Tanner Pump

First Vice President & Portfolio Manager, Sterling National Bank

40 Under 40 Category: Portfolio Management

Biography:

Tanner is a first vice president and portfolio manager in the Asset-Based Lending group of Sterling National Bank.  He was part of the original Core Business Credit group founded by Michael Haddad in 2007, which was sold to NewStar Financial in 2010 and then sold to Sterling National Bank in 2016.  Tanner joined as an underwriter in 2008 and transitioned to portfolio management in 2012. 

Prior to Sterling, Tanner spent five years at Merrill Lynch in various roles within their commercial banking group including originations, internal sales management, and underwriting middle-market transactions.

Tanner has a B.A. in economics and business administration from Coe College (Cedar Rapids, IA) where he was the first athlete in school history to earn all-American honors all four years.  Tanner resides in Dallas with his wife and their two young boys.

How do you think the commercial finance industry can attract more young professionals?

Not every shop can be exclusively full of 15-year veterans for very long.  Eventually, some of the pioneers of this industry will retire, leaving more leadership roles for experienced, younger professionals.  But to keep the industry moving, a continuous pipeline of talent is needed.  I think there are three key aspects to attracting and retaining younger professionals.  First, having a place in organizations for entry level of professionals is critical.  This is tough in small shops but, as organizations grow, committing to hiring inexperienced people and training them is healthy for a number of reasons (and provides mentoring opportunities for the experienced staff).  Second, accepting talented people with non-ABL experience is also important.  While direct experience is great, ABL can be learned, especially by bright, young individuals.  Third, fostering a culture of identifying and promoting talented people will keep them here for a career and not just a job.  If talented people are pigeon-holed into roles or not allowed to utilize their talents, other parts of the broader finance industry will steal our best, young talent.

Additionally, showcasing the career development of younger people such as the SFNET 40 Under 40 Awards is a great way to inspire younger professionals.  

How did you wind up in the industry? We know most kids don’t say “I want to be in commercial finance when I grow up.”

I was first introduced to commercial finance in a group at Merrill Lynch with a broader charter to do everything from leveraged finance, real estate, securities-based lending and asset-based lending leading into 2008.  When the financial crisis hit in September 2008, I saw non-bank ABL as a sector that would be very active as the rest of the banking world froze.  I was fortunate to find Core Business Credit during that time (now part of Sterling National Bank).  Nine years and two ownership changes later, here I am.

What do you know now that you wish you knew when you first started your career?

There’s no substitute for patience and experience.  It’s easy early on to get frustrated or want to make career moves perhaps earlier than you’re prepared for.  Over the span of several years, gaps in training or education can easily be made up.  Similarly, an unconventional job in the course of a longer career becomes much less relevant.  I’m thankful now that I’ve stayed the course and listened to so many people who said “you just have to do a lot of deals.”  

What role has mentoring played in your career?

I have been very blessed to have some great mentors, particularly early in my finance career.  I was eager to learn and was willing to put in the time and, fortunately, my mentors sacrificed the extra time to invest in me.  Without them spending extra effort going through deals with me when they didn’t need to, I wouldn’t be where I am today.  As I’ve advanced, I make it a point to try to “pay it forward” and spend time with our analysts and investing in their development.  This is also beneficial as it requires a higher degree of understanding to be able to explain concepts in a simple, understandable way.