In an industry where C&I (Commercial and Industrial) lending has historically been associated with “big banks”, a smaller bank with the same capacity has emerged as a leader in the industry.
BankProv was recently named in the Top 10 List for C&I Loans in the United States for banks under one billion dollars in assets in an American Bankers article. With 45% Q4 2017 year-over-year growth in C&I lending, BankProv was listed seventh for % Change for Commercial and Industrial Loans, and tenth for Commercial and Industrial Loans by Total Loans and Leases in 2017.
In 2014, BankProv made a decision to focus its resources on increasing its C&I offerings as part of a broader strategic initiative to serve the needs of small to medium-sized businesses. “Small and medium size businesses are significant contributors to the economic fabric of our community,” comments Dave Mansfield, CEO of BankProv. “We want to make sure we provide each business with the banking tools they need along with the exceptional level of service they deserve so they may grow and succeed.”
It was then that BankProv decided to redefine its purpose and change the bank’s products in order to serve the needs of small to medium-sized businesses whose needs were insufficiently met. It removed its residential mortgage lending product since customers could easily obtain this elsewhere, restructured some of its consumer products, and moved full force into its commercial lending niches.
“We are a bank that looks at what is happening in the commercial-banking landscape, and adjusts our services to fit that landscape,” explains Mansfield. “In additional to traditional commercial loans, we have developed niches in our lending based on needs we uncovered by listening to our customers - specifically in Mergers & Acquisitions, International Financing and Renewable Energy. These three areas in particular require extensive experience and expertise. We invested in our overall lending team, added new commercial lenders to our staff with expertise in those areas, and also added a senior level credit officer to our team. That has proven to be a valuable asset to BankProv, and to the businesses we serve.”
“Having worked at larger lending institutions, I often turned away loan requests that were too small or didn’t have enough assets, but had cash flow,” comments Brent Mathews, SVP, Commercial Lending Officer. “Joining BankProv enables me to fund $2 – 15MM in acquisition debt financing on a cash flow and enterprise value basis. It’s great being able to provide sophisticated financing solutions to smaller, well-run companies.”
BankProv is on an upward trajectory, experiencing steady growth in commercial financing by listening to its customers and carving out niches to serve the needs of small and medium-sized businesses.
“This is what we are all about, and that’s why we made the top ten list in two categories last year,” explains Mansfield. “BankProv takes care of businesses because when businesses succeed, the owners, employees and entire community thrive – we all grow together.”
Learn more about BankProv by clicking here.