NEW YORK–(BUSINESS WIRE)–Apple Bank today announced that it is establishing an Equipment Finance Group to be headed by industry veteran Ken Walters and an initial core team of seven that has worked together for many years. The group, part of Apple Bank’s growing Commercial and Industrial (C&I) lending practice, will launch mid-May. The senior team includes Sondra Rowland, SVP/Credit Leader; Edward Burns, SVP/Capital Markets Leader; Julianne Pannullo, SVP/Operations Leader; and Michael Fuoti, SVP/Business Development Officer.
Apple Bank is undertaking the initiative to further diversify its lending base, particularly since secured loans/leases offer strong performance and protection across a range of credit conditions, and financing “Critical Use” equipment will serve as a solid asset class within C&I lending.
Steven C. Bush, Chairman, President & CEO of Apple Bank, stated, “Apple Bank’s executive team has studied the equipment finance market carefully and interviewed many potential candidate groups, determining that Mr. Walters and his team have an unmatched, proven track record for building their lending practice, and not only possess vast market knowledge, but also demonstrate rock-solid portfolio management skills, and have an organizational EQ that fits well with our own.”
Ken Walters, Managing Director, Head of Equipment Finance, stated: “It is a great pleasure to join Apple Bank, an excellent platform for our team to extend our past success at growing a highly profitable equipment finance operation and helping our customers to address their equipment financing needs. Our solid new platform at Apple Bank, a privately held, 160-year-old and well-capitalized institution, should serve the equipment financing market well.”
Mr. Bush concluded, “We look forward to Ken’s leadership and the launch of our equipment financing business. The asset class will nicely complement our range of secured lending and our steady and dependable returns from our very conservative portfolio.”
About Apple Bank:
In 2021, Apple Bank marked its 30th consecutive year of uninterrupted profitability. Our prudent financial and risk management has enabled the Bank to remain solidly profitable, with strong credit quality and low levels of non-performing loans, despite the challenges arising from the pandemic. Our balance sheet is composed of high-quality loans and securities, and our capital ratios are in excess of all regulatory requirements. As the second-largest state-chartered savings bank in New York, we have $16.1 billion in assets as of December 31, 2021 and $14.0 billion in deposits.