Needham Bank has established a new structured finance team focused on providing senior capital to emerging and high-growth companies, including those in the renewable energy sector.
The structured finance team provides customized financing solutions of $10 million or more to businesses headquartered primarily in Massachusetts, Rhode Island and Southern New Hampshire, the bank said in a statement.
“New England is one of the most robust and diverse economic regions in the U.S. and a driver of innovation,” Joe Campanelli, Needham Bank’s president and CEO, said in the statement. “Needham Bank has been a proud supporter of this growth through generations, and we are pleased to offer this new opportunity to propel our community’s future,”
Needham Bank will partner with company owners, senior management teams, private equity sponsors and other corporate finance professionals to provide businesses with corporate debt solutions that meet their needs, the bank said in the statement. The financing will support growth and expansion, working capital needs, acquisition plans, new projects and leverage-backed buyouts.
The portfolio of clients so far includes manufacturers, private and higher education institutions, sports and recreation, automobile financing, and specialty contractors.
The bank said it is also focusing on the growing demand for energy sources that are reliable and improve public health. The structured finance team has grown the bank’s portfolio of customers in the renewable energy sector for commercial solar and wind power projects, meeting the demand for energy sources that protect the environment by combating climate change, according to the statement.
The team is led by James Daley, the bank’s senior vice president asnd director of the structured finance group. Daley was previously a senior vice president and team leader at Customers Bank, where he managed a portfolio of commercial loans totaling over $300 million. He also managed commercial loan portfolios and was a credit analyst at Flagstar Bank, First Trade Union Bank and Santander.
“Needham Bank has an exciting opportunity to work with the founders and executive teams of New England businesses who have a strong vision and business plan to create jobs and power their future,” Daley said. “I am pleased to be part of an organization that is dedicated to developing new avenues of growth as part of its commitment to the community.”
Needham Bank said the structured finance team complements its core commercial real estate lending group by expanding its commercial and industrial lending division. The bank said it has been growing the C&I division during the past decade with small business loans up to $2 million and middle market loans of $2 million-$10 million.
The structured finance team also provides a platform for larger transactions through syndications and participation lending with other commercial banking institutions, the bank said.