Oxford Commercial Finance Transitions Top Leadership to Support Continued Business Growth and Expansion

Current OCF President Michael ("Mick") Goik transitions to OCF Executive Chair, while former Senior Vice President, National Sales Manager Steve Tomasello is appointed President.

OXFORD, Mich., Feb. 21, 2024 /PRNewswire/ -- Oxford Commercial Finance (OCF), a subsidiary of Oxford Bank ("the Company"), is pleased to announce strategic leadership changes aimed at providing enhanced strategic direction and oversight as the company continues to expand and evolve. Current OCF President Mick Goik will transition to the role of Executive Chairman of the OCF Board of Directors to focus on strategic initiatives, while Steve Tomasello, SVP, National Sales Manager, will assume the position of President to drive operational excellence and growth.

Launched in 2022, OCF specializes in providing business financing solutions to meet the working capital needs of small and mid-sized businesses nationwide. These leadership adjustments are designed to better reflect and support OCF's evolving business needs and growth trajectory.

"Both Mick and Steve have played pivotal roles in OCF's exceptional growth and performance," says Oxford Bank Chairman, CEO and President David Lamb. "Mick's strategic leadership as President and Steve's instrumental role as SVP of Sales have significantly contributed to the company's success. In their new roles, they will leverage their expertise to further elevate OCF as an industry leader, innovator, and trusted financial partner."

During its inaugural year, OCF completed 60 transactions, funding $51.7 million in new business. The company expanded its product offerings, entered new regional and vertical markets, and assembled a team of experienced business financing professionals with over a century of combined experience.

In his new role as Executive Chair of the OCF Board of Directors, Goik will spearhead strategic initiatives such as technology-driven growth, joint ventures and operational efficiency enhancements. As a Member of the Oxford Bank Board of Directors, he will continue to report and advise on OCF's plans and performance, as well as manage relationships with key external stakeholders.

"I am extremely proud of what OCF has achieved over the past year and am eager to explore new areas of growth," Goik says. "In my new capacity as Executive Chair of the OCF Board, I'll focus on strengthening our strategic capabilities and relationships to deliver enhanced value to our customers, stakeholders, and the company."

As OCF President, Tomasello will lead day-to-day operations, implement strategic directives, manage and grow the team, and ensure organizational alignment with OCF's growth objectives.

"I'm grateful for the dedication of the OCF team and excited to lead our organization in its next growth phase," Tomasello says. "Together with Mick and the OCF team, we will continue to expand our offerings, expand our markets, and drive success."

Oxford Commercial Finance Corp ("OCF") is a subsidiary of Oxford Bank, a Michigan headquartered FDIC insured bank. OCF is a full-service commercial finance company providing financing solutions to small and mid-sized businesses that may not qualify for conventional bank financing. The Company serves clients across the United States. For more information about OCF and its complete line of financial services, please visit www.oxfordcommercialfinance.com.

Except for the historical information contained herein, the matters discussed in the Release may be deemed forward-looking statements that involve risk and uncertainties. Words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Factors which could cause actual results to differ, include, but are not limited to, fluctuations in interest rates, changes in economic conditions of the Bank's market area, changes in policies by regulatory agencies, the acceptance of new products, the impact of competitive products and pricing and the other risks detailed from time to time in the Bank's and Corporation's reports. These forward-looking statements represent the Bank's judgment as of the date of this report. The Bank disclaims, however, any intent or obligation to update these forward-looking statements.

Contacts:

Hilary McCarthy

Clearpoint Agency for Oxford Commercial Finance

Hilary@Clearpointagency.com

774.364.1440