Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.

In letters to officials at leading US industry vertical trade associations, including the National Association of Manufacturers and National Retail Federation, SFNet President Jennifer Palmer and CEO Richard Gumbrecht, offered support to their membership in light of the recent disruption sparked by the SVB collapse.  The outreach comes at a tumultuous time for many borrowers and extends “economic lifelines” to current and prospective borrowers.

King Trade Capital is pleased to announce the completion of a $8 million purchase order finance facility for a popular growing sorbet brand.

King Trade Capital was introduced to the client by an Investment Bank looking for a finance solution to replace a previous lender that was not capable of keeping up with the company’s growth.

Last Fall, Webster Bank announced that Abby Parsonnet was named executive managing director, head of Asset Based Lending (ABL) for Webster Bank. In her role, she oversees the nationwide Asset-Based Lending and Commercial Services teams at Webster, which also includes staffing solutions and factoring. She reports to Chris Motl, president of Commercial Banking.

As head of ABL, Parsonnet is responsible for continuing Webster’s strong tradition of excellence in delivering customized working capital solutions to middle- market clients and sponsors.  She will lead a team of bankers based in strategic markets nationwide.

Here, Abby discusses her career, goals in her new role, how the merger with Sterling National Bank helped to expand Webster’s offerings, particularly in ABL and factoring, and more.

SFNet continues to assess the effects of the SVB fallout and will provide relevant information and resources as events unfold. 

To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.

Cahill Gordon & Reindel LLP announced today that Joel Moss has joined the firm as a partner in its Bankruptcy & Restructuring practice.

Mr. Moss’s practice focuses on representing a broad range of clients including financial institutions, hedge funds, direct lenders and ad hoc secured lender and noteholder groups in complex in-court and out-of-court restructurings, workouts, rescue financings, liability management transactions and DIP and exit financings. He also has substantial experience advising financial institutions and hedge funds in connection with the mitigation of risks associated with derivative, futures and securitization transactions.

In the coming months, be on the lookout for an increase in seller-financed mergers and acquisitions activity. 

For the last several years, the small and midsized business segment was experiencing increasing purchase price multiples fueled by low interest rates and the available credit made possible by banks’ confidence in a robust economy. Owners of solid businesses – motivated by a desire to close deals before anticipated possible changes in the current tax code – staged auctions and entertained multiple competing all-cash offers. Buyers took advantage of easy credit and low rates to deploy a combination of debt and equity, with debt on the portion of a deal supported by commercial real estate often exceeding 70%.