California Bank of Commerce (CBC) formed a new division to focus on existing specialty lines of business. The division will expand both credit and treasury solutions to the bank’s commercial markets. Known as CBC Specialty Banking, the division will offer a broad asset-based lending platform branded as CBC Asset Based Lending for turnarounds, early- and mid-stage companies and acquisitions (both sponsor- and non-sponsor-backed). The new division also will include the bank’s existing sponsor finance platform, now called CBC Sponsor Finance, which works with private equity firms, SBICs and direct lenders to leverage cash flow for acquisitions.
Larry LaCroix, executive vice president for the bank, is spearheading the new specialty banking division with the support of nearly two dozen bankers. LaCroix formed California Bank of Commerce’s sponsor finance offering in 2020. He has 40 years of experience in asset-based lending and leverage cash flow lending as well as other specialty banking products.
To broaden the bank’s reach, Ari Kramer joined LaCroix on the CBC Sponsor Finance team as group manager and executive vice president based out of New York City. Kramer has 15 years of experience in leverage cash flow and C&I lending. Most recently, he served as associate director for leverage finance at Investors Bank. Kramer will focus on expanding CBC’s private equity relationships on the East Coast as well as exploring additional opportunities in the market.
On the asset-based lending side, Derek Rosenstrauch joined the bank as group manager and executive vice president of CBC Asset Based Lending to focus on both independent and sponsor-backed asset-based lending, refinancings, split liens and unitranche structures. He has more than 15 years of banking experience, most recently overseeing West Coast originations for CIBC Bank USA.
Kevin Knox, group manager and executive vice president, will continue to focus on providing creative and flexible credit structures to the sector of the asset-based lending market focused on collateral, presently known as CBC Business Credit. Knox has more than 35 years of experience in asset-based lending, including the past eight years with CBC.
Additionally, Kristina Soto, who was recently promoted to senior vice president, will oversee the specialty banking operations group. Soto has been with the CBC for eight years in various operations roles.
