Daily News: September 4, 2012

AloStar Business Credit Names Managing Director, New England

AloStar Business Credit has hired George Psomas as managing director. Psomas will be heading up business development origination efforts in the newly established New England office. He was most recently senior vice president of business development at RBS Citizens Business Capital, the asset-based lending division of Citizens Financial Group, a subsidiary of Royal Bank of Scotland.

“George’s deep relationships and experience in the Northeast will help us grow our business in the region as the economy continues its recovery,” said Andy McGhee, president of AloStar Business Credit. “He brings more than 25 years of invaluable banking and financial experience, with strong knowledge of asset-based lending.”

Psomas will be based in the Boston area and will be responsible for New England and Upstate New York. Prior to his time at RBS, Psomas served as director of business development at Wachovia Capital Finance, where he originated and assisted in structuring the largest asset-based loan led by Wachovia, valued at $1.5 billion. He has also held senior positions at Congress Financial Corporation and United States Trust Company.

“Joining a bank with a unique and innovative asset-based lending approach is an exciting opportunity,” said Psomas, “I look forward to working with Andy and the rest of the AloStar team to continue to build on the momentum and reputation AloStar has already established.”

Psomas is a graduate of the Wharton School at the University of Pennsylvania with a Bachelor of Science degree in economics concentrating in finance. He is a Chartered Financial Analyst and is a current board member of the Northeast and Upstate New York Turnaround Management Association chapters as well as past President and board member of the New England Commercial Finance Association. Psomas is also an active member of the Association for Corporate Growth and the Boston Securities Analyst Society.

AloStar Business Credit provides asset-based lending products nationwide to businesses with financing needs ranging between $5 million and $20 million.