California Bank of Commerce (CBC) formed a new division to focus on existing specialty lines of business. Known as CBC Specialty Banking, the division will offer a broad asset-based lending platform branded as CBC Asset Based Lending.
California Bank of Commerce added Marina Kremer to its sponsor finance lending division. Kremer previously worked for Neptune Financial, Bank of the West, Opus Bank, Wells Fargo and RaboBank.
California Bank of Commerce launched a sponsor finance lending division, which will be led by Larry LaCroix as executive vice president. The division will work with private equity firms (including search funds) and direct lenders to provide cash flow-based senior debt financing.
Avidbank Specialty Finance provided an accounts receivable line of credit and a senior term loan to Calyx Capital Partners.
Avidbank Specialty Finance refinanced a $4 million term loan for NTN Buzztime. The funds will be used to provide the company with a more flexible financing structure.
Avidbank Specialty Finance provided a $10 million asset-based line of credit to 3Q Digital. The financing will be used to facilitate a buyback from its parent company and provide working capital to support growth.
Avidbank Specialty Finance provided a term loan and working capital line of credit to organic spice and seasoning provider Red Monkey Foods to support its acquisition of San Francisco-based Salt Company.