OAKLAND, Calif., Nov. 15, 2022 (GLOBE NEWSWIRE) -- California Bank of Commerce (CBC) has formed a new division to focus on existing specialty lines of business. The division will look to expand both credit and treasury solutions to the Bank’s commercial markets. Known as CBC Specialty Banking, the division offers a broad asset based lending platform, CBC Asset Based Lending, ranging from turnarounds to early- and mid-stage companies through acquisitions (both sponsor and non-sponsor). It also includes the Bank’s existing sponsor finance products, now called CBC Sponsor Finance, working with private equity firms, SBICs and direct lenders to leverage cash flow for acquisitions.
Currently CBC Specialty Banking serves clients nationwide. Executive Vice President Larry LaCroix is spearheading the division with the support of nearly two dozen experienced bankers. LaCroix formed California Bank of Commerce’s successful sponsor finance offering in 2020. He has 40 years of experience in asset based lending and leverage cash flow as well as other specialty banking products.
To broaden the Bank’s nationwide reach, Ari Kramer has joined LaCroix on the CBC Sponsor Finance team as Group Manager and Executive Vice President based out of a business office in New York City. Kramer has 15 years of experience in leverage cash flow and C&I lending. Most recently, he served as Associate Director for Leverage Finance at Investors Bank. Kramer will focus on expanding CBC’s private equity relationships on the East Coast as well as exploring additional opportunities in the market.
On the asset based lending side, Derek Rosenstrauch has joined the Bank as Group Manager and Executive Vice President of CBC Asset Based Lending to focus on both independent and sponsor-backed asset based lending, refinancings, split liens and unitranche structures. He has more than 15 years of banking experience, most recently overseeing West Coast originations for CIBC Bank USA.
Kevin Knox, Group Manager and Executive Vice President, will continue to focus on providing creative and flexible credit structures to the sector of the asset based lending market focused on collateral, presently known as CBC Business Credit. Knox has more than 35 years of experience in asset based lending including the past eight years with CBC.
Additionally, Kristina Soto, recently promoted to Senior Vice President, will oversee the Specialty Banking operations group. Soto has been with the Bank for eight years in various operations roles.
The Specialty Banking Division provides financing solutions customized to address the specific needs of each transaction. Debt structures include senior term loans, delayed draw term loans as well as non- formula, ABL and recurring revenue revolving lines of credit. Additionally, structures can include split liens as well as unitranche structures. Facility sizes typically range from $2 million to $30 million.
For more information about California Bank of Commerce and CBC Specialty Banking, visit www.californiabankofcommerce.com.
About California BanCorp and California Bank of Commerce
California BanCorp, through its wholly-owned subsidiary, California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals. The stock of its parent company, California BanCorp, trades on the Nasdaq Global Select Market under the symbol CALB. For more information on California BanCorp and California Bank of Commerce, call us at (510) 457-3751, or visit us at www.californiabankofcommerce.com.
Contact California Bank of Commerce
Larry LaCroix, (510) 457-3750
Executive Vice President and Director, CBC Specialty Banking
llacroix@bankcbc.com
Media Contact
Caitie Nolan, (925) 790-2748
AMF Media Group
caitie@amfmediagroup.com
