Pinnacle Bank Florida hired ABL industry veteran Michael Skat as managing director of its Specialty Lending Group.
To compliment traditional C&I lending, the build out of the specialty lending platform will initially include asset-based lending, accounts receivable lines of credit, MRR lending and venture debt.
Skat has more than 30 years of experience in lending, consulting and investment banking. He most recently served as president at Aegis Business Credit in Tampa, FL. Prior to that, Skat worked in the asset-based lending industry with a variety of companies including Fidelity Funding Financial Group, Guaranty Business Credit, Fremont Financial, Foothill Capital and Business Alliance Capital. He began his career at SunTrust Bank in Orlando, where he graduated from the management training program and immediately joined the asset-based lending team.
“I am extremely excited about the opportunity to build and manage Specialty Lending at Pinnacle Bank. The bank has gone above and beyond in selecting both its management team and board of directors. Their deep backgrounds in both banking and alternative finance inspired me to make a move from a company that I really enjoyed being part of for the past four years,” Skat said.
Pinnacle Bank CEO Lee Hanna added, “We are very excited Mike has chosen to join our team. We are fully committed to building a strong Specialty Lending line of business at Pinnacle and Mike’s experience and vision for this group aligns perfectly with our goals.”
