U.S. Bancorp, parent company of U.S. Bank, announced that Gunjan Kedia will be its new President, reporting to Andy Cecere, who will retain the title of Chairman and CEO.In this role, Kedia, 53, will oversee the company’s three business lines, ensuring a shared focus on growth and holistic client experiences across its entire network.“During her more than seven years with U.S. Bank, Gunjan has shown herself to be a visionary leader who understands our business and is driven to help us perform at
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Reuters reported apparel retailer rue21 filed for Chapter 11 bankruptcy protection for a third time and is seeking to shut down its 540 stores and sell its intellectual property. Read the full Reuters news story here.
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Bowman Consulting Group entered into a $100 million aggregate revolving credit agreement with Bank of America as Administrative Agent, and TD Bank as Syndication Agent. With a five-year term, the Credit Agreement replaces the Company’s $70 million revolving line of credit with Bank of America. The general provisions of the Credit Agreement are similar to the predecessor credit facility.“This expanded credit facility reflects our long-term partnership with Bank of America and adds a new
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Comerica announced Floyd Kessler has been named to the new role of Executive Vice President, Chief Business Risk and Controls Officer. Kessler will report to Peter Sefzik, Chief Banking Officer.Kessler will lead the Business Risk and Controls Office for Commercial Bank, Marketing, Customer Experience, the Retail Bank and Wealth Management, helping drive transformation of risk and control functions across all of Comerica's revenue divisions."Fostering a strong risk and control culture remains a
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Grant Thornton announced a new leader for the Chicago market. Arla Lach, an Audit and Assurance partner who has been with Grant Thornton nearly 25 years, will succeed Mark Sullivan. Sullivan is retiring after a successful, decades-long career, including more than 14 years with the firm. Lach and Sullivan are working closely to ensure a seamless transition, and Lach’s term as market managing partner will officially begin on June 1. Between Grant Thornton’s Chicago and Downers Grove offices, she
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A majority of small and mid-sized business owners expect their revenues to increase this year, and their worries over a recession have declined substantially, according to the 2024 Bank of America Business Owner Report, conducted in partnership with Bank of America Institute. While business owners remain mindful of the impacts of inflation and interest rates on their bottom lines, both concerns have lessened since Spring 2023. And despite some lingering uncertainties over the broader economy
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Nevada Fabrics Company announced the refinancing of the company’s existing senior debt under a new credit agreement with Uncaged Capital. This will provide additional availability over the current senior debt and extends the maturity date of the company’s senior debt.The Uncaged Capital facility provides senior secured financing of $22.9 million to Nevada Fabrics Company, Inc. The proceeds from the new credit facility were used to extinguish the amounts outstanding under the existing loan
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As part of its continued expansion of its lending business, Gordon Brothers has hired Mark Bohntinsky as Global Head of Credit. Bohntinsky oversees Gordon Brothers’ credit quality, setting portfolio strategy and partnering with key lending stakeholders globally, including Kyle Shonak, Head of North America Lending, to expand the firm’s capital base and pursue a wider array of lending opportunities. Additionally, he is a member of the investment committee. Bohntinsky joins Gordon Brothers’
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Small business filings, captured as subchapter V elections within chapter 11, increased 60 percent to 233 in April 2024 from 146 in April 2023, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. Commercial chapter 11 filings increased 40 percent in April 2024 to 542 from the 387 filings in April 2023. Overall commercial filings increased 39 percent in April 2024 to 2,569 from 1,846 in April 2023.The 45,592 total U.S. bankruptcy filings in April 2024
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Christopher J Murphy III, Chairman and CEO of 1st Source Corporation and Chairman of 1st Source Bank announced that as part of 1st Source’s long-term succession planning, the Board of 1st Source promoted Andrea G. Short to President of 1st Source Corporation. Prior to this promotion, she served as Executive Vice President of the Corporation and will continue to serve as President and CEO of 1st Source Bank. She will also remain a member of the Board of Directors of both 1st Source Corporation
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SVB Financial Group entered into a definitive agreement under which a newly created entity affiliated with Pinegrove Capital Partners ("Pinegrove") and backed by permanent capital from Brookfield Asset Management ("Brookfield") and Sequoia Heritage, will acquire the Company's investment platform business, SVB Capital. Under the terms of the agreement, SVB Capital would be acquired for a combination of cash and other economic consideration.Pinegrove is a capital solutions partner for the venture
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EisnerAmper announced that the partners and colleagues of Boston, Massachusetts-based CPA firm Edelstein & Company, LLP, are joining EisnerAmper in a combination expected to close in June 2024.Founded in 1968, Edelstein has 11 partners and a staff of more than 150 professionals. Named a top accounting firm in Massachusetts by the Boston Business Journal, Edelstein offers accounting, tax and advisory services for the food and beverage, healthcare, financial services, nonprofit, real estate
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Sunflower Bank hired four experienced commercial banking teams in Southern California. Southern California’s commercial banking market will be the largest market for Sunflower Bank and provides an opportunity to continue the expansion of its relationship banking model for middle market clients.James Canepa joined Sunflower Bank in April 2024 to lead the new teams as Executive Vice President & Regional President. In this role, Canepa is responsible for the strategy, management and growth of
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eCapital Corp. closed a $5 million non-notification ledger line factoring facility for a private equity-backed medical supply company.The client, a Canadian-based medical supply company selling products to the biomedical and pharmaceutical industries in Canada, Europe, and the U.S., recently obtained FDA approval for its main product, complementing existing approvals from Health Canada and the European Union. With this significant milestone, the company, projecting a surge in U.S. sales
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Ann Huynh has joined Getzler Henrich & Associates as a Managing Director and Co-Head of the firm’s Houston office. Huynh has over two decades of expertise in corporate restructuring, energy investment banking, and strategic financial advisory. With a focus on corporate restructuring, mergers & acquisitions, energy/infrastructure finance, performance improvements, and interim management, she has successfully led numerous clients through both in-and out-of-court restructuring and M&A
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