As summer comes to a close, here is a recap of recent asset-based lending (ABL) moves from leadership changes to new entrants. The famous quote, “There are decades where nothing happens; and there are weeks where decades happen” — perfectly captures the quiet but profound reordering happening in ABL right now. For years—decades even—the ABL market moved in slow, predictable cycles. Leadership turnover was rare, Institutions prized continuity and platforms, whether bank or non-bank, played from a similar strategic playbook. But suddenly, and almost simultaneously, many names at the top are changing. The shifts are not noisy, but they are foundational. And they signal something deeper than normal succession planning.
Bank leadership changes used to happen slowly, often under the radar, and were typically the result of retirements or internal promotions. But the tone of these transitions feels different today. Today it feels like recalibration, not succession. The following banking institutions have had ABL leadership changes at the top: Fifth Third Bank, The Huntington National Bank, Flagstar Bank, First Merchants Bank, First Business Bank, MidFirst Bank, Banc of California and Hanmi Bank, among others. The leadership changes we are seeing are not just human resources decisions, they are market signals. In an industry that has always valued consistency, the pace and scale of these shifts are telling. They suggest that institutions—some proactively and others reactively—are preparing for a new chapter that looks fundamentally different from the last one.
Weeks where decades happen is the definition of non-bank ABL right now. The players are changing, and the mandates are evolving. And the market is watching closely to see which platforms are truly adapting—and which are just renaming offices. There will always be room for experience in this business, but experience without vision is not strategy. As the next generation steps forward, the smart firms are making sure they are not just passing torches; they are lighting new paths. New entrants over the past few years include Archway Capital (just recently), Legacy Corporate Lending, Mountain Ridge Capital, SG Credit Partners, Oxford Finance and Aequum Capital. New leadership changes (C Suite) include firms such as SouthStar Capital (just announced), Oxford Finance (just announced), Aequum Capital (just announced), Siena Lending Group and Iron Horse Credit, among others. We can only presume more changes are on the horizon.
The question everyone should be asking is why now? Is it timing or cycle-driven? Is it indicative of investors shifting towards safer assets, or just simply a number of unrelated events happening in a short span? The root cause does not seem to be self-evident to many, but the changes certainly are. This sea change may not make front-page news, but in the tight-knit world of ABL, it is the equivalent of a tectonic shift. Leadership transitions are often lagging indicators of deeper market movements. In this case, they may be leading ones. Beneath the surface, this wave of changes reflects more than just succession planning. The compensation structures and decision styles that once defined success do not translate cleanly to a market now fueled by private credit, tighter regulation, and borrower expectations for speed and creativity. Boards are recognizing that experience alone is not a strategy. They are pivoting toward leaner, more adaptive leadership that can meet the moment. Call it recalibration; call it a generational reset—but either way, ABL is being rewired for the next cycle.
As always, the market will reward those who adapt—and quietly retire those who do not. Stay tuned for more moves before the trade deadline.