Hamilton-based First Bank has opened a new specialty financing group that will provide more options for business owners and entrepreneurs today. Michael Maiorino will head the asset-based lending unit as president.
Maiorino has worked in specialty financing since the 1980s, building out similar businesses for several banks. He has held positions as executive vice president and president of People’s United Business Capital, executive vice president and division president of Sovereign Business Capital, as well as division president at Fleet Capital, which is now Bank of America Business Capital, responsible for the business finance division.
“We understand the challenges businesses encounter,” said First Bank President and CEO Patrick L. Ryan. “Mike has valuable experience introducing asset-based lending at several banks throughout his career. This new product underscores our commitment to remaining nimble, creative and responsive to the needs of our business community. We view asset-based lending as an extension of the type of lending we already do and intend to manage it as a business unit and not simply another service. Mike will be building out his team with experienced professionals, having business development folks and back-office support staff, both so important to doing this successfully.”
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