Michael Maiorino Joins First Bank
Bank Executive Set To Lead New Asset-Based Lending Group
HAMILTON, N.J. — First Bank announced today that it has hired bank executive Michael Maiorino to lead its new specialty financing group that will provide more options for business owners and entrepreneurs.
Maiorino joins First Bank as its new president of the asset-based lending unit, which will source new business throughout the Bank’s market. He has worked in specialty financing since the 1980s, building out similar businesses for several banks. He has held positions as Executive Vice President and President of People’s United Business Capital, Executive Vice President and Division President of Sovereign Business Capital, as well as Division President at Fleet Capital, which is now Bank of America Business Capital, responsible for the Business Finance Division.
Asset-based lending is a specialized area of banking that provides fully collateralized credit facilities to borrowers. Lines of credit and term loans provide a flexible source of working capital by monetizing assets on the borrower’s balance sheet. Strong controls and close monitoring are essential features of the service.
“We understand the challenges businesses encounter,” said First Bank President and CEO Patrick L. Ryan. “Mike has valuable experience introducing asset-based lending at several banks throughout his career. This new product underscores our commitment to remaining nimble, creative and responsive to the needs of our business community. We view asset-based lending as an extension of the type of lending we already do and intend to manage it as a business unit and not simply another service. Mike will be building out his team with experienced professionals, having business development folks and back-office support staff, both so important to doing this successfully.”
Supporting Business Owners
First Bank continues to expand services to support entrepreneurs. Last year, the community bank expanded resources for private equity groups and its portfolio companies to cover the full life cycle. The award-winning, community bank now offers capital call lines of credit, working capital lines of credit and financing for the private equity group’s portfolio companies.
Supporting entrepreneurs are part of First Bank’s history. Ryan was part of an investment group that recapitalized First Bank with $20 million in late 2008. His vision was clear: Build a community bank focused on providing best-in-class services and access to capital for business owners and entrepreneurs in the New York City to Philadelphia corridor. Based on its most recent quarterly filing, First Bank has $2.73 billion in assets. From year-end 2007, First Bank’s first year of operation, the Bank has delivered a 41% compounded annual growth rate in total assets.
Recently, Patrick L. Ryan was awarded EY’s Entrepreneur of the Year 2022 New Jersey Award.
About First Bank
First Bank (firstbanknj.com) is a New Jersey state-chartered bank with 18 full-service branches throughout New Jersey in Burlington, Gloucester, Hunterdon, Mercer, Middlesex, Somerset and Morris counties, as well as in Bucks and Chester counties in Pennsylvania. With $2.73 billion in assets as of December 31, 2022, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market exchange under the symbol “FRBA.”
Media Contact : Leo Rommel, CMA Solutions (LRommel@cmasolutions.com)