Sun National Bank (SNB) has launched Sun Bank Business Credit, the latest addition to the bank’s list of in-house capabilities that serve commercial borrowers’ broad range of financing needs.
The bank has said that Sun Bank Business Credit (SNBC) is focused on asset-based lending and structured finance, which offers specialized, collateral-based funding determined by balance sheet assets, providing an alternative funding source for businesses unable to utilize traditional lending products. Drew Neidorf will lead the new division, supported by a team of relationship managers and credit staff. He most recently served as president of Greystone Business Credit in New York City.
Mr. Neidorf said: There is more than $100 billion of asset-based loans outstanding in New Jersey, New York and Pennsylvania, with growth trends increasing. We believe Sun Bank Business Credit will take advantage of market opportunities and strongly complement the bank’s already broad scope of banking and finance solutions.
Vineland, New Jersey-based Sun Bancorp’s primary subsidiary, Sun National Bank, is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC).
