Scott Valley Acquires Graystone Capital’s ABL Platform
Scott Valley Bank announced the successful acquisition of Graystone Capital’s ABL platform. As a result of this new association, Graystone Capital will now operate as SVBusiness Capital, a division of Scott Valley Bank. Chris Morin, commercial banking EVP, said of the transaction
Kevin O’Hare the founder and CEO of Graystone Capital will continue to manage the ABL group for the bank. He had this to say about joining the bank “my team and I are delighted that we can now provide a more robust suite of products that include our typical accounts receivable financing lines of credit, coupled with inventory revolvers and a variety of term loans. Each of which are designed to either assist with working capital needs and or with growth financing.”
The new division will operate from its San Jose, CA, office and will target companies with annual revenues starting from $1 million to $50 million. These credit facilities will typically range in size from $250,000 to $7.5 million.
“The acquisition of Graystone Capital enabled the bank to expand its competitive commercial business loan offerings, which not only helps to attract new business, but allows the Bank to retain business relationships with companies that are experiencing financial difficulty. We also couldn’t be happier to have added such a reputable and successful ABL group, led by Kevin O’Hare that is also well known within its markets and successfully aligns within the organization. The Scott Valley Bank team is greatly strengthened by this acquisition. By joining this well regarded privately held family bank, which was founded in 1858 and is known as California’s oldest independent bank, it has enabled us to draw upon the their deep roots, family values, strong base of capital and liquidity, which is proving to be the perfect complement to our growth oriented financial products.”