First Bank in Hamilton, N.J., has expanded its commercial lending operations to serve private equity funds and their portfolio companies.
The $2.6 billion-asset bank said in a press release that it will offer capital call lines of credit. Such loans are usually used to bridge gaps between the timing of an acquisition and the receipt of capital from investors.
“As an entrepreneur myself, I understand the challenges that private equity groups encounter,” Patrick Ryan, First Bank’s president and CEO, said in the release. “We’re relationship-focused community bankers who know entrepreneurs are an important part of our economy.”
First Bank will also provide working capital lines of credit and acquisition financing.
Ryan was part of an investment group that recapitalized First Bank with $20 million in late 2008.