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Crestmark Announces Organizational Changes

February 09, 2022, 08:02 AM
Filed Under: Industry News

Crestmark, the Commercial Finance Division of MetaBank, N.A., announced a series of organizational changes as part of a company-wide initiative to enhance customer experience and improve operational execution.
“Refocusing our organizational structure gives us the ability to serve our customers’ unique financing needs,” said Christopher Soupal, Crestmark Division President. “As we continue our quest to provide a best-in-class customer experience, we’ve re-organized the business with the customer at the center, merging business lines to enhance alignment and integration for exceptional customer service and future growth.”

  • Crestmark’s Business Credit group and Commercial Capital group have merged to create the newly formed Working Capital Finance business unit. Crestmark was founded on the concept to provide an asset-based lending solution for niche industries with integrity and professionalism. As an important ongoing focus, the shared expertise and range of products align this group for better resource management to accelerate capabilities in meeting new business sector demands. Steve Gross leads the Working Capital Finance business unit on an interim basis. Gross, who has over 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.
  • Crestmark Equipment Finance and Crestmark Vendor Finance have merged into one Equipment Finance business unit. Equipment finance remains an area of growth for the company, and this realignment increases opportunity for efficiencies, provides synergies between the teams, and allows for improved customer experience across the small- and large-ticket equipment client base. Rick Pierman, previous Equipment Finance business unit President, continues as lead, overseeing the consolidated equipment finance entity. Pierman, with more than 20 years of experience in the equipment finance sector, five years with Crestmark, will focus on synergies of processes and efficient management of capacity in this busy segment.
  • Crestmark’s Government Guaranteed Lending (GGL) group has been renamed Structured Finance. This new name better describes the group’s product offerings and aligns with future growth potential. 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 continues to strategically grow the product portfolio to further assist businesses in a tough economy. David Menoian remains lead of the newly named Structured Finance group. Menoian will focus on accelerating product diversity and positioning 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.

Division Shared Services Promotions

Division shared services promotions have also been implemented to positively impact organizational capabilities. These changes provide expanded utilization of resources and align strategic implementation across the company’s service model.

  • Larry Pearce has been newly appointed as Chief Lending Officer. Pearce is responsible for approving credit for new and existing Commercial Finance clients and will chair the credit approval committees. A veteran of the commercial finance industry, Pearce has been with the company since 2005 and has held senior leadership roles within Crestmark for nearly 10 years.
  • Matt Barbuscak has been named Chief Control Officer. During his more than 35 years in finance he has held positions specific to portfolio management and operations management. Barbuscak will monitor the management of portfolio risk in Commercial Finance, with a focus on client service and expanded organizational growth.
  • James Farrell has been appointed National Sales Manager. With a goal to improve division product awareness and cross-sell opportunities. Farrell oversees the Working Capital Finance and Equipment Finance sales teams while focusing on strategic initiatives to expand marketplace presence. He has over 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,” said Anthony Sharett, MetaBank President. “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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