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.
“We’re pleased to not only announce this new division but also excited to have Larry join our team,” Steve Shelton, president and CEO of California Bank of Commerce, said. “His leadership and background in sponsor finance position the bank for continued success.”
LaCroix previously served as executive vice president and specialty finance division manager at Avidbank, senior vice president and group manager at Bridge Bank and senior vice president and receivables capital management division manager at SunTrust. He also has served as CEO of CeltSoft and as CEO and founder at CS Capital Solutions.
The sponsor finance division will support buyouts/acquisitions, recapitalizations, refinancing and growth capital for companies in a variety of industries.
California BanCorp is the holding company for California Bank of Commerce.
