Crestmark Combines Equipment Finance and Vendor Finance Groups, Among Other Changes
FEB 9, 2022 - 6:31 am
Crestmark, the commercial finance division of MetaBank, made a series of organization changes, including merging its business credit and commercial capital groups to create a newly formed working capital finance business unit and merging Crestmark Equipment Finance and Crestmark Vendor Finance into a single equipment finance business unit.
“Refocusing our organizational structure gives us the ability to serve our customers’ unique financing needs,” Christopher Soupal, division president for Crestmark, said. “As we continue our quest to provide a best-in-class customer experience, we’ve reorganized the business with the customer at the center, merging business lines to enhance alignment and integration for exceptional customer service and future growth.”
Steve Gross will lead the working capital finance business unit on an interim basis. Gross, who has more than 35 years of experience in developing structured commercial financing programs in both bank-affiliated and privately held companies, will initially focus on expanded services in helping businesses meet capital needs secured by asset-based lending based on a company’s accounts receivable, equipment and inventory.
Rick Pierman, previously business united president of Crestmark Equipment Finance, will continues to lead, overseeing the consolidated equipment finance entity. Pierman has more than 20 years of experience in the equipment finance sector and five years with Crestmark, and will focus on synergies of processes and efficient management of capacity in this segment.
In addition to the creation of single working capital finance and equipment finance groups, Crestmark renamed its government guaranteed lending group its structured finance group. A preferred SBA lender since 2016 and noted by the USDA as a top national lender for 2021 USDA REAP/B&I/CARES programs, this business unit will continue to grow the company’s product portfolio to further assist businesses.
David Menoian will continue to lead the newly renamed structured finance group. Menoian will focus on accelerating product diversity and positioning the company for continued growth to meet the demands within an evolving market. Menoian has been with Crestmark for nine years and has led the group for two years.
On top of organizational restructurings, Crestmark promoted Larry Pearce to chief lending officer, Matt Barbuscak to chief control officer and James Farrell to national sales manager.
Pearce will be responsible for approving credit for new and existing commercial finance clients and will chair the credit approval committees for Crestmark. Pearce has been with the company since 2005 and has held senior leadership roles within Crestmark for nearly 10 years.
During his more than 35 years in finance, Barbuscak has held positions specific to portfolio management and operations management. Barbuscak will monitor the management of portfolio risk for Crestmark’s commercial finance businesses.
Farrell will oversee the working capital finance and equipment finance sales teams while focusing on initiatives to expand marketplace presence. He has more than 25 years of experience as a financial executive in the areas of capital formation and financing, turnaround management and business development.
“The strategic realignment of our commercial finance division allows us to deliver flexible capital solutions to our customers when they need it most,” Anthony Sharett, president of MetaBank, said “We are committed to our vision of financial inclusion for all and to providing financial access and opportunities to businesses nationwide.”
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