Expanding Sponsor Finance Lending in the Lower Middle Market
AMESBURY, Mass., June 16, 2022 /PRNewswire/ -- BankProv (NASDAQ:PVBC), a future-ready commercial bank offering adaptive and technology-first banking solutions and market-leading loan structures, is expanding their Sponsor Finance team, by hiring Jean Kim as Senior Vice President. She will lead business development efforts in the New York market with existing and new partner relationships.
BankProv's Sponsor Finance team works with private equity and independent sponsors throughout North America seeking to acquire lower middle market companies in the US. The expansion allows BankProv to take its private equity offerings to the next level, leveraging its technology-driven approach and its expertise in cash flow term loans for acquisition financing.
Jean brings 14 years of industry experience to BankProv. Prior to joining the Bank, Jean held positions at various financial institutions including East West Bank, Sumitomo Mitsui Banking Corporation and Bank of America Merrill Lynch, with a focus in middle market direct lending and fund finance. She also serves as a sector lead for a food and beverage vertical for HBS Angel of New York, as well as strategic advisor for Hyka, a mental health start-up at Harvard Innovation Lab. She holds an MBA from Harvard Business School.
"Jean has extensive industry experience that will be beneficial in supporting our differentiated lending structures and capital partners across North America," said Joe Kenney, EVP, Chief Lending Officer. "We're excited to welcome Jean and look forward to continuing to expand the Bank's Sponsor Finance portfolio."
"I'm excited to join such an innovative organization and be on the forefront of its newest initiatives," said Jean Kim. "BankProv has a deep understanding of how the market is evolving and I look forward to strengthening its core strategies."
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ:PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund and sponsor finance acquisition loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Banking-as-a-Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.
Press Contact: Rachelle Petersen, Marketing Manager
Phone: 603-334-1255
Email: [email protected]
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SOURCE BankProv