles at Cargill Leasing, GE Capital and US Bancorp. His specialty includes financing for the construction, aircraft and transportation sectors. Walter, a 33-year finance veteran, also joins from his role as a senior territory manager for 13 years at Caterpillar Financial Services Corp. and FCC Equipment Financing, where he managed retail and direct lending relationships for large customers in Oklahoma, West Texas, Nebraska and Kansas. During this time, he established a strong reputation in the construction equipment finance market. He also spent nearly 20 years at the CIT Group as regional sales manager and vice president, managing direct lending relationships in similar geographic areas from a diverse client base. Walter will be based in Wichita, KS. Wright has nearly 20 years of finance experience, including nearly four years previously spent at Signature Financial (from 2012-2015) as well as with Signature Financial’s management

team at Capital One Equipment Finance for nearly a decade. Based in Chicago, Wright will originate business in Illinois and regions within Indiana, Wisconsin and Michigan. The Central Midwest has been his prime coverage area for years, where he focused on transportation, trucking and construction finance. Most recently, Wright was a regional vice president at LeasePlan USA, responsible for business development amongst the firm’s Fortune 1000 clients prior to rejoining Signature Financial. Steele specializes in franchise finance and joins from Pacific Premier Franchise Capital (PPFC). As an account manager at PPFC, she was responsible for identifying and establishing lending relationships with restaurant franchisees across the country in more than 25 different brands and was charged with both originating and facilitating the closing of franchise finance transactions. Based in the Dallas area, Steele built a network of national relationships and contacts in the growing franchisee lending space. Sterling: Ed Blaskey has joined Sterling as executive vice president and market president for Long Island. Blaskey, who will be based in Sterling’s Melville office and will report to Jack Kopnisky, Sterling’s president and chief executive officer, will apply his deep market expertise to help expand Sterling’s footprint across the Long Island market. “As we have continued to grow, Long Island has emerged as a key focus area for us,” said Kopnisky. “We are thrilled to welcome someone with Ed’s pedigree, market knowledge and deep Long Island roots to lead our efforts in the region. He has extensive background in commercial lending and business banking, an understanding of the specific needs of Long Island clients, and proven leadership abilities.” Blaskey was most recently market

president for the suburban New York and Long Island markets at TD National Bank, where he grew the bank’s Commercial Lending, Wealth, Cash Management and Government Banking businesses. In this role, Blaskey oversaw TD’s regional commercial loan portfolio, as well as supporting a retail network of 100 locations with $12 billion in deposits. Blaskey received his Bachelor in management & finance from Adelphi University. Thomas Holt has joined Sterling National Bank’s Commercial Banking team as senior vice president and managing director. Holt will be based at Sterling’s Paramus, NJ office and will report to Robert Koar, senior managing director of Commercial Banking. Holt will apply his deep expertise across a range of industries to expand the bank’s portfolio of client relationships in New Jersey and greater New York area, drive new business opportunities and support client cross-sell activities. Holt has a long record of accomplishments across the New York, New Jersey and Pennsylvania banking markets. He was most recently senior vice president and Public Sector Market Leader for Bank of America, where he oversaw relationship management strategies and focused on increasing credit, cash management and public financing offerings. Prior to joining Bank of America, he held positions at Sun National Bank and Wachovia Bank. SunTrust Robinson Humphrey is pleased to announce leaders who have been promoted to the position of managing director. These are talented, hard-working individuals whose deep commitment, drive, and skilled expertise are focused on delivering industryleading corporate and investment banking solutions for clients of SunTrust. Further, these leaders represent the

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broad array of capabilities at SunTrust Robinson Humphrey, and are demonstrative of the deep expertise and solutions available to the company’s clients. “On behalf of SunTrust Robinson Humphrey, I want to congratulate these teammates who have been so dedicated to delivering on our purpose of Lighting the Way to Financial WellBeing for our clients. Together, they represent the best of what our company has to offer. Their client-first mentality and commitment to excellence has earned them these promotions,” said John Gregg, president, chairman, and CEO of SunTrust Robinson Humphrey. The following have been promoted: Ed Blee, Asset Finance Group: Structured Real Estate; Stirling Bomar – Investment Banking: Energy; Michael Chung – Capital Markets Origination: Syndicated

& Leveraged Finance; Benjamin Cumming – Acquisition Finance, Execution & Structuring; Chris Curtis – Asset Finance Group: Asset Based Lending; Ryan Fruh – Mergers & Acquisitions; H. Lance Johnson – Investment Banking: Financial Sponsors; Blake Jones – Investment Banking: Financial Institutions; Sally T. Lynch – Sales, Trading & Research: chief operating officer; Brian D. Meehan – Sales, Trading & Research: Institutional Equity Sales; Jeff Messner – Capital Markets Origination: Financial Risk Management; Sharif Metwalli – Investment Banking: Communications, Internet & Media; Jason R. Meyer – Asset Finance Group: Asset Securitization; William Nay – Investment Banking: Financial Institutions; Michael Nelson – Mergers & Acquisitions; Garrett O’Malley – Portfolio Management; Bret Schiller – Invest-

COLLATERAL CONFIRMED. CONFIDENCE SECURED.

Michael A. Boeheim, CIA, CFE Director

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Howard A. Rein, CPA, CFE President

716.847.2651 FREEDMAXICK.COM

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ment Banking: Healthcare; Ricardo Simon – Capital Markets Origination: Syndicated & Leveraged Finance and Matthew Whitmore – Sales, Trading & Research: Quantitative Research. SunTrust Robinson Humphrey® is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries. Securities and strategic advisory services are provided by SunTrust Robinson Humphrey, Inc., member FINRA and SIPC. SunTrust Robinson Humphrey has extensive experience working with public and private companies of all sizes – from emerging growth to the Fortune 500. SunTrust Robinson Humphrey offers an array of solutions for companies across all industries while providing in-depth industry expertise and dedicated corporate and investment banking practices for certain core sectors, including business services, financial sponsors, building products, healthcare, consumer and retail, media and communications, energy, transportation, financial services and technology, and real estate. Synovus Bank: Andrew Graziano and Jeremy Grifﬁ n have joined its assetbased lending (ABL) team as relationship manager and analyst, respectively. Graziano will have responsibility for growing Synovus’ ABL mid-market sales across the Southeast footprint, and Griffin will support the ABL team’s dayto-day activities. Both will be based at Synovus’ Alpharetta office and will report to Brian Cuttic, senior director of asset-based lending. Previously, Graziano was a business development officer for supply chain finance at Wells Fargo, where he drove significant volume through new business opportunities as well as cross-sell activities across the west coast region. Prior to joining Wells Fargo, Granziano spent several years at GE Capital in a

business development role. Griffin is a recent graduate of Georgia Southern University and grew up in a family with a long history in the ABL industry. Wells Fargo has established a new Southwest Division of its Middle Market Banking business. The new division will expand local, dedicated expertise for the bank’s Arizona, Nevada, and New Mexico customers. Selected to lead the new division is Neal Crapo, a senior vice president and 25-year Wells Fargo commercial banker. In his new role, Crapo oversees 40 middle-market banking professionals who serve Southwest companies with more than $20 million in annual revenue. Crapo has led the Wells Fargo Food & Agribusiness Eastern Division since 2013. He will be based in Phoenix. “The region’s diverse economy has been a key factor in Wells Fargo’s steady growth among Southwest middle-market companies,” said MaryLou Barreiro, who leads the Mountain Midwest Region and the National Food and Agribusiness Division leadership for Wells Fargo Middle Market Banking. “The growing number of companies relocating to and expanding in the region continues to drive job growth and diversity, and the need for more complex financial services solutions. The addition of Neal will help Wells Fargo Middle Market Banking’s team reach more customers, including food and agribusiness companies located in the Southwest.” Crapo began his Wells Fargo career in 1992 as a summer intern in the Fresno Regional Commercial Banking Office. After earning his MBA at California State University, Fresno, he steadily rose through the ranks, serving as a relationship manager and regional manager. As Eastern Region leader of Food and Agribusiness, Crapo grew his team of agribusiness bankers from four

to nearly 30 in just three years. During that time, his teams quadrupled loan commitments, new customer relationships, and profitability. “More focused leadership in the region increases the potential to expand existing relationships and grow new ones,” said Crapo. In his new role, Crapo supports a talented and long-standing regional team, where the average tenure of team members is more than 10 years. White Oak Commercial Finance: White Oak Commercial Finance, LLC (WOCF or White Oak) announced the appointment of Gerard M. Hanabergh, to serve as managing director of Risk for Asset-Based Lending (ABL). Hanabergh will be responsible for existing and new business underwriting, portfolio management and compliance, and risk management for White Oak. “Gerard has decades of underwriting and risk management experience, which is critical to the success of White Oak’s business,” said Robert Grbic, president and chief executive officer, White Oak Commercial Finance. “Executives like Gerard, with deep industry expertise, differentiate White Oak from other debt financiers serving small- and medium-sized businesses.” Most recently, Hanabergh served as an executive vice president and chief credit officer at First Capital, and was instrumental in the sale of First Capital’s ABL portfolio to Ares Commercial Finance, where he served as executive vice president of Risk, ABL. Additionally, Hanabergh held the position of chief credit officer at RBS/Citizens Bank for its ABL and leasing divisions. He also worked at GE Capital for more than a decade, holding positions in syndications, restructuring, and risk management. Prior to GE, he spent 16 years at The Bank of New York, working in Corporate Lending and Asset-Based

Lending. “The White Oak platform provides a level of flexibility, both in terms of loan size and products that is quite intriguing. Combined with its solid business model and veteran management team, White Oak is an exciting organization to join and one that I believe I can add value to, having spent three decades in the ABL sector,” said Hanabergh. Hanabergh received an MBA from Pace University and graduated from Providence College with a BS in Business Management. He is an active member of the Commercial Finance Association (CFA) and Turnaround Management Association (TMA). White Oak Commercial Finance provides debt and alternative financing products to small- and middle-market companies throughout the United States and is owned by institutional clients of White Oak Global Advisors, LLC. The Company’s solutions include asset-based lending, full-service factoring, invoice discounting, supply chain financing, inventory financing, U.S. import/export financing, trade credit risk management, account receivables management and credit and collections support.

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CHAPTER NEWS

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Atlanta The Chapter will hold its golf outing on September 26 at Rivermont Country Club and an Educational Breakfast at the offices of McGuireWoods on October 19. The Chapter’s Holiday Party with TMA will be held on December 7. For more information visit community.cfa.com/atlantachapter California The Chapter will be holding a panel discussion at the Luxe Summit Hotel on October 4. The Women of CFCC will be holding a wine tasting and skincare event on October 10 at Upstairs II, a tapas restaurant offering Mediterranean-influenced small plates and an extensive wine list in Los Angeles. The Chapter will be holding a Sponsor Panel on November 15 at the Center Club-Orange County and a holiday party at the Sheraton Universal hotel on December 13. For more information visit community.cfa.com/californiachapter. Charlotte The Chapter held a regional banking panel: “Where have we been and where are we going?” on August 29 at The Palm in Charlotte. The interactive discussion featured regional bank leaders. With over 80 years of combined experience, attendees had the opportunity to hear firsthand the history and the future of community banking in the Charlotte area. Panelists included: Tim Ignasher, president, New Dominion Bank; Greg Heaton, president, Charlotte region, First National Bank; and Doug Smith,

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regional president, Park Sterling. For more information, visit community.cfa.com/charlottechapter. Europe The Chapter will hold a two-panel thought leadership event commencing with a networking lunch on October 4 at NautaDutilh in Amsterdam, The Netherlands. Jeremy Harrison, regional group head/SVP/Sr. BDO of Bank of America and president of the CFA Europe Chapter, will provide the welcome. There will be a Legal Panel, “Critical Changes to Belgian Secured Transaction Law & The Broader European Impact” focusing on changes to Belgian law for secured transactions come into effect on January 1,2018. The panel will discuss the practical aspects of these changes, the legal impact on ABL deals and the possible harmonization of these changes across Europe. The second panel will be the ABL Markets Panel: The Future of the European ABL Market. With extensive market expertise from Germany, the Netherlands and Belgium, the panel will debate the challenges, opportunities and successes they have experienced with recent ABL deals. For more information visit community.cfa.com/cfaeurope. Florida The Chapter’s August Tampa Florida luncheon, featuring a Cybersecurity Panel, was held August 30 at The Center Club in Tampa. The panelist speakers were: Kalei McElroy Blair, managing attorney, Wetherington Hamilton; Patrick Palmer, account executive officer, Travelers; Sabrina Serafin, CISA/partner, Frazier & Deeter; and Matthew Froning, founder and CEO of Security Assurance Facilitation Experts LLC. Ken Jones, business development coordinator, Wallace Welch & Willingham, served as moderator. On September 13, CFA Florida-Orlando held

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a panel, “The Need for DoddFrank Relief and the State of Banking 2017” at the Citrus Club in Orlando, FL. Alex Sanchez, president of the Florida Bankers Association was the presenter. For more information visit community.cfa.com/floridachapter. Houston The Chapter held a YoPro Happy Hour at Benjy’s on Washington in Houston on August 24. The Chapter held a Panel Luncheon, “The Annual State of the Private Equity Markets” at Vic & Anthony’s in Houston on September 13. The Chapter will hold a Lunch and Learn at the offices of Whitley Penn on September 21 discussing Energy Trends in Private Equity. The event is free to Chapter members. Save the date for a Lunch and Learn hosted by Weinstein Spira on November 2 (topic to be announced). For more information visit community.cfa.com/houstonchapter. MidSouth The Chapter will host its Sporting Clays event at the Nashville Gun Club in Nashville on September 26 with ACG-Tennessee. Dinner will follow at Maggianos. For more information visit community.cfa.com/midsouthchapter. MidWest The Chapter’s 1st Annual Brewers Outing was held at the ATI Deck in Miller Park in Milwaukee on August 10. The Chapter’s 5th Annual YoPro Summer Boat Cruise and Happy Hour was held August 14. Attendees enjoyed drinks and appetizers at Public House, then boarded a chartered boat cruise at Wendella Boats. The Chapter will host an Educational Event on October 4. For more information, visit community.cfa.com/midwestchapter.

the cfa brief

New Jersey On October 3 there will be a Chapter members-only event at Son Cubano Restaurant & Bar in the La Vista Room in West New York. On October 12 there will be a YoPro Financial Planning Seminar - A Real Life Road Map for Your Future, at the offices of Mandelbaum Salsburg in Roseland, NJ. The Chapter will hold “Technology and the Future of Commercial Finance Professionals”, a joint event with the New Jersey TMA on November 1 at the Tournament Players Club at Jasna Polana in Princeton, NJ. The event will also feature a buffet dinner. Save the date for the Chapter’s holiday party, held at the Highlawn Pavilion in West Orange, NJ on November 30. For more information, visit community.cfa.com/newjerseychapter. New York The Chapter held its Annual Golf and Tennis Outing on July 10 at the Bonnie Briar Country Club in Larchmont, NY. The event will feature a golf practice range and golf clinic where golfers can register for one free golf clinic session. There were separate golf clinic day options, including three golf clinic sessions. There was also a cocktail reception, dinner and awards ceremony from 5:30-8:30 p.m. For more information, visit community.cfa.com/newyorkchapter. Philadelphia The Chapter will hold an October Educational Event on October 12 at Drexel University in Philadelphia, PA. Save the date for the Chapter’s Annual Joint Holiday Networking Event on December 7 at the Loews Philadelphia Hotel in Philadelphia, PA. The networking gathering will also be held with the Philadelphia Chapter of the Turnaround Management Association and the Bankruptcy Committee of the Philadelphia Bar Association. Attendees will enjoy spectacular views

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Cedar Croft Consulting was a proud sponsor of the CFA New York Chapter Golf Outing at Bonnie Briar Country Club, Larchmont, NY. Pictured at hole 7: Patrick Walsh, Cedar Croft Consulting; Anthony Stumbo, Reimer & Braunstein; Jeffrey Bardos, Speritas Capital Partners; and Mark Reiner, IDB Bank.

of Philadelphia, 33 floors above the hustle and bustle of the busy streets below. Bring plenty of business cards to share with new and old acquaintances, while sipping cocktails and sampling delicious hors d’oeuvres. For more information, visit community.cfa.com/philadelphiachapter. Southwest The Chapter held a panel entitled “Critical Issues Update: Mezzanine Financing” on August 16 at McGuire Woods in Dallas, TX. The Chapter’s Sporting Clay Challenge was held on August 30 at Elm Fork Shooting Range in Dallas, TX and The Chapter’s Sixth Annual Energy Summit was held at the Belo Mansion on September 12. The keynote speaker was Texas Lt. Governor Dan Patrick. Save the date for PEGapalooza 2017, Dealmaker Wine & Whiskey Tasting on November 15 at 3015 at Trinity Groves in Dallas, TX. For more information, visit www.cfasw.org For more information on CFA Chapters, please visit cfa.connectedcommunity. org/chaptersmain

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CALENDAR September 13, 2017 CFA’s Houston Chapter Annual State of the Private Equity Markets Panel Luncheon - Houston Chapter Vic & Anthony’s Steakhouse Houston, TX September 13, 2017 The Need for Dodd-Frank Relief and the State of Banking 2017 Citrus Club Orlando, FL September 19, 2017 CFA’s California Chapter Women of CFCC Event Location: TBD September 21, 2017 CFA’s Houston Chapter - Whitley Penn Lunch & Learn Offices of Whitley Penn Houston, TX September 22, 2017 CFA’s Minnesota Chapter Lunch and Learn Gray Plant Mooty Law Offices Minneapolis, MN September 26, 2017 CFA’s MidSouth Chapter Sporting Clays Nashville Gun Club Nashville, TN September 26, 2017 CFA’s Atlanta Chapter – Golf Outing Rivermont Country Club Johns Creek, GA September 26 – 27, 2017 CFA’s Fall ABL & Factoring Basics Workshop Exact location: TBD, Chicago, IL

September 27, 2017 Annual Cross-Border Lending Summit Winston & Strawn New York, NY September 28, 2017 Women in Commercial Finance Conference Wells Fargo Conference Center New York, NY September 28, 2017 CFA 40 Under 40 Awards Celebration The Pierre Hotel New York, NY October 10, 2017 Women of CFCC Event Wine Tasting & Skincare Upstairs II Los Angeles, CA October 3, 2017 CFA’s New Jersey Chapter Members – only Event Son Cubano Restaurant & Bar West New York, NJ October 4, 2017 CFA’s California Chapter Hot Topic Panel Discussion Luxe Summit Hotel Los Angeles, CA October 4, 2017 CFA’s Midwest Fall Educational Event (Save the Date) The Standard Club Chicago, IL

October 12, 2017 CFA’s New Jersey Chapter - YoPro Financial Planning Seminar - A Real Life Road Map for Your Future The Offices of Mandelbaum Salsburg Roseland, NJ October 2017 CFA’s California Chapter Annual Fall Golf Classic Date and Location: TBD October 19, 2017 CFA’s Atlanta Chapter – Educational Breakfast Event McGuireWoods Atlanta, GA November 1, 2017 Technology and the Future of Commercial Finance Professionals - Joint with NJTMA Tournament Players Club at Jasna Polana Princeton, NJ November 2, 2017 CFA’s Houston Chapter Weinstein Spira Lunch & Learn Weinstein Spira Location TBD November 8 – 10, 2017 CFA’s 73rd Annual Convention Sheraton Chicago Hotel & Towers Chicago, IL November 10, 2017 CFA’s Minnesota Chapter - Lunch and Learn Exact location TBD

October 4, 2017 CFA’s Europe Chapter Event - Amsterdam NautaDutilh Amsterdam, The Netherlands

November 15, 2017 Sponsor Panel Center Club - Orange County Costa Mesa, CA

October 12, 2017 CFA’s Philadelphia Chapter – Educational Event Drexel University Philadelphia, PA

November 15, 2017 CFA’s Southwest Chapter - PEGapalooza 2017 Dealmaker Wine & Whiskey Tasting 3015 at Trinity Groves Dallas, TX

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AD INDEX ABL Soft Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.ablsoft.com. . . . . . . . . . . . . . . . . . . . . . . . . . . Page 4 Advance Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.AdvancePartners.com . . . . . . . . . . . . . . . Page 65 Bank of America Merrill . . . . . . . . . . . . . . . . . . . . . . www.bofaml.com/businesscapital . . . . . . . Page 51

November 30, 2017 CFA’s New Jersey Holiday Party Highlawn Pavilion, Eagle Rock Reservation, West Orange, NJ

Bibby Financial Services (Canada), Inc. . . . . . www.bibbycanada.ca/ . . . . . . . . . . . . . . . . . . . . . Page 31 Blank Rome LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.blankrome.com . . . . . . . . . . . . . . . . . . . . . . Page 41 BMO Harris Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.bmoharris.com/abl . . . . . . . . . . . . . . . . . . Page 67 Choate Hall & Stewart LLP . . . . . . . . . . . . . . . . . . . www.choate.com/ . . . . . . . . . . . . . . . . . . . . . . . . . . Page 123 CIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.citgroup.com . . . . . . . . . . . . . . . . . . . . . . . . . Page 80

November 30, 2017 CFA’s Midwest Chapter Annual Holiday Party Boleo Chicago, IL

Citizens Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.citizensbank.com/commercial . . . . . Page 19

December 7, 2017 CFA-TMA Philadelphia Annual Joint Holiday Networking Event Loews Philadelphia Hotel Philadelphia, PA

Goldberg Kohn Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . www.goldbergkohn.com . . . . . . . . . . . . . . . . . . Page

Save the date December 7, 2017 CFA’s Atlanta Chapter Holiday Party with TMA

Crestmark Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.crestmark.com . . . . . . . . . . . . . . . . . . . . . . . Page 27 Freed Maxick ABL Services . . . . . . . . . . . . . . . . . . . www.freedmaxick.com . . . . . . . . . . . . . . . . . . . . Page 120 Gemino Healthcare Finance, LLC . . . . . . . . . . . . www.gemino.com . . . . . . . . . . . . . . . . . . . . . . . . . . Page 3 GlassRatner Advisory & Capital Group LLC . . www.glassratner.com . . . . . . . . . . . . . . . . . . . . . . Page 17 Gordon Brothers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.gordonbrothers.com . . . . . . . . . . . . . . . . Pages IFC and 93 Greenberg Traurig, LLP . . . . . . . . . . . . . . . . . . . . . . . www.gtlaw.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 45 Hilco Global . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.hilcoglobal.com . . . . . . . . . . . . . . . . . . . . . . BC HPD Software, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.hpdsoftware.com . . . . . . . . . . . . . . . . . . . . IBC Provident Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.provident.bank.com . . . . . . . . . . . . . . . . . Page 118 Liquidity Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.liquidityservices.com. . . . . . . . . . . . . . . . Page 115 Marquette Business Credit . . . . . . . . . . . . . . . . . . www.marquettebusinesscredit.com . . . . . Page 111 MB Financial Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.mbfinancial.com . . . . . . . . . . . . . . . . . . . . . Page 99 McMillan LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.mcmillan.ca . . . . . . . . . . . . . . . . . . . . . . . . . . Page 47

December 12, 2017 CFA’s Europe Chapter Winter Networking Party The Aon Centre, The Leadenhall Building London

MidCap Financial Services, LLC . . . . . . . . . . . . . . www.midcap.com . . . . . . . . . . . . . . . . . . . . . . . . . . Page 21 Morgan Lewis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.morganlewis.com. . . . . . . . . . . . . . . . . . . . Page 127 North Mill Capital LLC . . . . . . . . . . . . . . . . . . . . . . . . www.northmillcapital.com . . . . . . . . . . . . . . . . Page 53 Otterbourg P.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.otterbourg.com . . . . . . . . . . . . . . . . . . . . . . Page 39 Paul Hastings LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.paulhastings.com . . . . . . . . . . . . . . . . . . . Page 43

December 13, 2017 CFA’s California Chapter Holiday Party Sheraton Universal Universal City, CA

Phoenix Management Services . . . . . . . . . . . . . www.phoenixmanagement.com/firstcall Page 2 PNC Business Credit . . . . . . . . . . . . . . . . . . . . . . . . . . www.pnc.com/donedeal. . . . . . . . . . . . . . . . . . . Pages 49 and 83 ExWorks Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.exworkscapital.com . . . . . . . . . . . . . . . . . Page 75 Regions Business Capital . . . . . . . . . . . . . . . . . . . . www.regionsbusinesscapital.com . . . . . . . . Page 69 Republic Business Credit, LLC . . . . . . . . . . . . . . . www.republicbc.com . . . . . . . . . . . . . . . . . . . . . . Page 77 Rosenberg & Fecci Consulting LLC . . . . . . . . . . www.rosenbergandfecci.com . . . . . . . . . . . . . Page 35 Siena Lending Group . . . . . . . . . . . . . . . . . . . . . . . . . www.sienalending.com . . . . . . . . . . . . . . . . . . . . Page 29 SunTrust Robinson Humphrey . . . . . . . . . . . . . . www.suntrustrh.com . . . . . . . . . . . . . . . . . . . . . . Page 87 The PrivateBank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.theprivatebank.com . . . . . . . . . . . . . . . . Page 73 U.S. Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.usbank.com/abf . . . . . . . . . . . . . . . . . . . . . Page 61 Utica Leaseco, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . www.uticaleaseco.com . . . . . . . . . . . . . . . . . . . . Page 116 Wells Fargo Capital Finance . . . . . . . . . . . . . . . . . www.wellsfargocapitalfinance.com. . . . . . Pages 23, 57, 63 and 85 White Oak Commercial Finance, LLC. . . . . . . . www.whiteoaksf.com . . . . . . . . . . . . . . . . . . . . . . Page 25 William Stucky & Associates, Inc. . . . . . . . . . . . . www.stuckynet.com . . . . . . . . . . . . . . . . . . . . . . . Page 1 Winston & Strawn LLP. . . . . . . . . . . . . . . . . . . . . . . . www.winston.com . . . . . . . . . . . . . . . . . . . . . . . . . Page 5 Xynergy Capital Group LLC . . . . . . . . . . . . . . . . . . www.xynergycapital.com . . . . . . . . . . . . . . . . . Page 128

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We are proud to support the COMMERCIAL FINANCE ASSOCIATION

40 UNDER 40 awards honoring the achievements of young professionals in the commerical finance industry

CHAPTER SPOTLIGHT

the cfa brief

Leaders representing ten of CFA’s chapters gathered at the Hotel Van Zandt in Austin Texas, June 21-23, to hold their annual “meeting of the minds.” The purpose of the Summit is to discuss current chapter issues and strategy. Chapter leaders from each gave a short presentations on the area in which their chapter excels, from eliciting sponsorship donations, to membership growth to engaging our young professionals community, YoPro!. This is the second year of the Chapter Summit, and at CFA we are thrilled to be able to bring together leaders that fuel the

Association at a grassroots level. Through ongoing discussion and also a bit of fun, the chapters leaders all gained knowledge from their peers that they will be able to bring back home to make their chapters shine. Brendan Cronin, from the Northern California chapter, said, “The program is very helpful for chapter leaders to share feedback on the pros and cons of running a CFA chapter. I have learned quite a few things that I would have never learned unless I attended the program.” From chapter to chapter there are different challenges, but the core knowledge

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and best practices are the same across all chapters. Whether a chapter has been around a long time or is just getting started, the chapter workshop offered a little something for everyone. Nimit Kapoor highlighted how essential the program has been for the Florida chapters. “The chapter leaders meeting helps connect chapter presidents together in an effort to shape the foundation for next year’s success. I can directly attribute a $15K turnaround to last year’s meeting.” We look forward to continuing to support our local chapters and helping them grow.

legal notes

or this issue, we have selected a recent case addressing intercreditor agreements and the rights of senior lenders to modify the terms of their loan agreements with borrowers without the consent of junior lenders. JONATHAN HELFAT AND RICHARD KOHN CFA CO-GENERAL COUNSEL Bowling Green Sports Center, Inc. v. G.A.G. LLC, 2017 IL App (2d) 160656, 77 N.E.3d 728 (Ill. App.Ct. 2d Dist. 2017). The Appellate Court of Illinois, following courts in New York, Massachusetts and Missouri, reminds us in Bowling Green Sports Center v. GAG LLC, that in the absence of an intercreditor agreement expressly stating otherwise: (1) a senior lender modifying the terms of an underlying loan without the consent of the junior lender, will relinquish its priority with respect to the additional “senior debt”, and (2) if the modification substantially impairs the junior lender’s security interest or destroys its equity, a court will wholly divest the senior lender of its priority and elevate the junior lender to a position of superior-

THE LEGAL SIDE OF ABL & FACTORING

ity. Bowling Green Sports Center v. GAG LLC at 732. In Bowling Green, defendant GAG borrowed $3.4 million from Gold Coast Bank and $405,000 from Bowling Green to finance the purchase of a bowling alley. Significantly, Gold Coast Bank and Bowling Green entered into an intercreditor agreement that provided, in relevant part, that: (1) Gold Coast Bank would not “amend or otherwise modify the [Senior Loan Documents] or otherwise permit the [Senior Loan Documents] to be changed without the prior consent of Bowling Green”; (2) Bowling Green, as the junior creditor, would not try to collect the junior indebtedness until Gold Coast Bank was paid in full; and (3) all agreements and obligations of Bowling Green under the intercreditor agreement “shall remain in full force and effect irrespective of any [amendment] of the Senior Loan Documents.” Id. at 730-731. Several months after Gold Coast Bank entered into the intercreditor agreement, GAG and Gold Coast Bank amended the Senior Loan Documents to increase the amount of the loan by $51,000. Significantly, Gold Coast Bank did not obtain consent to amend the Senior Loan Documents from Bowling Green prior to making the additional loan. Bowling Green subsequently sued GAG for breach of contract to collect the junior indebtedness, despite the fact that Gold Coast Bank had not been repaid. Gold Coast Bank intervened in the action, seeking to have Bowling Green’s complaint dismissed based on the intercreditor agreement. Specifically, Gold Coast Bank argued that, pursuant to the intercreditor agreement, Bowling Green could not bring a claim to recover its debt until Gold Coast Bank’s senior indebtedness had been paid in full. The trial court agreed and dismissed the complaint. Bowling Green appealed, arguing that Gold

Coast Bank breached the intercreditor agreement by increasing the amount of the senior indebtedness without its consent; consequently, Bowling Green argued, Bowling Green was not bound by the limitation in the intercreditor agreement precluding it from bringing a lawsuit against GAG until Gold Coast Bank was paid in full. The Appellate Court of Illinois, Second District, held that “a senior lender’s failure to obtain a junior lender’s consent results in the modification being ineffective as to the junior lender and the senior lender relinquishing to the junior lender its priority with respect to the modified terms,” but that Gold Coast Bank did not relinquish its priority with respect to the original amount since the amendment did not “substantially impair” Bowling Green’s interests. Bowling Green Sports Center v. GAG LLC at 732. The court noted that this was consistent with precedent in other states that have considered the issue as well as the Restatement (Third) of Property. Id., citing Burney v. McLaughlin, 63 S.W.3d 223, 229-34 (Mo. Ct. App. 2001); Shultis v. Woodstock Land Development Associates, 188 A.D.2d 234, 594 N.Y.S.2d 890, 892 (1993); Shane v. Winter Hill Federal Savings & Loan Ass’n, 397 Mass. 479, 492 N.E.2d 92, 95 (1986). Notably, the court made clear that, even if the intercreditor agreement had not included a provision that required Gold Coast Bank to obtain Bowling Green’s consent before modifying the terms of the Senior Loan Documents, the result would have been the same based upon the Restatement and courts that have considered the issue. Id. at 733. Equally significant, although the additional $51,000 loan by Gold Coast Bank was not “materially significant in the defendants’ inability to repay Bowling Green”, given the total amount was owed to Gold Coast Bank, the Appel-

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legal notes

late Court warned that where a senior creditor modifies its loan documents in a manner that is found to “substantially impair the junior lender’s security interest or effectively destroy its equity,” the modification may “wholly divest the senior lender of its priority and elevate the junior lender to a position of superiority.” Id. at 732. The decision in Bowling Green does not establish a bright-line rule regarding the types of modifications that would constitute “substantial impairment”; however, the opinion does provide several examples of extreme modifications that courts have found to constitute “substantial impairment” and warrant rearranging the priorities between the senior and junior creditors : (1) where the senior lender increased its loan to the borrowers

from $2.2 million to $20 million and (2) where the modification reduced the principal amount, but raised the interest rate from 6.25 percent to 10 percent and shortened the maturity of the note from 30 years to 10 months with a balloon payment at the end. Id. at 733. While these modifications are extreme, lenders should be aware that the determination of what constitutes “substantial impairment” is a factspecific inquiry that will be made on case-by-case basis. The Appellate Court’s decision in Bowling Green provides several lessons for senior lenders: first, senior lenders should insist not only upon clear provisions that subordinate the junior lender’s security interests and rights to payment, but also the express permission to make specific types of

modifications to the terms of the senior indebtedness – particularly the amount of the indebtedness, the interest rate and maturity date; second, if a senior lender is party to an intercreditor agreement that does not expressly provide the right to increase the amount of senior indebtedness or make other modifications to the key terms, senior lenders should obtain the written consent of the junior lender parties to the intercreditor agreement; as Bowling Green illustrates, the consequences of failing to obtain such consent can be significant. TSL Jonathan N. Helfat, partner, Otterbourg P.C., and Richard M. Kohn, partner, Goldberg Kohn, are CFA co-general counsel.

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TSL OPINION COLUMN

ordan M. Klein of Winston Strawn discusses the importance of young talent, from your organization, to the NBA. Whether your industry is banking, law, consulting, private equity, technology, medicine, or professional sports, in order to position your organization for sustained levels of success, you need to value your young talent as you would stocks or real estate — as assets, or things that are valued based on their potential to create future value. It’s no secret that the organizations that do this can propel themselves to previously unseen heights because they’ve learned how to identify, and then keep, elite, young talent within their ranks. The latest example of this is the NBA’s Golden State Warriors. From 1994-2011, the Warriors compiled a regular-season win-loss record of 536-892. That’s a win percentage of .375. In that 18-year period, they had 20 first round draft picks — selecting at or near the top of the NBA Draft almost every year. They had a consistent pipeline to the best, young talent available at the time, year after year — and in some years, they drafted a player whom many experts considered to be the best available player. To boot, they played in the Bay Area – a basketball-crazed area with plenty of fans rabid (and wealthy) enough

to afford tickets to 41 home games every year, and with plenty of nonbasketball-related qualities to attract high-profile free agents. During that span, they went to the playoffs once. In 18 years. In those 18 years, they ranked, on average, in the bottom 25% of the NBA in average attendance. For almost two decades, they allowed to leave, or traded, nearly every young asset they had, and replaced those young assets with older, more established players – whose potential for future growth was nearly zero, but whom had higher absolute value when replacing the young talent. Meanwhile, several of those young players went on to enjoy stellar careers and success with other NBA franchises. Fast forward to June 2017. The Warriors just won their second NBA title in three years. Barring injury to key personnel, they will remain a championship-level team for the foreseeable future. They went from being a bottom-of-the-barrel franchise, to being the gold standard in the NBA in a span of seven years. How’d they do it? It’s because the organization began to value its employees like you and I do stocks, or real estate. It started to value their people as assets – again, things that are valued based on their potential to create future value. In 2010, after several years of marked irrelevance and a “we’re playing checkers while everyone else is playing chess” developmental culture, the Warriors were purchased for $450 million by two men, a venture capitalist and an entertainment executive. They continued drafting young, very talented collegiate basketball players – just like they had in the 18 years prior. They selected Stephen Curry,

a prolific 21-year old shooting guard many scouts questioned could handle a position change to point guard in the NBA. Later, in 2011, they drafted another 21-year old shooting guard, Klay Thompson, who was considered by many to be a jack of all trades, but a master of none. In 2012, the Warriors drafted two players: Draymond Green, a 22-year old “tweener” – a player thought by many to be too small to play one or more positions in the NBA, and too unskilled to play the others; and Harrison Barnes, a 20-year-old small forward embodying the physical prototype, but a player many thought lacked the “fire” necessary to become dominant. They remained active in the free agent market – signing players whose contracts with other teams had expired – just as they had always done. Measured by average age, they had one of the youngest rosters in the NBA. The differences under new ownership, though, were twofold: (1) based on what they identified as an inefficient market, the Warriors started recognizing assets that were undervalued by the rest of the NBA because of their youth, inexperience, past performance, or pedigree, and hired them; and (2) the Warriors gave those assets time to grow into their roles, and realize the increase in value that the organization had projected for them when they were first purchased. The Warriors made it a priority to carefully identify young talent, and then nurture it by allowing that talent to have opportunities (and experience failures) that the organization was previously too conservative to tolerate. Essentially, they rolled the ball out onto the court and let their young kids learn, on the job, how to win. The results are impressive: two out of the last three NBA titles, a player

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(Stephen Curry) who has won two regular-season MVP awards, average attendance in the top ten of the NBA, and a franchise now valued at $2.6 billion by Forbes. This story isn’t unique to professional sports. It translates to every industry represented at the CFA 40 Under 40 Awards celebration this year. In the business world, how many times have we heard stories of young, talented people starting their careers with an organization that initially affords them room for growth, but later stifles their advancement, or opts for someone else’s experience over their potential, because it’s safer and may provide more immediate returns? Meanwhile, that young talent leaves for an employer that does value their

potential for growth, and realizes it under another roof. I bet you know of someone with that career arc. Maybe it’s even yours. Identifying the potential in young talent isn’t easy. It’s not supposed to be – nobody has built a time machine out of a DeLorean just yet, so we can’t travel into the future to see who will become what. One thing is for sure, though, generally speaking, people don’t invest in an asset, hoping that its value remains static. If your firm is having a hard time retaining its young assets, it might be time to modify your investment strategy. TSL

LLP. He was a recipient of the CFA’s 2016 40 Under 40 Award, D Magazine’s “Best Lawyers in Dallas” award for Banking and Finance in 2016 and 2017, and The M&A Advisor’s Emerging Leaders award in 2017. Klein has extensive experience advising clients in asset-based, cash flow, leveraged, and other finance transactions, and is recognized as one of the country’s go-to lawyers in the lender finance space.

Jordan Klein is a founding partner of the new Dallas office of Winston & Strawn

tsl

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