Simmons First National Bank issued the following announcement on Aug. 10.
Simmons Bank (Simmons), a wholly owned subsidiary of Simmons First National Corporation (NASDAQ: SFNC), announced the addition of an experienced 11-member commercial finance team led by industry veterans Lee Palm, Brian Shapiro and Phil Mulder.
Palm will lead the group as president of Simmons’ new Commercial Finance business unit. Shapiro will serve as managing director heading up the transportation and marine business, while Mulder will oversee the credit function as the division’s head of credit and risk. Palm, Shapiro and Mulder are all financial industry veterans brought aboard to lead Simmons new equipment finance team that will primarily focus on business aviation, OTR trucking, franchise finance, marine financing, and a specialized buy/sell desk function, all adding expertise in support of commercial loans and leases to customers in the middle market and large corporate finance space. Filling out the 11-member team are other long-time industry veteran commercial finance experts that bring demonstrated experience in sales and credit.
“Lee brings extensive industry experience building and leading successful commercial finance businesses and the relationships he’s developed will benefit Simmons as we look to further expand and diversify our commercial banking capabilities,” said Matt Reddin, executive vice president and chief banking officer at Simmons.
“Being able to add an entire team with the expertise and skillset that encompasses all of the business verticals necessary to begin operations represents a unique ‘plug and play’ opportunity that will allow us to immediately hit the ground running,” added Reddin “Equally important, we’ll be able to offer our commercial finance customers a deeper banking relationship with access to our full array of complementary commercial banking and wealth management products and services.”
Palm most recently served as president of commercial finance at TCF Bank, a $50 billion asset bank formed through the merger of Chemical Bank and TCF Bank. In this role, he developed a successful de novo business plan to establish a commercial lending business targeting corporate aviation, inland marine and rail, trucking, healthcare finance and franchise finance.
Original source can be found here.
Source: Simmons First National Bank
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