California BanCorp in Oakland has created a specialty lending division.
The parent of the $1.9 billion-asset California Bank of Commerce said in a press release that CBC Specialty Banking includes asset-based lending and sponsor finance products. The nationwide platform will also offer treasury solutions to commercial clients.
Larry LaCroix, an executive vice president who formed the bank’s sponsor finance business in 2020, is overseeing the effort. The bank said it hired Ari Kramer, a former banker at Investors Bank, and Derek Rosenstrauch who recently worked at CIBC Bank USA, as group managers and executive vice presidents.
Kramer, who has experience in leverage cash flow and C&I lending, is based in New York and will will focus on developing private equity relationships. Rosenstrauch will focus on asset-based lending.
Kristina Soto, who was recently promoted to senior vice president, will oversee the specialty banking operations group, which includes senior term loans, delayed draw term loans, and other lines of credit. Facility sizes typically range from $2 million to $30 million.